Regulatory Alerts2024-05-07
Consent Agreement and Order: Red Tree Mortgage, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Red Tree Mortgage, LLC for violating the Mortgage Licensing Act by failing to maintain the required $250,000 minimum net worth. The settlement resolves the enforcement action without litigation, requiring the company to pay a $3,750 fine in three monthly installments. Red Tree Mortgage, LLC also agreed to comply with all MLA requirements and waived its right to a hearing or appeal regarding the imposed penalties.
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