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Mortgage lending licenses and news about license issues by state. Mortgage broker licensing, license revocations and legislation.

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Regulatory Actions Taken Over Unlicensed Originations

Recent mortgage licensee actions

Aug. 27, 2012

By SAM GARCIA Mortgage Daily


portrait of Sam Garcia

Regulators in Nevada and Pennsylvania have recently taken actions against mortgage firms that allowed originators to do business without being properly licensed. A Northeast lender recently touted its new license in Arkansas.

The Pennsylvania Department of Banking's Bureau of Compliance and Licensing reported that it took 92 enforcement actions in the second quarter, a few more than the 87 actions reported for the first quarter.

Nine Pennsylvania companies faced orders for engaging in unlicensed mortgage loan origination activity -- including Barron Mortgage Corp. which originated five mortgages through two unlicensed originators; Corridor Mortgage Group, which funded four mortgages through four unlicensed originators; and The Money Source, which had five unlicensed originators who closed on seven loans.

Other second-quarter actions were taken by Pennsylvania against US Mortgage Corp. doing business as Mortgage Concepts Funding Inc., which had four unlicensed originators taking applications, and Edward Bederman of E&E Financial, who allegedly originated 127 loans last year without a license.

Another 12 Pennsylvania firms provided unlicensed modification services, while 22 engaged in other unauthorized mortgage loan activity.

On April 3, James Hodge signed a consent agreement with the state on behalf of himself, Allied Home Mortgage Corp. and Allied Home Mortgage Capital Corp. that will enable the company to avoid litigation over alleged violations in the state.

Since the end of the second quarter, Pennsylvania issued a consent agreement and order against WCS Lending LLC over alleged violations of the Pennsylvania Mortgage Licensing Act.

Also in Pennsylvania, NorthStar Mortgage LLC's first mortgage broker's license and a corresponding branch office license was revoked by the secretary of the banking department. NorthStar appealed the order revoking its license, but the Commonwealth Court of Pennsylvania affirmed the department's decision.

A consent cease-and-desist order was issued on June 1 by the Nevada Department of Business and Industry Division of Mortgage Lending against JFK Financial Inc., which has been licensed as a mortgage broker since 2005. The company allegedly failed to ensure that its mortgage agents and a branch location were properly licensed. It also didn't ensure that monthly report correctly identified the name of the mortgage originator. In addition, it violated state regulations by inserting dates on residential loan documents.

JFK reportedly corrected the deficiencies.

After Mortgage Capital USA Inc. failed to respond to an April 23 cease-and-desist order from Nevada, a final order was issued on June 18 requiring the company to stop engaging in any activity that requires mortgage licensing. The Las Vegas company was also fined.

The Arkansas Securities Department issued a combination mortgage banker-broker-servicer license to Total Mortgage Services LLC, the Milford, Conn.-based company said earlier this year. At the time, the Arkansas brought its state license count to 26.


Sam Garcia founded Mortgage Daily in 1998 and became its full-time publisher in 2000. Prior to his news career he worked in mortgage lending for two decades.

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