Regulatory Alerts2024-01-12
Added · Updated
Temporary Order to Cease and Desist Against Loansnap, Inc.
The Connecticut Banking Commissioner issues a temporary order to cease and desist against Loansnap, Inc. for systemic unlicensed mortgage loan origination activities, violations of the Truth in Lending Act by requiring documentation before providing Loan Estimates, and breaches of the Fair Credit Reporting Act. The order initiates proceedings to revoke and refuse to renew the company's Connecticut mortgage lender license and imposes a civil penalty. These actions address violations of Connecticut General Statutes, Regulation Z, and the SAFE Act identified during a regulatory examination.
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