Division of Mortgage Lending Issues Fines and Takes Enforcement Action in Four Matters
Las Vegas, NV – March 31, 2010 – (RealEstateRama) — The Division of Mortgage Lending continues to diligently enforce mortgage lending laws by disciplining four entities for various violations of the Nevada Revised Statutes.
After investigation, the Division found that Las Vegas-based Felipe J. Urbina, dba Conceptos Home Retention Team, was providing loan modification and foreclosure consultant services without a license from the Division. As a result, the Division issued a $2,500 fine, plus $438 in administrative costs. The Division is also seeking to require Mr. Urbina to refund payments he collected from homeowners while he conducted the unlicensed activity.
Las Vegas-based mortgage agent Rita (Lee) A. Moran entered into a Stipulated Settlement Agreement with the Division after the Division found that she was negligent in her role as a mortgage agent and was engaging in Credit Service Organization activities without being registered accordingly. Ms. Moran was fined $1,000, plus $360 in investigative costs, and agreed to halt any further unregistered activity.
After investigation, the Division found that Las Vegas-based mortgage banker Greenberry Financial Services, formerly dba Franklin Financial, conducted business under its former name from an unlicensed location. As a result, the Division issued a $5,000 fine, plus $180 in administrative costs.
Las Vegas-based mortgage broker Builder’s Capital, Inc., entered into a Stipulated Settlement Agreement with the Division after the Division found that it was holding an investor’s money for a longer period of time than permitted by law. Builder’s Capital was fined $5,000, plus $180 in investigative costs, and disbursed the money to the investor.
“Today’s announcement highlights our continuing commitment to protecting Nevada consumers,” said Mortgage Lending Commissioner Joe Waltuch. “Those allowing or participating in inappropriate mortgage-related activity will be held accountable.”
For more information about the Division of Mortgage Lending, visit http://mld.nv.gov/index.htm.
Comments
For the past 9 months I have been working with Sterling Mutual located here in Las Vegas, on a principal reduction program, hopefully we will realize the reduction any problems listed for Sterling Mutualcould you please let me know? Thankyou, Richard Wallace
richard,
received a message from jennifer leary that sterling mutual is closed. anything you can aboutthis???
I received a message from jennifer that she no longer works for sterling but also received a letter from sterling this week stating that they could not finish the prp, could not make any repayment immediately, but would begin repayments prior to April 1st.
How many people have gotten taken by sterling mutual, and is there anything we can do? This company has gotten away with allot of peoples hard earned money. There must be something we can do! It’s unbeliveable. My understanding is they did not complete the contract as described therefore they faulted on contract, and should have to pay back all funds minus the apraisal fee of $300.
Someone Please Help
Sterling mutual is a scam. Apr. 2010 I gave them $5000 and another $1000 and they promised me that some company would buy my note. Well as you see Sterling mutual has closed up shop and taken more than half my money with them. They sounded so trust worthy that it was worth a try. Well that was a big lie……money I will never see again
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Even thought the State of Nevada has cracked down, many unlicensed loan modification companies are still operating. Homeowners who work with one of these companies have little recourse if they close their doors and disappear one day, or if they fail to provide the services they promise.
You can get the most recent list of loan modification companies licensed to operate at http://mld.nv.gov/Chapter645/Chapter645F_IndependentLicenseeApplicants.pdf. Or, you can call the State of Nevada Division of Mortgage Lending at (775) 684-7060. http://www.nevadaloansnow.com