Freedom mortgage violations9/22/2023 For example, certain loan officers were told by managers or other loan officers that, when applicants did not provide their race or ethnicity, they should select non-Hispanic white regardless of whether that was accurate. The Bureau found that Freedom reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. Freedom is required to collect, record, and report data on HMDA-covered transactions to comply with HMDA and Regulation C.Īccording to the consent order, the Bureau found that Freedom violated HMDA and Regulation C by submitting mortgage-loan data for 2014 to 2017 that contained errors. For each year from 2013 through 2016, it originated more than 50,000 home-purchase loans, including refinancings of home-purchase loans. – The Consumer Financial Protection Bureau (Bureau) today announced a settlement with Freedom Mortgage Corporation (Freedom), one of the ten largest Home Mortgage Disclosure Act (HMDA) reporters nationwide.įreedom is a mortgage lender with its principal place of business in Mount Laurel, N.J. MahanyLaw – America’s Fraud Lawyers.WASHINGTON, D.C. We hope to save the homes of our veterans, older homeowners and working class families. Even if you do not wish to participate in a lawsuit against your lender, we still wish to speak with you. That allows us to help hundreds or even thousands of homeowners.įor more information, please contact attorney Tim Granitz at *protected email* or by telephone at (414) 258-2375. Our firm doesn’t handle individual homeowner cases. If you have refinanced and believe the bank is simply trying to profit from the fees, call us. In one case we heard that a borrower saved just $18 in monthly mortgage payments while incurring thousands ofndollars of new debt. We believe that both companies engage in schemes that generate massive fees for the lender but do little for the borrower. Called an Interest Rate Reduction Refinancing Loan (“IRRRL”) or “Streamline”, these loans are exclusively available to veterans and active military. The fraud recovery lawyers at MahanyLaw are currently investigating whether loandepot (Loan Depot) and Freedom Mortgage are writing predatory VA refi loans. MahanyLaw Investigating loandepot (Loan Depot) and Freedom Mortgage The court delayed the foreclosure, ordered Freedom to pay her $34,438 and attorney’s fees of $26,165. The transaction has been demonstrated to be effectively one-sided, for the benefit of the lender.” In ruling against the lender he said, “These facts then lead to the conclusion that the loan was granted in order to engender fees for the lender and not for the benefit of the borrower. He found the New Jersey based Freedom Mortgage had violated the N.J. Judge Gerald Escala evidently believed Mamie Major’s version of events. Ditto for the remainder of the loan documents. She didn’t even sign the loan application to the day of closing (which was held on her porch). She says that most of the transaction was handled by telephone. Major should have studied the closing documents more carefully. Some folks are probably thinking that Ms. She claims that she spent so much money refinancing that she didn’t have enough to pay her mortgage. Just six months after laying out $11,479 in refinance costs, Mamie defaulted on her mortgage. Major over 15 years to recoup the additional costs. How much did she save by the refinance? Just $63 per month. Mamie Major sued Freedom after being charged $11,479 in fees to refinance her home. 70 Year Old Woman Brings Case Against Freedom Mortgage A Bergen County Superior Court judge says the company violated the New Jersey Consumer Fraud Act. In conducting our investigation, we came across a recent court case in New Jersey. Go to or the CFPB website and the negative reviews will shock you. Although the Better Business Bureau gives the company an A- rating, the BBB stats tell a different story. It is no secret that our firm is investigating a claim that Freedom Mortgage defrauded military families and veterans.
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