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Pennsylvania Regulatory Agency Releases Enforcement Study

The ""Pennsylvania Department of Banking"":http://www.portal.state.pa.us/portal/server.pt/community/banking_home/14319 has released its most recent quarterly data on enforcement actions taken by the organization. Second-quarter findings show that the department grappled with 92 incidences during the period.


The report, which was complied by the Pennsylvania Department of Banking's Bureau of Compliance and Licensing, revealed that 90 of the 92 actions from the the group resulted in orders against companies for statutory violations.


Survey statistics also demonstrated that 43 of the 90 orders for violations stemmed from mortgage-related issues.

According to the Pennsylvania Banking Department, nine companies engaged in unlicensed mortgage loan origination activity, while 12 organizations engaged in unlicensed mortgage modification activities. Additionally, 22 companies were found to have engaged in other types of unauthorized practices related to mortgage loans.

An official statement from the department also noted that during the second quarter it had ""prohibited one individual from engaging in the mortgage business in Pennsylvania and suspended one mortgage broker licensee from engaging in the mortgage business in Pennsylvania.""

Regarding actions not related to the mortgage sector, the state's banking division found 34 companies taking part in unlicensed auto finance sales, four companies engaging in illegal ""payday"" lending, and nine companies performing various other unauthorized activities. The Pennsylvania Banking Department has made a comprehensive list of actions taken available online through the organization's website, ""Banking.State.PA.US"":http://www.portal.state.pa.us/portal/server.pt/community/banking_home/14319.

About Author: Abby Gregory


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