Unlicensed Mortgage Company Shut Down
Scams are everywhere, including mortgages. From Cincinnati.com:
A Louisville-based mortgage firm has been ordered to halt its lending operations after Kentucky authorities found that some loans it originated were never funded.
The Kentucky Department of Financial Institutions on Friday issued a cease and desist order against Home Ownership Possibilities for Everyone (HOPE), LLC, which authorities say was operating without a license.
The order mandates that the firm to immediately stop doing business in Kentucky. It also alleges that HOPE charged illegal upfront fees of $300 to its clients as part of their application process, concealed important facts from borrowers and made misrepresentations.
Additionally, the firm required borrowers to pay an extra 3 percent to 3.5 percent of their loan amount in advance into an escrow account.
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