Net Branch Firm Closes

Net branch operator Dana Capital Corp., Irvine, Calif., closed its doors last week after being hit with hefty licensing-related fines, according to past employees of the firm.At its peak, Dana Capital had 800 branches and was processing up to 2,400 loans per month. Myron Miller, a former vice president at the company, told MortgageWire that Dana Capital was facing hefty fines in a handful of states because some loan officers at its net branch affiliates were unlicensed, even though Dana held licenses in 23 states. He said company owner and founder Dana Smith paid some of the fines, but ultimately decided to close the firm's doors.