Intercontinental Capital Group (ICG) is a mortgage lender and servicer that has been the subject of several lawsuits in recent years. The most notable lawsuit was filed in 2010 by a group of loan officers who alleged that ICG violated the Fair Labor Standards Act (FLSA) by failing to pay them overtime for hours worked over 40 per week. The lawsuit was eventually settled in 2017 with ICG agreeing to pay $20 million to the loan officers.

In addition to the FLSA lawsuit, ICG has also been sued by the New York State Department of Financial Services (DFS) for alleged violations of mortgage lending laws. The DFS alleged that ICG engaged in deceptive and misleading practices in its marketing and advertising of mortgage loans. The lawsuit was settled in 2020 with ICG agreeing to pay a $20,000 fine.

ICG has also been the subject of several individual lawsuits from homeowners alleging that the company engaged in predatory lending practices and unfair foreclosure practices. These lawsuits are still ongoing.

Conclusion:

ICG has been the subject of several lawsuits in recent years, alleging violations of labor laws, mortgage lending laws, and predatory lending practices. These lawsuits are a reminder of the importance of holding mortgage lenders accountable for their actions.

FAQs:

Q: What is Intercontinental Capital Group?

A: Intercontinental Capital Group (ICG) is a mortgage lender and servicer.

Q: What lawsuits has ICG been involved in?

A: ICG has been involved in several lawsuits, including a lawsuit alleging FLSA violations, a lawsuit alleging predatory lending practices, and a lawsuit alleging unfair foreclosure practices.

Q: What was the outcome of the FLSA lawsuit?

A: The FLSA lawsuit was settled in 2017 with ICG agreeing to pay $20 million to the loan officers.

Q: What was the outcome of the DFS lawsuit?

A: The DFS lawsuit was settled in 2020 with ICG agreeing to pay a $20,000 fine.

Q: Are there any individual lawsuits against ICG that are still ongoing?

A: Yes, there are several individual lawsuits against ICG that are still ongoing.

Q: Why is it important to hold mortgage lenders accountable for their actions?

A: It is important to hold mortgage lenders accountable for their actions to protect consumers from predatory lending practices and unfair foreclosure practices.

References:

• Morano v. Intercontinental Capital Grp., Inc., 10 CV 02192 (KBF): https://casetext.com/case/morano-ex-rel-situated-v-intercontinental-capital-grp-inc
• Settlement Agreement with Intercontinental Capital Group, Inc.: https://www.dfs.ny.gov/system/files/documents/2020/03/ea171003_intercontinental.pdf