Mortgage Daily Logo
mortgage news from industry experts

State Licensee Actions

State Licensee Actions

Hawaii, Georgia and Conn. actions

February 13, 2007

By PATRICK CROWLEY

photo of Patrick Crowley
Several states have taken a range of actions against individual and company mortgage licensees.

Hawaii’s Department of Commerce and Consumer Affairs announced disciplinary actions it took last year against professional licensees, according to a recent announcement.

“These disciplinary actions include dispositions based upon either the results of contested case hearings or settlement agreements submitted by the parties,” the department said.

Among the actions was one taken in November against Star Financial LLC and Craig Wong.

The state placed Star’s license on probation for six months, according to the announcement. In addition, Star will have to pay a $2,000 fine.

In Georgia regulators have issued cease and desist orders to three brokers and one brokerage firm.

A final order from the Georgia Department of Banking and Finance has been issued to PFS Mortgage of Alpharetta, Ga., “for misrepresenting or concealing information concerning mortgage transactions, as well as engaging in a course of business not in good faith.”

Orders for similar reasons were also issued to brokers Jabari King of Atlanta and Paula Taylor of Rosewell.

The state issued a final order against Mary E. Murray “after it obtained evidence that (she) engaged in mortgage brokering/lending activities without a license or under an applicable exception,” according to a statement from the department.

A cease and desist order issued by the department against Nations Direct Financial LLC of Laguna Niguel, CA. Regulators said in a statement they obtained evidence that the company “engaged in mortgage brokerage (and) lending activities without a license or under an applicable exception.”

The company did not return a phone call to comment. A Web site for Nations Direct Financial can be accessed but none of the links on the page, including paths to contact the company and learn more about it, are working. Nations Direct bills itself as “the leader in foreclosure alternatives.”

The Connecticut State Banking Commissioner suspended the license of bankrupt Mortgage Lenders Network USA as “the result of an on-going investigation into the possible violations” of state laws, the department said in a statement.

“The order calls for (the company’s) first and second mortgage loan licenses to be suspended subject to the outcome of a hearing conducted by the Department of Banking,” according to the statement.

The subprime lender, which shuttered its wholesale operation then made a failed attempt to revive it, was accused of not funding loan proceeds in a timely manner or otherwise mishandling more than 1,500 loans. The company faces hefty fines and penalties of nearly $8 million.

Regulators in Massachusetts, Rhode Island, Maine, Vermont, New Hampshire, Pennsylvania and Michigan are also cracking down on the company’s alleged violations — though these actions will have little impact now.


back to current headlines

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...

Newsletter

Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts

THE TRUSTED PROVIDER OF ACCURATE RATES AND FINANCIAL INFORMATION