Modifiers of loans fined by agency
Nevada Mortgage Lending Commissioner Joe Waltuch has announced that his division levied a $50,000 fine against one mortgage loan modification firm and a $30,000 fine against a second firm.
In a statement released Thursday, Waltuch said the division in June accused U.S. Loan Modification Services and Jeff and Gail Strum of several violations and ordered them to pay a $50,000 administrative fine, plus $4,740 in examination fees and $180 in investigation costs.
The parties were accused of commingling money from client homeowners with their own and of failing to file a financial report. The division ordered the parties to stop violating regulations.
The division on Nov. 8 issued an order directing GSH 360 FM and Marsha Tolentino to cease mortgage loan consulting without license. The division imposed a $30,000 fine and a $1,020 fee for investigative costs.
However, Tolentino violated an April cease-and-desist order for mortgage consulting through a company called Homekeepers RSVP. The division fined her $20,000 in April.
The division in October cited Mortgage Planners Advantage and Ray Donald for mortgage modification consulting without license and directed him to return $3,395 to a client.
Also, in October, the division fined Pronto Solutions and Angela Gavilon $15,000 for mortgage consulting without a license.
Mortgage loan consultants help homeowners seek modifications and avoid foreclosure. Under a law adopted in 2009, the Mortgage Lending Division has been licensing mortgage loan consultants and taking administrative action against those who fail to obtain a license or violate other requirements.
So far this year, the division has taken administrative action in 29 loan modification consulting cases. Some of the violators haven’t complied or paid the fines.
Contact reporter John G. Edwards at
jedwards@reviewjournal.com or 702-383-0420.