10-State Settlement with Weichert Financial Brings About Host of Changes in Lenders Business Practices
June 9, 2011
Weichert Financial/Mortgage Access Corp., an agency/jumbo mortgage lender in 43 states, reached a settlement with the banking regulators of 10 states after a multi-state examination found numerous compliance and internal control deficiencies, including the use of an interstate lending desk to facilitate the origination or completion of mortgage applications by originators that were not licensed in the appropriate jurisdictions. The multi-state mortgage examination program was initiated to enhance consumer protection, foster a culture of compliance within the industry, and hold...