|A Nebraska mortgage banker who jumped the gun and began offering mortgages before officials had issued his company a license has been barred from conducting further business in the state.
AA Lending Corp. and its president, Bryan Oswald, received a cease and desist order to stop conducting business in Nebraska, as well as an order of denial for a mortgage banking license by the state’s Department of Banking and Finance, according to an announcement.
The department said it issued the orders to the Lincoln-based company, also known as Across America Lending, because it began business before receiving the required license, distributed leaflets promoting a public “seminar” for first-time home buyers held in Lincoln on Oct. 27, and established a Web site (www.aalending.com) that it had not disclosed on its application.
“AA Lending Corporation and Bryan Oswald knew the company wasn’t registered or qualified to serve Nebraskans,” said department review examiner Karen Reynolds in the statement. However, “Mr. Oswald illegally proceeded to begin business here.”
Oswald told MortgageDaily.com that currently, “Attorneys are working through the misunderstandings with the department.”
AA Lending has requested a hearing, but a date has not been scheduled, department spokeswoman Nora Tallmon said.
The department said it “would like to hear” from anyone doing business with AA Lending and anyone who attended the seminar.
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