Complaint to the Arizona Department of Financial Institutions, the licensing agency for First Magnus Financial Corporation dba Great Southwest Mortgage. The junk faxes sent on behalf of First Magnus not only violated the TCPA, but also the Truth In Lending Act (TILA) as the advertised ARM terms were false. The First Magnus payments for the mortgage leads constitute illegal kickbacks in violation of RESPA and I hope that Arizona will not condone these widespread illegal activities by mortgage brokers and bankers.
After declining the mortgage application for *any* amount, Ameriquest Mortgage Company sent the “pre-qualification‿ letter based on credit information - indicating that it targeted consumers with poor credit ratings and/or high credit card debts rather than complying with the FCRA requirement to obtain credit report data only for consumers who will receive “FIRM offers of credit.
Ameriquest Mortgage Company purchased mortgage leads from e-mail spammer Lead Jungle, failed to provide the promised credit reports, displayed incredible incompetence and finally denied the application with a false reason.
