Former Trump Mortgage LO Sues to Recover $298K in Unpaid Reimbursements

Feb 11, 2019

The U.S. Department of Housing & Urban Development (HUD) has charged Plano, Texas landlords Quang Dangtran and his wife, Ha Nguyen, with violating the Fair Housing Act by refusing to lease a room to a prospective tenant because she is African-American

A new lawsuit is seeking compensation for a legal decision made a decade ago against the defunct Trump Mortgage operation.

According to a Newsday report, Jennifer McGovern, a former part-time Loan Officer at Trump Mortgage, said she never received any of the $298,274.41 that a judge ordered paid to her in February 2009. McGovern, who worked at Trump Mortgage October 2005 to May 2006, said she was responsible for a $26.5 million deal involving an industrial complex. However, McGovern was paid by commission only and she estimated that she was deserving of a $238,000 commission under the terms of her contract, which entitled her to 45 percent of any Trump Mortgage commission. But, she added, the company fired her when she refused to accept a new contract that capped her commissions at $10,000.

Trump Mortgage went out of business in 2007 after less than two years in operation, and all real estate operations under the Trump brand are now handled by the Trump Organization. McGovern stated that she believed her chances of gaining compensation were “slim to none.” The Trump Organization did not issue a public comment on the lawsuit.

About the author

Phil Hall

Link copied

Published

Feb 11, 2019

Analysis and Data

Home Sellers' Q1 Profit Margins Declined Quarterly, Annually

ATTOM reported decrease of 55.3% in the first quarter – the smallest level in more than two years.

ATTOM released its Q1 2024 U.S. Home Sales Report, revealing that profit margins for U.S. home sellers on median-priced single-family home and condo sales in the United States decreased to 55.3% in the first quarter – the smallest level in more than two years. The decline...

Regulation and Compliance

Mortgage Servicers Added To Junk-Fee Naughty List

New release from CFPB lays out areas of improvement, and concern, for mortgage servicers.

The Consumer Financial Protection Bureau (CFPB) today published new supervisory highlights describing the regulator's recent actions to combat junk fees charged by mortgage servicers, as well as other illegal practices. The CFPB has also announced that it is working to addre...