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PA Banking Department Announces Quarterly Report on Enforcement Actions

HARRISBURG, Pa., Jan. 13, 2012 /PRNewswire-USNewswire/ -- The Department of Banking's Bureau of Compliance and Licensing took 99 enforcement actions during the fourth quarter of 2011. The department issued 59 orders against companies for statutory violations resulting in fines of $325,900.

Among the violations:

Six companies were engaged in unlicensed mortgage loan origination activity;
Eleven companies were engaged in unlicensed mortgage loan modification activity;
Thirteen companies were engaged in other unauthorized mortgage loan activity;
Twenty-eight companies were engaged in various other unauthorized non-mortgage related activity; and
The department prohibited one individual from engaging in the mortgage business in Pennsylvania.

In addition, the department suspended 39 mortgage originator licenses and suspended one institution 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 make inquiries or file a complaint against any company regulated or licensed 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