The Colorado attorney general’s consumer-protection unit has filed a complaint against a Colorado Springs-based mortgage company and its top employees, claiming they engaged in deceptive practices.
According to the complaint, filed in Fremont County District Court, Alternative Lending loan originator April A. Bigler, 29, of Pueblo West regularly engaged in deceptive trade practices, including misrepresenting loans’ interest rates, quoting monthly mortgage payments to consumers that did not include taxes and insurance costs, and delaying closings to pressure consumers into signing a mortgage.
As a result of the deceptive trade practices alleged in the complaint, nearly 44 percent of borrowers for whom Bigler originated a mortgage loan experienced some type of foreclosure action.
Alternative Lending managing partner James Dale III is alleged to have known about Bigler’s misconduct and not taken any disciplinary action.
