Regulatory Alerts2011-12-09
Added · Updated
Bulletin 2494 - Dec. 9, 2011
The interest rate for mortgage escrow accounts and customer security deposits is set at 1.5% for calendar year 2012. The Department revoked the licenses of Blum Group LLC and Strategic Recovery Systems, Inc. for failing to maintain required surety bonds. Consent orders imposed civil penalties on Squire Industries ($250), Envoy Mortgage ($19,000), North American Asset Services ($15,000), AAA Southern New England Bank ($1,000), and Pathway Financial ($3,000) for various licensing and operational violations. Julius Blackwelder was ordered to pay a $300,000 fine and reimburse investors for selling unregistered promissory notes.
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