West Capital Lending Lawsuit: Key Points
1. Unlicensed Mortgage Loan Originators:
West Capital allegedly allowed unlicensed individuals to act as loan originators in Hawaii, Oregon, Idaho, and Texas. These individuals reportedly:
- Originated loans
- Accessed consumer credit reports
- Received commissions through their own companies
The company reached a settlement with the affected states in 2023, agreeing to:
- Pay $150,000 in fines
- Implement stricter compliance measures
- Conduct independent audits
- Offer training to employees
2. Hernandez v. Sutter West Capital:
A borrower filed a lawsuit against West Capital and its predecessor, claiming violations of California consumer protection laws. The lawsuit alleged:
- Misrepresentation of loan terms
- Failure to disclose material information
- Unfair lending practices
The court dismissed the case due to procedural issues, without ruling on the merits of the claims.
3. BBB Rating and Reviews:
West Capital holds a “B-” rating from the Better Business Bureau (BBB). Customer reviews are mixed, with some praising the company and others reporting issues with communication and loan processing.
Disclaimer:
The information provided is based on publicly available sources and may not be complete or accurate. It is not intended as legal advice. Consult with an attorney for specific legal guidance.
