Four mortgage companies banned from working in Pennsylvania
Four unlicensed out-of-state mortgage modification companies — including an operator previously cited — have been ordered to stop doing business in Pennsylvania.
Cease and desist orders were issued by the state Banking Department against Consumer Loan Modification of Arizona, U.S. Settlement Services of Florida and Federal Loan Modification Law Center LLC of California.
Nationwide Foreclosure Prevention Center LLC of New Jersey and its owner, Robert P. Valentin, entered a consent agreement with the Banking Department to cease operations here. The company was fined $2,000. Valentin is banned from the mortgage business in Pennsylvania for five years and must refund all fees he collected from Pennsylvanians within 90 days.
Valentin was previously cited last June for operating another unlicensed mortgage business in the state, called Justice Mortgage.
The other three companies have been ordered to provide the department with a list of Pennsylvanians who have replied to their ads or are clients, and their current application status.
Homeowners can receive free help from a certified housing counseling agency by contacting the Pennsylvania Housing Finance Agency at (800) 822-1174. Information also is posted on that agency's Web site, http://www.phfa.org.
— David Pierce