The Pennsylvania Department of Banking’s Bureau of Compliance, Investigation and Licensing has cracked down on illegal activity within the state in 2Q 2011 compared to the previous quarter.
From April through June, the department took 209 enforcement actions, which represents 59 more cases than 1Q 2011.
Out of all the enforcement actions, there were 51 consent agreement and order files issued by the department against companies for statutory violations. This figure resulted in fines of nearly $500,000.
Of the 51 orders, 25 companies were engaged in unlicensed mortgage loan modification activity, 17 companies conducted unauthorized mortgage loan activity and five companies were engaged in various illegal non-mortgage-related activity.
The department suspended 158 mortgage originator licenses last quarter, compared to only 81 in the prior quarter.
Two individuals were prohibited by the department from engaging in any mortgage business action within the state again. In the 1Q 2011, six people were reprimanded from conducting mortgage activity in Pennsylvania.
Some of the companies that were issued enforcement notices during the last quarter include Lincoln Mortgage Co., Elite Funding Corp., CUC Mortgage Corp., Continental Home Loans Inc., US Mortgage Network, First Mutual Corp., Nationwide Equities Corp., Bounce Back Financial, Residential Mortgage Solutions Inc., Upstate Capital Inc., NJ Lenders Corp., Approved Funding Corp. and First Guaranty Mortgage Corp.
