The Pennsylvania Department of Banking's Bureau of Compliance, Investigation, and Licensing has launched an initiative to identify unlicensed mortgage activity in Pennsylvania. The department will target all mortgage licensees and is expected to continue into 2011.
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In its first quarter, the department issued 24 orders for unlicensed mortgage activity, with associated fines totaling $456,250.
The department launched this initiative as part of its implementation of requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and state-level mortgage reforms enacted in 2008 and 2009.
