Mortgage Fraud Blog is the premier website for news and information on mortgage fraud and real estate fraud throughout the United States.
Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of Smith Dollar, PC, is licensed to practice law in California and maintains offices in Santa Rosa, California. Email Ms. Dollar
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Idaho Dept of Finance Issues Shuts Down Bait And Switch Scheme
Assurity Financial Services, LLC, was issued an Order to Cease and Desist by the Idaho Department of Finance for sending mailers to Idaho residents entitled “Refund Notice,” suggesting that recipients’ current adjustable-rate mortgage may have been the subject of errors in principal and interest calculations. The mailer indicates that “A Refund Audit Specialist will be able to help you determine your correct principal and interest payment and assist you in collecting any refund that you may be legally entitled to.” In fine print at the bottom of the document, the homeowner is informed that their consultation may include a solicitation for a home loan.
Assurity does not appear to possess any specific information suggesting that those homeowners receiving the Refund Notice did in fact have errors in their principal and interest calculations. Consumers responding to Assurity‘s Refund Notice report that they were advised to refinance their mortgage through Assurity Financial.
“This is a classic bait and switch,” Gavin Gee, Director of the Idaho Department of Finance, said. “This marketing ploy takes advantage of the fact that when lenders record certain mortgage loan documents with the county, they become public records. Mailings are then targeted to homeowners and contain just enough correct information to mislead a consumer into thinking the sender actually is knowledgeable about the consumer’s loan. In this case, if the consumer takes the refund ‘bait’ and calls, they are ‘switched’ to a solicitation to refinance their mortgage with Assurity.”
The Department determined that the mortgage loan solicitations were misleading and deceptive and in violation of the Idaho Residential Mortgage Practices Act. The order directs Assurity Financial to cease violating the Idaho law and cease engaging in advertising that is misleading, confusing, false and deceptive.
I was one of these people that was contacted by Assurity Financial Services regarding a Refund and when I contacted them they said that I qualified for a 30 year fixed rate and they were scheduling to have an Appraiser come to my home. I told them that I did not want my credit run because I had already had numerous hits on my credit and he guaranteed me that my credit would not be run. After scheduling the appraiser to meet me at my home the representative from Assurity Financial called me and told me that since I had a previous BK on my credit file that they could not help me. I did not give him permission to run my credit yet he knew what my credit file revealed. He never asked me on the phone if I had a BK so he had to have run my credit without my permission. Isn’t there a law against this as it takes points off my credit file and makes it difficult for me to get approved because of my credit score and the number of inquiries on my credit file. What rights do I have regarding this pressing charges against this company?
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Posted by on 10/03 at 04:48 AM
What happen next to it’s customer? Do they get their money back? I’ve been in the same case with a certain insurance company, but everything is ok now.
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Posted by on 10/09 at 09:32 AM
Mailings are then targeted to homeowners and contain just enough correct information in this article.But if u show the finance map it will be easy to understand.
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Appraisal Institute Opposes Obama Administration's Plan for Homeowner 'Short Sales' PR News Wire
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Ownership Rights to Get Another Look TBO.Com
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Thursday, February 18, 2010 F. Jeffrey Miller Trial Continued Testimony
As reported by Anne Mitchell, who viewed the trial:
Angela Parenza worked for Jeff Miller as the office manager for 7 or 8 years beginning in 1998. Parenza was indicted along with Miller and pled guilty to conspiracy to commit bank fraud and money laundering. Parenza testified that Miller or his contractors allegedly preferred to build all the...
Wednesday, February 10, 2010 F. Jeffrey Miller Trial Coverage Continued - Witness Testimony
Steve Middleton Testimony - Coverage Provided by Anne Mitchell
The Government continued in its cross examination of Steve Middleton. He was shown several HUD-1 statements involving sales of homes located in Overland Park, KS, and Olathe, KS. The HUD statements each allegedly showed line items of payments to (James) Moser & Associates, LLC's...
Monday, February 01, 2010 F. Jeffrey Miller Trial Coverage - Continued Witness Examination
According to Anne Mitchell, who is present in court for the trial:
Next Witness: Kelly Sanford
Kelly Sanford of the Federal Reserve was a short witness for the Government. Sanford manages electronic payments between banks and member financial institutions. He was shown copies of wire transfers and asked whether they coincided with the counts in...
Wednesday, January 27, 2010 F. Jeffrey Miller Trial - Prosecution Witnesses Continued
According to Anne Mitchell, who is viewing the trial:
January 13, 2010
Witness: Rick Hayes
Rick Hayes testified that on the day that he closed on his Miller Enterprise home, he received a phone call from the Kansas Banking Commission informing him that his loan was fraudulent. After the Hayes responded to a classified ad, they met with John...
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The information and notices contained on Mortgage Fraud Blog are intended to summarize recent developments in mortgage fraud cases and mortgage banking matters nationwide. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about mortgage banking, mortgage fraud matters or who believe they require legal counsel should seek the advice of an attorney. The creators, editors and sponsors of Mortgage Fraud Blog do not intend to create a confidential relationship or an attorney-client relationship by communication via or arising from this site.
Rachel Dollar, the editor of Mortgage Fraud Blog, is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors. She is an author and a nationally recognized speaker on the topic of mortgage fraud. Ms. Dollar is a shareholder with the law firm of 
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