OSI Financial Services, 2357 N. Damen Ave., is being sued by both state and federal regulatory agencies for preying upon customers by misrepresenting fees. OSI served as brokers for an out-of-state lender who was listed as a party to the action.
The civil complaint accuses both parties to the suit of leaving the broker's percentage off legal mortgage documents and filling in the fee percentage later, after the papers were signed. The fee, usually between two and four percent, was as high as 10 percent on some loans.
Consumer activists are praising the action because abuses of brokers will be tempered if the lender is also held responsible for the broker's actions.
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