Ohio AG, Mortgage Broker Settle Civil Charges Of Alleged Conduct Designed To Influence Outcome Of Appraisals In Lending Process

In Hamilton County, Ohio, the Chillicothe Gazette reports:

• A Cincinnati mortgage broker has paid the State of Ohio $30,000 to settle a lawsuit alleging predatory lending practices. Attorney General Nancy H. Rogers reached a settlement with Ace Mortgage Funding, LLC to end a lawsuit based on Ohio's Consumer Sales Practices Act.

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• The lawsuit alleged Ace Mortgage Funding committed undue influence on appraisers by using pre-printed appraisal request forms and inserting "Estimated Value" and "Loan Amount" in an attempt to influence the outcome of the appraisal with the values they inserted. [... T]he company has agreed not to commit any unfair or deceptive acts or practices including trying to instruct, compensate, or intimidate any person into influencing the judgment of an independent appraiser.

For more, see State, mortgage broker settle suit.

For the original lawsuit filed by the Ohio AG, see State of Ohio v. Ace Mortgage Funding, LLC.