The Pennsylvania Department of Banking in the second quarter stepped up its mortgage watchdog efforts, issuing 92 enforcement actions against companies and individuals, five more than in 1Q.
Out of the 92 actions filed by its Bureau of Compliance, 90 orders were against companies for statutory violations, resulting in fines of $277,525. In the first quarter, 83 orders were issued against businesses but fines surpassed $531,000.
From the 90 orders issued in 2Q, nine companies engaged in unlicensed mortgage loan origination activity, 12 engaged in unlicensed mortgage loan modification activity, and 22 participated in other unauthorized mortgage loan activity forbidden in Pennsylvania.
The department prohibited one individual from working and suspended a mortgage broker licensee from engaging in any type of mortgage activity within the Keystone State.
Additionally, four companies engaged in illegal “payday” lending, while 34 companies conducted unlicensed auto finance sales activity. Nine businesses were issued orders not tied to mortgage banking.
