|
|||
Nevada’s Mortgage Lending Commissioner has issued a cease and desist order against a real estate developer who has been offering investments in short-term mortgage loans without a mortgage license.
Las Vegas-based Sure Development and Real Estate ran an advertisement in the Las Vegas Review that promised, “a 15% return on First Trust Deeds in multiples of $40,000.00 secured by a one acre residential lot, 50-60% LTV,” according to the State of Nevada’s documents. But Sure did not seek approval from the Mortgage Lending Division to run the advertisement and failed to include required statements of disclosure including “money invested through a mortgage broker is not guaranteed to earn any interest or return and is not insured,” the documents said. In addition, the advertisement failed to identify the company and only provided a telephone number. “A person engages in a ‘deceptive trade practice’ when in the course of his business or occupation he knowingly conducts the business or occupation without all required state, county or city licenses,” the document explained. Phone messages left for James Fales, the listed resident agent and corporate broker for Sure Development, were not returned to MortgageDaily.com. Records show that Sure Development received a business license on October 31, 2005 and Fales did hold a real estate broker’s license in Nevada, but it expired, according to a spokeswoman for Nevada’s Department of Business & Industry. Sure Development has been ordered to pay $30,000 in administrative fines and is barred from advertising any solicitation from private investors unless it is compliant and has the approval of the Division, according to the State’s order. The company says it offers potential investors a “red carpet service” for $1000 which includes a one night stay in Cedar City, Utah, transportation from the airport and a guided tour of the city and listed properties located in Utah, according to its Web site. Related: States Crack Down on Licensees |
FREE CALCULATORS TO HELP YOU SUCCEED
Tools for Your Next Big Decision.
Amortization Calculator
Affordability Calculator
Mortgage Calculator
Refinance Calculator
FHA Mortgage Calculator
VA Mortgage Calculator
Real Estate Calculator
Tags
Pre-Approval Resources!
Making well educated decions in a matter of minutes and stay up to date on the latest news Mortgage Daily has to offer. Read our latest articles to stay up to date on what’s going on…
Resource Center
Since 1998, Mortgage Daily has helped millions of people such as yourself navigate the complicated hurdles of the mortgage industry. See our popular topics below, search our website. With over 300,000 articles, we are guaranteed to have something for you.
TOP SEARCHED TOPICS
Your mortgages approval starts here.
Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here. Add 1-2 sentence here.
Stay Up To Date with Today’s Latest Rates
Mortgage
Today’s rates starting at
Home Refinance
Today’s rates starting at
Home Equity
Today’s rates starting at
HELOC
Today’s rates starting at