HARRISBURG, Pa., Oct. 14 /PRNewswire-USNewswire/ -- The Department of Banking's Bureau of Compliance, Investigation, and Licensing has launched an initiative to identify unlicensed mortgage activity in Pennsylvania. In its first quarter, the department issued 24 orders for unlicensed mortgage activity, with associated fines totaling $456,250.
The department launched this initiative as part of the department's implementation of requirements of the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act) and state-level mortgage reforms enacted in 2008 and 2009. This initiative will target all mortgage licensees and is expected to continue into 2011.
More information about the SAFE Act can be found through the Nationwide Mortgage Licensing System: http://mortgage.nationwidelicensingsystem.org/SAFE/Pages.
A comprehensive list of enforcement actions taken against non-depository institutions by the Department of Banking 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