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$200k Settlement Requires Changes to Lender’s Funding Process

Posted by admin on Friday, July 23rd 2010

23
Jul

The Nevada Mortgage Lending Division has disclosed a proposed $200,000 fine against CM Capital Services.

The proposed settlement prohibits the company from making loans that aren’t fully funded.

It also bars the company from releasing money out of construction control accounts except upon the written consent of the borrower.

More: continued here

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