The VA has NOT provided the
Area Dispatch investigative Team
with the requested Detail of Adjustable and
Fixed interest rate loans of the ‘streamline’ VA mortgages
listed above. The trends of historical interest rates against the
VA requirements lead us to believe that the
majority are adjustable. This would ‘set the hook’
as the latter part of the conspiracy to defraud veterans
was positioned to catch most that incorrectly think
refinancing will be
easier with your current lender.
Stay tuned.

Originally Posted In 2022:

The obvious exploitation of VA Home loan
programs and gaps in laws
has positioned Freedom Mortgage Corporation
to prey on veterans with rising interest rates
that could push many of the
over 500,000 veterans’ families
that have become entangled
with Freedom Mortgage Corporation’s
unsettling practices over the past eight years.
This will work to constantly pressure
into foreclosure with the
shocking interest payment increases.

How did America’s
‘Top Residential Lender’
become the
#1 VA Lender
&
#1 FHA Lender?

The Back-End…

From the
article above:

“MSRs gain value
as interest rates rise,
in part because
upward-bound rates
cause mortgage refinancing
to slow to a crawl.
That reduces mortgage-prepayment speeds —
increasing the effective long-term yield
of the servicing rights
tied to those loans.”

from Area Dispatch:

The value of
an MSR portfolio
would also increase
with rising interest rates…

…if the portfolio was composed
of many (or any) adjustable-rate mortgageS,
ESPECIALLY if it was disproportionately composed of
these types of mortgages.

The VA has not yet provided
the requested information on a ‘breakout’
of adjustable or fixed interest rates
with the mortgages.

Either they don’t track that level of detail,
or we’re being ignored.
We don’t like being ignored,
so we’re going to push that.

👮‍♀️👮‍♂️🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨👮‍♀️👮‍♂️

UPDATE

The Division (of Consumer Affairs) found that Freedom Mortgage violated the New Jersey Consumer Fraud Act (“CFA”), the Advertising Regulations, and the Telemarketing Do Not Call Law and related regulations by:

making unsolicited telemarketing sales calls to consumers
despite not being registered with the Division as a telemarketer;
engaging in abusive and deceptive telemarketing practices,
primarily involving multiple refinancing solicitations;
engaging in “bait-and-switch” sales tactics, such as
inducing consumers to refinance their loans at lower rates
only to raise the rates after consumers sign the refinancing documents;
failing to timely disburse payments from escrow;
failing to apply consumers’ mortgage loan payments in a timely manner,
or at all, resulting in negative credit reporting for consumers, as well as late fees;
failing to timely issue escrow refunds to consumers; and
failing to respond to consumer inquiries with accurate information.