Pennsylvania Banking Department Announces First-Quarter Enforcement Actions

HARRISBURG, Pa., April 7, 2011 /PRNewswire-USNewswire/ -- The Department of Banking's Bureau of Compliance, Investigation and Licensing took 150 enforcement actions during the first quarter of 2011. Within these actions, the department:

• Issued 34 orders against companies engaged in unlicensed mortgage loan activity, resulting in cumulative fines of $502,150.
• Issued 36 orders against companies for other violations, resulting in cumulative fines of $407,050.  Six of these orders were against companies engaged in unlicensed loan modifications and eight companies were engaged in other unlicensed mortgage loan activities.
• Suspended 81 mortgage originator licenses.
• Revoked one mortgage broker license.
• Prohibited six individuals from engaging in the mortgage business in Pennsylvania.

A comprehensive list of enforcement actions taken by the Department of Banking against nondepository institutions and individuals is available online at www.banking.state.pa.us.

Consumers can file a complaint against any company regulated by the Department of Banking online or by calling 1-800-PA-BANKS.

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking