Mississippi officials have suspended the license of a Meridian mortgage company for three years and fined the lender $10,000 for improper practices.

John Allison, executive director of the Mississippi Department of Banking and Consumer Finance, says a settlement was reached Wednesday with Mid-South Mortgage and Investments and its president, David Hand. The mortgage company operated under the name Freedom Lending.

The settlement came after an order issued April 26 directing Hand to suspend business operations.

The consent order alleges Freedom Lending executed two different and conflicting U.S. Department Housing and Urban Development settlement statements and sales contracts on at least six mortgages. It also alleges that the mortgage company "directed the destruction and concealment of certain records and files to cover up the fraudulent and improper actions."

Freedom Lending's three-year suspension went into effect on Monday. The settlement agreement allows Hand to complete any mortgage transactions already in process but bars him from taking on any new business.