Washington Announces Enforcement Action Against Mortgage Transmitter


On August 26, the Washington State Department of Financial Institutions announced that it issued a statement of charges against a company that accepts and transmits mortgage payments on behalf of homeowners in the state, alleging that the company (i) violated state licensing requirements by failing to obtain the required license as a money transmitter, (ii) misled consumers about the company’s affiliation with their lender, servicer, or a government agency and how often payments would be transmitted, and (iii) falsely represented the amount of interest borrowers would save by having the company make payments.

Topics:  Enforcement Actions, Licensing Rules, Mortgages, Policy Violations

Published In: General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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