Mortgage Lending Division announces actions against four firms

Kevin Rademacher

Wednesday, March 10, 2004 | 11:13 a.m.

The state Mortgage Lending Division has announced new actions against four companies doing business in Nevada.

Mortgage Lending Commissioner Scott Bice issued a cease and desist order against emagineloans.com for the unlicensed solicitation of loan business in Nevada.

The company, which is licensed by California regulators, sent direct mail solicitations to a Nevada resident, the division said in a statement. Bice also ordered emagineloans.com to pay a $10,000 fine.

Bice also announced a settlement with Direct Equity Mortgage LLC for unauthorized billboards promoting the company's operations in the Las Vegas area. Nevada law requires regulatory approval of any proposed advertisements. Direct Equity agreed to pay $10,000 in investigative and attorney costs, the division said.

A cease and desist order also was issued to Carteret Mortgage Corp. for employing unregistered mortgage agent Bart Gabe, the division said. Bice also negotiated the license surrender of Source One Capital Group of Texas. The company had been operating in Nevada, writing Texas loans subject to Nevada lending laws.

The new actions come two weeks after Bice handed down $85,000 in penalties against two other companies violating Nevada lending laws.

More actions could be on the way.

"All lenders must comply with Nevada statutes or face disciplinary actions," Bice said. "An important part of the regulatory function of our office is to protect consumers from unfair business practices. This is what we do on a daily basis."