The bureau of compliance and licensing for the Pennsylvania Department of Banking continued to reduce the amount of fraud taking place within the state during the fourth quarter last year.
For the fourth quarter, the department took 99 enforcement actions and issued 59 orders against companies for conducting illegal work in Pennsylvania. The statutory violations resulted in fines of $325,900.
According to the banking department, six companies were engaged in unlicensed mortgage loan origination activity. There were also 11 companies who were conducting loan modifications without the proper state license and 13 companies were engaged in other unauthorized mortgage loan activity.
The banking department said 29 companies were engaged in various other unauthorized non-mortgage-related activity.
There was also one individual prohibited by the department from engaging in the mortgage business within the state.
In addition, the department suspended 39 mortgage originator licenses and suspended one institution from engaging in the mortgage business in Pennsylvania.
