Minnesota Company Ordered to Cease and Desist Loan Mod Activities in Idaho – NMP Skip to main content

Minnesota Company Ordered to Cease and Desist Loan Mod Activities in Idaho

NationalMortgageProfessional.com
Sep 21, 2011

The Idaho Department of Finance has issued a cease-and-desist order against Minnesota-based Freedom Companies Lending Inc. for allegedly engaging in mortgage modification activities in the state of Idaho without a license and targeting Spanish-speaking Idaho homeowners by unlawfully charging them large upfront fees. Department of Finance Director Gavin Gee said Freedom Companies Lending goes by several different names, including: Freedom Financial Mortgage Corporation, Freedom Companies Inc., and Freedom Companies Marketing Inc. “We’ve had several Idaho homeowners report that they have lost a lot of money by responding to solicitations by these companies,” Gee said. “They seem to be targeting Spanish-speaking homeowners, and they use a Chicago mailing address.” The cease-and-desist order includes 30 counts of alleged violations of Idaho law by the so-called “Freedom” companies, including multiple acts of unlicensed activity and false or misleading advertising. “These companies are not licensed to do business in Idaho, plain and simple,” said Gee. “If they try to get you to pay upfront for mortgage modification services, hang on to your pocketbook.” Gee said homeowners having difficulty paying their mortgage should not delay in seeking assistance from a housing counselor approved by the U.S. Department of Housing & Urban Development (HUD).
Published
Sep 21, 2011
The Twelve Days of Renewals

The 2021 Renewal season brought no holiday joy to either regulator or industry users

Regulation and Compliance
Dec 07, 2021
CFPB Issues Final Rule To Facilitate Transition From LIBOR

The transition from LIBOR was set into motion after a criminal rate-setting conspiracy implicated large international banks and undermined public confidence in the index.

Regulation and Compliance
Dec 07, 2021
CFPB Alters Threshold For Exempting Loans From Special Appraisal Requirements

The 2022 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $27,200 to $28,500. 

Regulation and Compliance
Dec 02, 2021
Regulatory Review, Reformatted

The progress made to date with NMLS modernization

Regulation and Compliance
Dec 01, 2021
November Surprise: Fed May Accelerate Tapering

Chairman Powell tells Congress of concerns about inflation, COVID-19 variant’s effect on recovery.

Regulation and Compliance
Dec 01, 2021
FHFA's 2022 Conforming Loan Limit Maxes Out At Nearly $1M

Baseline limit for Fannie, Freddie increases to $647,200, but for 'high-cost areas' loan ceiling set at $970,800 for single-family homes.

Regulation and Compliance
Dec 01, 2021