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Judge orders fine for Seattle mortgage broker

An Idaho judge has ordered a Seattle-based mortgage broker to pay more than $1 million in penalties and restitution for fraud and violations in state laws.

A judge in Ada County ruled that Access Mortgage engaged in numerous violations, including submitting a false mortgage loan application to a lender.

Other violations include ignoring a Department of Finance order issued against the company and originating loans in Idaho through unlicensed brokers, especially in housing markets in Boise and northern Idaho.

Department of Finance Director Gavin Gee said Wednesday the judgment sends a clear message to the mortgage industry that unlawful practices will not be tolerated in the Gem State.

The company has also been ordered to pay more than $27,000 in restitution to one Idaho couple harmed by the company’s practices.


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2 comments

  1. I find the talk about » Judge orders fine for Seattle mortgage broker « Idaho Business Review all a bit meaningless. Political leaders and central bankers round the planet have done everything they can to preserve failed financial institutions, and loans that was risky from the onset. We will not have a proper sustainable recovery without an end to deficit spending and lots of financial institutions going bust. I find discussion about mortgage finance and home loans a bit meaningless. I also think the house prices have to reduce a lot even now. I mean why would you want to own a home in Spain or France? Isn’t it much cheaper to rent? Regards, Lakiesha Reindl

  2. I find the talk about » Judge orders fine for Seattle mortgage broker « Idaho Business Review all a bit meaningless. Political leaders and central bankers round the world have done everything they can to preserve failed lending institutions, and lending that was imprudent from the start. We will not have a real self sustaining recovery without an end to deficit spending and lots of lending institutions going bust. I find discussion about personal finance and loans a bit meaningless. I also think the house costs have to reduce a lot even now. I mean why would you want to own a home in the US or the UK? Isn’t it much cheaper to rent? Regards, Alfonso Furch