Argent Agrees to C&D in Georgia

Subprime wholesaling giant Argent Mortgage has voluntarily agreed to a cease-and-desist order with the Georgia Department of Banking and Finance regarding its relationship with loan brokers.In a C&D signed last week, Argent was ordered by the department to ensure that loan brokers it conducts business with have a valid license and to adopt "best practices" on fraud prevention and detection. The Orange, Calif.-based company, an affiliate of Ameriquest Mortgage, was also ordered to report suspected broker fraud to the state and to develop policies and procedures that will ensure compliance with state banking laws. Argent, one of the largest subprime wholesale lenders in the United States, would not comment on the specifics of the case but stressed that its license to lend in Georgia has not been revoked or suspended. As of MortgageWire's deadline, Georgia banking department officials could not be reached for comment.