Broker Originated Through Unlicensed LOs
A California mortgage broker is accused by county prosecutors of originating loans through unlicensed loan officers.
Monterey County District Attorney Dean D. Flippo has charged Linda Kay Campbell with fraudulent marketing and unlawful business practices, an announcement Monday said.
Campbell is the designated mortgage broker for Ed Veronick Mortgage Loans Inc., which is also named as a defendant.
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NC Settlement to Cost Countrywide Over $15 Million
A settlement with North Carolina banking regulators will cost two Countrywide units more than $15 million -- including more than $11 million paid to nearly 5,000 borrowers and contributions to an interstate licensing organization.
The Compliance Ledger
An online library of state mortgage licensing laws and requirements has been released by a mortgage education firm. Two alliances promise to help mortgage companies maintain better compliance, while SunTrust Banks Inc. has signed on to utilize a service that helps it comply with internal and regulatory requirements.
Countrywide Banned From Illinois Lending
Countrywide Home Loans Inc.'s ability to originate new loans in Illinois has been suspended -- at least temporarily. But the ban on new lending may be immaterial.
Nationstar Manager Accused of Fraud
Nationstar Mortgage LLC has been sued over allegations that one of its star branch managers prodded borrowers into bad investments, committed mortgage fraud and failed to maintain proper compliance. The company is also accused of operating without a license.
Mass. Cracks Down on Reverse Lenders
Mortgage regulators in Massachusetts have issued cease-and-desist orders against four reverse mortgage companies. Among the charges were mortgage fraud, deceptive advertising and failure to comply with reverse lending requirements.
Regulators Tackle Mortgage Issues
State mortgage regulators met in Minnesota last week ahead of the GOP to discuss important regulatory issues. Licensing was among the top issues.
Routine Examination Turns Costly
When New Hampshire regulators were given loan files for a routine examination of a mortgage brokerage, they became suspicious about missing documents. With a little more work, they found the missing documents in a shredding bin and reconstructed them only to find altered documents on loans from that state and from Massachusetts. In addition to fining the broker $400,000, they alerted Massachusetts regulators -- who then took their own actions.
Actions Against Oregon Violators
Oregon is taking action against four mortgage companies over allegations of mortgage fraud, incomplete licensing and inadequate supervision of originators.
