Regulatory Alerts2024-01-31
Department of Banking and Securities Order Regarding First National Mortgage & Investment, Inc.
The Pennsylvania Department of Banking and Securities issued an order against First National Mortgage & Investment, Inc. for violating the Mortgage Licensing Act and federal Anti-Money Laundering regulations. The company failed to disclose its NMLS unique identifier on business cards and neglected to provide independent testing for its AML program between May 2019 and October 2023. FNMI agreed to pay a $5,000 fine and implement corrective actions, including updating advertisements and establishing independent AML testing, while waiving its right to a hearing or appeal.
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