Las Vegas Sun

April 24, 2014

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Refunds ordered for Las Vegas homeowners over upfront fees

A Las Vegas company has been ordered to refund more than $30,000 to nine Las Vegas homeowners for violating the law and regulations of the state Division of Mortgage Financing.

The consent order, filed by the division, says Falcon Credit Management charged and collected fees from homeowners prior to helping them with their mortgage or loan problems.

Even if Falcon was successful in helping the homeowner, it is still illegal to collect payments in advance, says the state agency.

Division Commissioner James Westrin says Damian Falcon, president of the company, has agreed to stop the practice. Falcon maintains it was not a willful and knowing violation.

The re-payments, the highest of which is $7,500, are to be made within 120 days. The division says even if Falcon was successful in aiding the homeowner, it is not now permitted to charge the customer for the past service.

Falcon agrees to reimburse the division $780 for the cost of its investigation and to stop charging upfront fees for its services.

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