Unlock Partnership Settles Over Predatory Loans | Fargo News

Minnesota’s Attorney General Keith Ellison has secured a major settlement against Unlock Partnership Solutions, a company accused of running predatory mortgage schemes disguised as “home equity agreements.” Between 2021 and 2023, Unlock funneled nearly $86 million in loans to Minnesota homeowners—many of whom were misled into believing they weren’t taking on debt or interest. In reality, these deals carried sky-high fees, annualized interest up to 22%, and demanded 33% of home equity, often doubling initial charges. The company operated without a Minnesota mortgage license and failed to assess borrowers’ ability to repay, violating state lending laws. Under the settlement, Unlock must cease all such activities unless fully licensed, and will pay nearly $1 million in restitution—including refunds, debt relief, and funds for further consumer aid—to help victims recover from what could have jeopardized their homes and financial futures. Ellison stressed that protecting homeownership is vital to Minnesotans’ economic security, and his office remains committed to rooting out abusive lending practices. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d0f9421925e93eab