Regulatory Alerts2024-07-01
Commonwealth of Pennsylvania Department of Banking and Securities v. Next Door Lending LLC
The Pennsylvania Department of Banking and Securities issued a Consent Agreement and Order against Next Door Lending LLC for violating the Mortgage Licensing Act by operating as an unlicensed mortgage lender. The settlement requires Next Door to pay a $45,000 fine structured in six monthly installments and mandates the issuance of a Mortgage Lender license within five days of the order's effective date. By entering this agreement, Next Door waives its right to a hearing or appeal while acknowledging that the order does not limit consumer rights under the Act.
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