"Consumers who do business with licensed mortgage lenders and brokers have a reasonable expectation that they are also working with licensed mortgage originators," said
According to the agreement, during a routine examination, the Division became aware that Veterans United Home Loans' allegedly was in substantial non-compliance with state and federal law because it was conducting business through unlicensed mortgage originators. Specifically, it found substantial non-compliance with applicable state and federal laws and rules that govern mortgage lender and broker activities.
Under the terms of the order, Veterans United Home Loans is required to:
* Engage an independent auditing firm to develop an acceptable internal control plan to review the company's policies and procedures;
* Implement controls over mortgage loan origination activities in compliance with applicable federal and
* Identify an independent consultant to conduct a written risk assessment of the company's compliance with fair lending laws and regulations and develop an action plan.
The company denies any allegations of wrongdoing.
"Mortgage brokers, lenders, and loan originators must comply with all applicable laws and regulations if they intend to offer services to
Consumers are advised to check that the mortgage businesses and individuals they do business with are properly licensed in
Anyone with additional questions regarding this matter may contact Division's Consumer Hotline at 1-800-495-BANK (2265) x 501 or at www.mass.gov/dob.
CC AutoTriage1pm-140709-30TagarumaMar-4791305 30TagarumaMar
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