Mortgage
MAJOR COUNTRYWIDE MORTGAGE ANNOUNCEMENT FROM AG MCKENNA MONDAY
October 6, 2008 Posted by Washington RealEstateRama
Seattle, WA - October 06, 2008 - (RealEstateRama) — On Monday Attorney General Rob McKenna will announce Washington’s share of a multi-state, multi-billion dollar settlement with Countrywide Financial Corporation over allegations of deceptive lending practices.Bank of America, which recently acquired Countrywide, agreed to the settlement after months of negotiations. The agreement was brokered by McKenna […]
Dirty deeds: Attorney General’s Office raises the red flag on foreclosure fraud
September 5, 2008 Posted by Washington RealEstateRama
OLYMPIA, WA - September 05, 2008 - (RealEstateRama) — Rising mortgage payments have paved the way for scammers who peruse foreclosure listings. Grasping at any offer for help, their victims have paid for false promises, been cheated out of equity and, in severe cases, were tricked into transferring ownership of their homes.
State Settles Two False Advertising Cases - Mortgage Firms Pay More Than $200,000 In Fines And Costs
August 19, 2008 Posted by Washington RealEstateRama
DFI alleged firms engaged in deceptive radio and direct mail advertising campaigns
OLYMPIA, WA - August 19, 2008 - (RealEstateRama) — The Department of Financial Institutions (DFI) entered into Consent Orders today with two firms previously charged with false advertising.
Mortgage Broker Charged With Deceptive Lending Practices - State Seeks Full Restitution For Injured Borrowers
August 17, 2008 Posted by Washington RealEstateRama
DFI Alleges Paramount Equity Mortgage Made Deceptive Fee Disclosures, Collected Unearned Points and Fees, and Engaged In False Advertising
OLYMPIA, WA - August 17, 2008 - (RealEstateRama) — “An examination conducted by the Department of Financial Institutions (DFI) reveals that Paramount Equity Mortgage, Inc. (Paramount), a licensed mortgage broker headquartered in California, has engaged in a […]
Consumer Protection A DFI Priority In Enforcement Of New Mortgage Industry Regulatory Legislation Now In Effect
June 18, 2008 Posted by Washington RealEstateRama
OLYMPIA - – “DFI takes consumer protection very seriously,” Department of Financial Institutions (DFI) Director of Scott Jarvis said. “With yesterday’s enactment of several pieces of mortgage industry related legislation, DFI is now positioned to offer even stronger protection for Washington residents.”
Colorado Lender Accused Of False Mortgage Advertising
March 7, 2008 Posted by Washington RealEstateRama
DFI intends to revoke license, impose other sanctions
OLYMPIA – Since December 2005, when Assurity Financial Services, LLC (Assurity) was licensed as a consumer loan company in Washington, the Colorado-based lender has mailed thousands of solicitations to Washington homeowners. The mailers are sent to consumers who have federally-insured loans, and more recently to consumers with adjustable […]
Free Homeownership Counseling Available To Washington Residents, Counselors To Be Paid With State Funding
March 1, 2008 Posted by Washington RealEstateRama
OLYMPIA - The Washington Homeownership Information Hotline and Counseling Program kicks off March 1. The program will provide free homeownership counseling to Washington residents thinking of buying a home and current homeowners who are having trouble with their mortgage. The program is the result of $1.5 million earmarked by this year’s legislature to help educate […]
Fewer Mortgage Brokers and Loan Originators Renew Licenses to Do Business in Washington State For 2008
January 3, 2008 Posted by Washington RealEstateRama
OLYMPIA – Only 66 percent of previously licensed mortgage brokers and 42 percent of previously licensed loan originators have fully renewed and been approved to do business in Washington State. The Department of Financial Institutions (DFI) considers these numbers low in light of the numerous reminders and full year of leniency regarding testing, license renewal […]
“Home Of The 1% Mortgage” Gets Notice: Bait And Switch Advertising Prohibited In Washington
December 17, 2007 Posted by Washington RealEstateRama
OLYMPIA - December 17, 2007 – Linden Loans, LLC of Kirkland, a licensed mortgage broker, bills itself on television as the “Home of the 1% Mortgage.” In a Statement of Charges entered last Friday, the Department of Financial Institutions (DFI) alleged that Linden used bait and switch tactics in its advertising.
Washington Realtors praise Congressional action to expand access to home loans
December 14, 2007 Posted by Washington RealEstateRama
OLYMPIA, Wash. - Dec. 14, 2007 - More low-income families will be able to buy homes under new legislation approved by the U.S. Senate today. The bill lowers the down-payment requirement for a Federal Housing Administration mortgage from 3 to 1.5 percent, and increases the mortgage limit from $362,000 to $417,000. The bill now moves […]