Regulatory Alerts2016-01-08
Added · Updated
Bulletin 2707 - January 8, 2016
The Connecticut Department of Banking entered into consent orders with five entities for regulatory violations, requiring civil penalties totaling $34,500. HOVG, LLC d/b/a Bay Area Credit Service, LLC was ordered to cease specific practices, submit quarterly CPA certifications for two years, and pay a $30,000 penalty for unlicensed operations and trust account failures. American Federal Mortgage, Atlantic Home Capital, Montage Mortgage, and Summit Funding each paid $500, $500, $500, and $2,500 respectively for failing to update NMLS addresses or file required mortgage call reports.
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