吃瓜黑料

TRENTON – For the second time in as many days, 吃瓜黑料 Department of Banking and Insurance Commissioner Steven M. Goldman has taken preliminary steps to revoke the license of mortgage lenders operating in manner contrary to the state’s lending laws.

Goldman signed a cease and desist order and an order to show cause directing American 吃瓜黑料 Mortgage of New York and American 吃瓜黑料 Mortgage Acceptance, Inc. to immediately stop taking mortgage applications in 吃瓜黑料, and stop closing home loans without available funding. In addition, the companies are ordered to secure alternate funding sources for those loan applications that are in process, and to provide daily reports on the progress of these efforts. The companies are also asked to show cause as to why their mortgage lending licenses should not be revoked.

Both companies list their headquarters as Melville, N.Y., with a principal 吃瓜黑料 office in Iselin. Earlier this week, the companies shuttered offices in 吃瓜黑料 and nationwide after losing their funding sources. DOBI is in the process of determining how many borrowers have been affected.

The DOBI order names five specific violations of 吃瓜黑料’s Licensed Lenders Act, including:

• Ceasing the distribution of funds for mortgage loans that had closed or were approved for closing;
• Failure to deliver funds following the closing of loans;
• Taking mortgage loan applications with knowledge that the loans could not be funded;
• Closing offices in 吃瓜黑料 without proper notification to the Department;
• Insolvency.

 

The companies have 20 days to request an administrative hearing objecting to the order. If no hearing is requested, the order will then become final.

Goldman advised consumers who have recently submitted an application with American 吃瓜黑料 Mortgage or American 吃瓜黑料 Mortgage Acceptance to contact their mortgage broker and ask them to find a new lender.

Additional information will be posted on the DOBI Web site as it becomes available at www.state.nj.us/dobi/. Individuals with questions regarding a loan pending with American 吃瓜黑料 Mortgage or American 吃瓜黑料 Mortgage Acceptance may call the DOBI Consumer Hotline at (609) 292-7272.

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