HARRISBURG PA – Pennsylvania’s Department of Banking is taking a tougher line against mortgage brokers that either refuse to comply with regulations or are not licensed to practice in the state. Last week it took enforcement against seven different companies.
On Friday (May 22, 2009) it issued a cease-and-desist order against U.S. Mortgage Group Inc., 1617 John F. Kennedy Blvd., Philadelphia PA, and suspended its license, because it allegedly refused to answer questions about or provide documentation on activities of an affiliate.
The department wanted to see financial information, information on withdrawn or denied loans, credit bureau invoices, annual reports and information related to U.S. Mortgage Mod LLC, which specializes in mortgage modifications. Instead, its examiner was escorted from U.S. Mortgage Group’s building, the department said.
Mortgage modification and debt settlement companies offer to help struggling homeowners lower their mortgage payments and borrowers eliminate their debt for a fee.
A day earlier, on Thursday (May 21, 2009), the department ordered six out-of-state mortgage modification companies to end unlicensed business activities in the state. The companies advertise on Web sites to refinance mortgages in Pennsylvania as part of a loan modification process, but they are not licensed to do so, the department said.
Affected were:
- ApplyLoanMod.com, California
- ClearHomeRelief, California
- HomeForeclosureFighter, California
- U.S. Loan Assistance Center, California
- Mortgage Solutions Clearing House, Florida
- American Foreclosure Specialists, Oklahoma
Know more about mortgages … and bridge loans, and other forms of financing common in real estate. Polley Associates‘ 2009 courses in Real Estate Finance are being offered June 5 and Oct. 2 in Newtown Square PA, June 17 in State College PA, Aug. 6 in Cranberry Township PA, and Oct. 13 in Greensburg PA.
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