Pennsylvania Regulator Issues Cease & Desist Orders Against Six Loan Modification Firms

From the Pennsylvania Department of Banking:

• The Department of Banking has ordered six out-of-state mortgage modification companies to end their unlicensed business activities in Pennsylvania. The companies advertise on their Web sites to refinance mortgages in Pennsylvania as part of the loan modification process when they are not licensed to do so. The companies must comply with the orders or file appeals.

The following cease & desist orders have been issued:

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

For the press release, see BANKING DEPARTMENT CONTINUES CRACKDOWN ON UNLICENSED MORTGAGE MODIFICATION COMPANIES (Cease and Desist Orders Issued to Companies in CA, FL and OK).

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The Department has also suspended the mortgage brokerage license of, and issued a cease and desist order against, U.S. Mortgage Group, Inc. of Philadelphia, for refusing to answer questions and provide documentation about its activities as well as the activities of its affiliate, U.S. Mortgage Mod, LLC, according to a press release. The department had been unaware of the existence of U.S. Mortgage Mod, LLC, which engages in loan modification and debt settlement activities. Both companies are owned by Marc Dambrosio and located at 1617 John F. Kennedy Boulevard.

For more, see:

• Press Release: BANKING DEPARTMENT SUSPENDS LICENSE OF PHILADELPHIA MORTGAGE BROKER,
• Cease & Desist Order.