Regulatory Alerts2024-03-13
Consent Agreement and Order: Commonwealth of Pennsylvania Department of Banking and Securities v. Penn Street Mortgage, LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Penn Street Mortgage, LLC for violating the Mortgage Licensing Act by failing to maintain required surety bond coverage between 2015 and 2021. The settlement requires the licensee to pay a $2,500 fine within thirty days and immediately restore sufficient bond coverage to comply with statutory requirements. Penn Street Mortgage, LLC waived its right to a hearing or appeal in exchange for resolving the matter without litigation.
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