Oregon Regulators Slap Mortgage Firm With Ban, $70K Fine; Routine Exam Finds 150+ Violations Of Lending Laws

In Oregon, the Statesman Journal reports:

• State regulators have banned mortgage broker NLC of OR Inc. from making home loans after a routine examination found more than 150 violations of mortgage lending laws. NLC received the lowest possible score during a state review of its operations in 2006, said officials with the Oregon Division of Finance and Corporate Securities. The Houston-based company formerly was known as National Lending Corp.

For more, see Mortgage broker is fined $70,000, banned from doing business in Oregon (A routine state review finds more than 150 violations).

(1) According to the story, Oregon's examination of NLC found that it "failed to diligently supervise and adequately control its loan originators and failed to file required notices with (state regulators) and failed to make and keep required business records," state official said in a statement. Record-keeping problems were found in documentation of criminal background checks for employees, state officials said. Other omissions were noted in records for key loan documents, such as Truth in Lending Act disclosures, according to the state.