New York, New York, March 17, 2011 - Abbey Spanier Rodd & Abrams, LLP and the Law Offices of Mitchell Schley, LLC filed a class and collective action on behalf of persons who worked as underwriters and/or closers for Real Estate Mortgage Network, Inc., Real Estate Mortgage Network Holding, LLC, Security Atlantic Mortgage Company, Inc. in the State of New Jersey or in the State of Georgia. Plaintiff brings this action pursuant to the Federal Fair Labor Standards Act ("FLSA") and the New Jersey State Wage and Hour Law ("NJWHL").

The complaint, filed in the United States District Court of New Jersey (11-cv-0194), alleges that defendants improperly misclassified underwriters and closers as exempt salaried employees who were ineligible to receive overtime pay. Underwriters are given a loan application and are required to follow a detailed list of criteria established by defendants and if the loan application conformed to the criteria the loan is approved. The closers are then given the file to handle the standard closing procedures set by defendants including preparing the paperwork and arranging for the disbursement of funds. The work performed by underwriters and closers concerns the production of loans and is not related to setting management policies or to general business operations.

The corporate defendants are Real Estate Mortgage Network, Inc., Real Estate Mortgage Network Holding, LLC, and Security Atlantic Mortgage Company, Inc. The individual defendants are Peter Norden, Noel Chapman and Samuel Lamparello.

Judith L. Spanier and Natalie Marcus of Abbey Spanier Rodd & Abrams, LLP and the Law Offices of Mitchell Schley, LLC, represent the plaintiff. The lawsuit seeks collective and class action status and monetary damages.

Judith L. Spanier, Esq.                                                        Mitchell Schley, Esq.
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Abbey Spanier Rodd & Abrams, LLP                                    Law Offices of Mitchell Schley, LLC
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