Pennsylvania Regulators Order Four Loan Modification Firms To Cease Unlicensed Activity Within State

In Harrisburg, Pennsylvania, the Pennsylvania Department of Banking reports:

• The Department of Banking recently ordered four out-of-state mortgage modification companies to stop engaging in unlicensed activity in Pennsylvania. The department issued cease and desist orders against Consumer Loan Modification of Arizona and U.S. Settlement Services of Florida on April 10 and Federal Loan Modification Law Center LLC of California on April 14. All three companies advertise on their Web sites to refinance mortgage loans in Pennsylvania when they are not licensed to do so. The companies must comply with the orders or file appeals by the end of April.

• The department also entered into a consent agreement and order with Nationwide Foreclosure Prevention Center, LLC of New Jersey and its owner, Robert P. Valentin, to stop doing business in Pennsylvania. The company was fined $2,000. Valentin is prohibited from engaging in the mortgage business in Pennsylvania for five years and must refund fees that he collected from Pennsylvania consumers within 90 days. The department also cited Valentin for unlicensed activity in 2008 under the name Justice Mortgage.

For the entire press release, see Banking Department Takes Action Against Mortgage Modification Companies (Companies ordered to stop unlicensed activity in Pennsylvania).

For the above referenced Consent Agreement and Order, see Commonwealth of Pennsylvania v. Valentin, Nationwide Foreclosure Prevention Center, LLC.

Go here for the Cease & Desist Orders Against:

• 04/13/09 Federal Loan Modification Law Center LLC (California),
• 04/10/09 U.S. Settlement Services (Tampa, Florida),
• 04/10/09 Consumer Loan Modification (Phoenix, Arizona).