Thursday, August 18, 2011

State Regulator Fines Miami Loan Modification Outfit $60K For Operating Without License

The South Florida Business Journal reports:

  • The owner of the Foreclosure Center in Miami agreed to pay a $60,000 fine after state regulators caught her performing loan modifications without a license. The Florida Office of Financial Regulation issued the order to “cease and desist with sanctions” against Yusmila Castellanos and the Foreclosure Center on Tuesday. It stems from an administrative complaint the OFR filed against them in February.

  • Even though Castellanos did not have a mortgage broker license, an OFR examination of her business in August 2010 found that it originated 51 loan modification files that year and two in 2009. The company collected about $57,000 from its clients. The Foreclosure Center has since closed.

Source: Foreclosure Center owner fined for unlicensed loan modification.

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