Key facts
- OneTrust Home Loans is suing E Mortgage Capital and United Wholesale Mortgage.
- The lawsuit also names 31 former employees of OneTrust.
- OneTrust alleges trade secret theft and diversion of loan volume.
- Over $31 million in loan volume was allegedly diverted.
- Former employees allegedly funneled borrower information to EMC and UWM.
- UWM Holdings has publicly criticized the board of Two Harbors.
- The criticism raises questions about corporate governance at Two Harbors.
OneTrust Home Loans has filed a lawsuit against competitors E Mortgage Capital (EMC) and United Wholesale Mortgage (UWM), alleging a coordinated effort to steal trade secrets and divert significant loan volume. The suit also names 31 former employees of OneTrust who allegedly participated in the scheme. According to the lawsuit, these former employees secretly funneled borrower information and loan opportunities to EMC and UWM. The alleged diversion of business has resulted in a loss of over $31 million in loan volume for OneTrust Home Loans.