Skip to content Skip to navigation

Polley Blog

Pennsylvania Regulators Take Action Against Mortgage Firms

HARRISBURG PA – Pennsylvania’s Department of Banking is taking a tougher line against mortgage brokers that either refuse to comply with regulations or are not licensed to practice in the state. Last week it took enforcement against seven different companies.

20090526-MortgageDue-ClipartComOn Friday (May 22, 2009) it issued a cease-and-desist order against U.S. Mortgage Group Inc., 1617 John F. Kennedy Blvd., Philadelphia PA, and suspended its license, because it allegedly refused to answer questions about or provide documentation on activities of an affiliate.

The department wanted to see financial information, information on withdrawn or denied loans, credit bureau invoices, annual reports and information related to U.S. Mortgage Mod LLC, which specializes in mortgage modifications. Instead, its examiner was escorted from U.S. Mortgage Group’s building, the department said.

Mortgage modification and debt settlement companies offer to help struggling homeowners lower their mortgage payments and borrowers eliminate their debt for a fee.

A day earlier, on Thursday (May 21, 2009), the department ordered six out-of-state mortgage modification companies to end unlicensed business activities in the state. The companies advertise on Web sites to refinance mortgages in Pennsylvania as part of a loan modification process, but they are not licensed to do so, the department said.

Affected were:

  • ApplyLoanMod.com, California
  • ClearHomeRelief, California
  • HomeForeclosureFighter, California
  • U.S. Loan Assistance Center, California
  • Mortgage Solutions Clearing House, Florida
  • American Foreclosure Specialists, Oklahoma

This article was originally published on the Polley Associates‘ blog
Image from Clipart.com

Recent Articles

Realtors’ National Association Opens Its Own Credit Union

WASHINGTON DC – One of the biggest drawbacks in years past of being an independently contracted real estate agent was a perceived lack of perks that sometime accompany other jobs. The National Assocition of Realtors® (NAR®) has been building its membership benefits package to overcome that hurdle, and last week (May 13, 2009; Wednesday) officially […]

Read More

Next At Google: Helping Consumers Read Their Electric Meter

MOUNTAIN VIEW CA – Could home owners save money, and help create a greener planet, if they knew more about the energy they use? Website search behemoth Google Inc. thinks so, and is partnering with electric utility companies to experiment with new software it calls the Google PowerMeter. PowerMeter works with new smart meter devices […]

Read More

Asian-Americans Looking For Service From Brokers And Agents

LOS ANGELES CA – Asian Americans face the same obstacles in buying homes as their Hispanic counterparts – primarily language and cultural barriers – but may not be as well-served by the real estate community, according to a new study. The study, released Nov. 8, 2004, by UCLA’s Asian American Studies Center and titled “Dispelling […]

Read More

In Real Estate And Elsewhere, Bigger Is Business-As-Usual

VALLEY FORGE PA – Big players in real estate got bigger this week (Nov. 8-14, 2004), as LendingTree Inc. and Sotheby’s International Realty Affiliates both announced new additions to their operations. They are following a familiar trend, which one observer says results from increased competition to grow while simultaneously cutting costs. LendingTree, the online lending […]

Read More

Beware The House That Weed Built, Some Police Chiefs Warn

CALGARY, CANADA – Some homes are literally going to pot. Canadian real estate agents in two different cities recently were warned to guard their clients’ interests if they consider buying property where police arrested previous occupants for growing marijuana indoors. One police chief claimed such home-grow operations could turn homes into “toxic chemical wastelands.” A […]

Read More

Will Comptroller Office Let Banks ‘Sneak’ Into Real Estate?

WASHINGTON DC – The National Association of Realtors, which has long opposed moves by bankers to sell real estate, says select lenders may soon be able to enter the business thanks to a new ruling by the federal Office of the Comptroller of the Currency (OCC). A division of the U.S. Treasury, the office adopted […]

Read More

What Consumers Want, And Don’t, At Their E-mail Inboxes

FREMONT CA – Do they want it? Will they value it? Does it annoy them? Those are three questions real estate agents must ask themselves about e-mail newsletters sent to clients or prospects, following the release Wednesday (Feb. 18, 2004) of a lengthy study published by an Internet marketing consultant. Nielsen Norman Group, a California-based […]

Read More

Foreign Investment In American Real Estate Rises Once Again

Foreigners are once again putting more money in American real estate.

Read More
1 13 14 15