Skip to main content

Seattle-based mortgage broker fined $1 million-plus for fraud violations in Idaho

Aug 12, 2010

An Ada County, Idaho judge has ordered more than $1 million in penalties and restitution against Access Mortgage Company Inc. (Access Mortgage), a Seattle-based mortgage broker, for violating Idaho laws relating to mortgage and financial fraud. The district judge found that Access Mortgage had engaged in numerous violations of law, to include submitting a false mortgage loan application to a lender, violating an order previously issued against the company by the Idaho Department of Finance, misrepresenting information the company provided to the department, refusing to provide the department with information requested during an investigation of the company’s activities in Idaho, originating mortgage loans in Idaho through unlicensed mortgage loan originators on 405 occasions throughout the state with concentrations in Boise and northern Idaho, and failing to provide an elderly Idaho couple with required notices concerning closing costs the couple would be incurring on a mortgage loan obtained for them by Access Mortgage. In a related order, the district judge found that the company’s violations were “aggravated and serious.” The judgment included a permanent injunction against further violations of the Idaho Residential Mortgage Practices Act and the Idaho Financial Fraud Prevention Act. Moreover, the judgment included a penalty amount of $1,055,000 entered against Access Mortgage, and ordered the company to pay restitution in the amount of $27,322.18 on behalf of the Idaho couple injured by the company’s violations. “The court’s findings and entry of a million dollar plus money judgment against Access Mortgage sends a clear message to the mortgage industry that financial fraud and unlawful practices will not be tolerated in Idaho,” said Gavin Gee, Director of the Idaho Department of Finance.  For more information, visit http://finance.idaho.gov.
About the author
Published
Aug 12, 2010
What The CFPB’s 2025 Priorities Memo Means For Lenders

As mass layoffs at the agency are paused, law firm Garris Horn’s Senior Partner calls memo’s info, detail a ‘huge win’

CFPB Changes Course, Reportedly Chops Down Staff

Consumer finance watchdog’s headcount reportedly at about 12% as internal memo calls for focus on mortgages, big banks

FHFA Refers NY AG Letitia James To Justice Department For Alleged Mortgage Fraud

Agency claims James falsified documents and records to obtain lower mortgage rates

CFPB Re-Emerges, Offers Regulatory Relief For Certain Small Loan Providers

CHLA calls relief from registration reg a win for small independent mortgage banks

MBA Renews Its Fight Against Trigger Leads

The 'Homebuyers Privacy Protection Act' greets the U.S. House and Senate once again

Over 100 Fannie Mae Workers Terminated Over Alleged Fraud

Employees fired in sweeping anti-fraud effort as new FHFA Director Bill Pulte prioritizes integrity