Florida Regulator Moves To Shut Down Unlicensed Loan Mod Outfits Throughout State; Hammers Seven Firms & Their Principals With C&D Orders

In Tampa, Florida, The Tampa Tribune reports:

• State regulators cracked down on loan modification businesses [], serving one Tampa company with a cease and desist order. The company, Clear Image Financial Group, Inc., is located [...] in Tampa. Its principals, Jeff S. Stampfli, Christopher Jones, and Tasha Armstrong Merkling, were served by Florida's Office of Financial Regulation with orders to stop work immediately.(1)

***

• The orders charge that the company is acting in violation of Florida laws that prohibit unlicensed businesses or individuals from providing loan modification services. The state also accuses the company of charging money upfront for services, which is against Florida law.(2) [...] Regulators say they planned to issue another cease and desist order to another Tampa company.(3)

For the story, see State cracks down on loan modification companies in Tampa.

For the Florida Office of Financial Regulation press release, see Tampa Loan Modification Company & Their Principals Served With Immediate Final Order To Cease & Desist.

(1) In other recent actions by the Florida Office of Financial Regulation, see:

• Fort Myers Loan Modification Companies and Their Principals Served with Immediate Final Order to Cease and Desist (The Florida Office of Financial Regulation (OFR) issued and served an Immediate Final Order to Cease and Desist all loan modification services to:
  
  • The Elite Financial Management Group, Inc., HPA AKA Home Protection Agency, Capital Group and Associates, Inc. of 9200 Bonita Beach Road, Suite 210, Bonita Springs, FL 34135 and its principals Michael Poka and Steven K. Itwaru.
  • Modification Consulting Services, L.L.C., SWFL Consulting & Marketing, L.L.C. of 4760 Tamiami Trail North, Suite 27, Naples, FL 34103 and its principals Lake M. Walton, III, Juan Jimenez and Abby L. Jelley.),

• Orlando Loan Modification Companies and their Principals Service with Immediate Final Order to Cease & Desist (The Florida Office of Financial Regulation (OFR) issued and served Orders to Cease and Desist all loan modification services to:
  
  • Loan Modification Rescue Team, 132 East Colonial Drive, Orlando, Florida 32801, and its principals Marijo Bilobrk, Alicia Sanchez, and Kasey Creighton.
  • Homeownership Preservation Group, at 1801 Sandy Creek Lane, Orlando, Florida 32826, and its principals Barney W. May, Donald A. Morris, and Gabrielle Hatfield.
  • LendAmerica, at 111 E. Monument Avenue, Suite 316, Kissimmee, Florida 34741, and its principals Marino Pena, and Yesenia Rosario.).

The orders charge that the companies are acting in violation of Florida laws (F.S. Chapter 494) prohibiting unlicensed businesses or individuals from providing loan modification services.

(2) According to the story, Stampfli, co-founder and CEO, said his company has reached out to state regulators to make sure the company is in compliance and that the state has not communicated well. Stampfli and others at the company have the proper license, but other employees do not, the state agency said. As for the upfront fees, Stampfli said his attorneys have assured him the company is in compliance with that part of the law, too. The law states that fees can't be charged until "material benefits" have been delivered. Stampfli said that's a legal interpretation and that he feels his clients receive that benefit before they pay, the story states.

(3) The other Tampa company is Home Loan Crisis Center, LLC, of 6207 North 40th Street, Tampa, FL 33610 and its principals Guy Travis Wilson, II and Sunnie E. Finkle, according to a Florida Office of Financial Regulation press release.