There's been another round of complaints from the Minnesota Department of Commerce against several mortgage originators and closing companies for "allegedly misappropriating funds, charging fees for services not rendered, paying illegal rebates and misleading both lenders and borrowers in order to drum up business."
Here's a summary of the complaint, released this afternoon:
Linda Tuttle-Olson, owner of Albert Lea Abstract Co. (aka Freeborn County Abstract Co.), is accused of allegedly misappropriated about $1.5 million in client funds, using some it for gambling. Tuttle-Olson pled guilty.
Costa Mesa, Calif.-based Meredian Financial Corp. and Fortis Title Solutions Corp., their current owner Paul Ferris, and former owner James Assali are being ordered to "stop marketing themselves as residential mortgage originators and servicers in Minnesota until they meet certain conditions." The department ordered the companies and their owners to stop violating any laws, rules and orders relating to residential mortgage origination and servicing in Minnesota.
New Millennium Title Group of Bloomington is being charged with failing to properly supervise a partner title company, Real Source Title of Mahtomedi. Real Source Title was the subject of an earlier action by the department and $100,000 fine. The company's license was revoked, as were the licenses of its officers.,
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