First Magnus Financial Corp. Broke A Federal Law By Providing Incentive Payments To Mortgage Brokers
July 24th, 2020 by AHB
First Magnus was covered here several months back when it refused, or stated it simply couldn’t, send paychecks it owed to employees. At that time, the lender was also filing for bankruptcy.
This was then:
“First Magnus Financial Corp. still is not sending out paychecks to its former employees. But the Tucson-based mortgage lender announced it is creating an assistance fund of more than $1 million to ease the burden.”
“In a news release, the company said paychecks have been delayed because its accounts were frozen by investors that provided capital to First Magnus to make loans. The company was forced to shut down operations last week because it could no longer sell the loans it originates on the secondary market.”
“Earlier, the company told employees to expect their checks by mail rather than direct deposit. Under both state and federal law, checks were due to employees on Monday.”
Seems things have caught up with them. Just released today, this is how things are looking for them now: