Fine of $175,000 levied against Las Vegas mortgage banker

By Cy Ryan

Wednesday, Oct. 10, 2012 | 8:50 p.m.

A fine of $175,000 has been levied by the state against a Las Vegas mortgage banker who conducted business without a license.

The state Division of Mortgage Lending said Virgie Vincent and his Sahara Mortgage Corp. have agreed to stop conducting business and will not seek a state license for five years.

In the consent order, the division said an examination of the books of the Sahara Mortgage (2551 S. Fort Apache Road) showed Vincent, while unlicensed, originated six loans. And his seven employees conducted business without being licensed by the state.

The agency said Vincent also failed "to exercise adequate supervision and control over its mortgage agents."

Under the order, $20,000 of the fine will be paid immediately; $55,000 is due by Oct. 30; $50,000 by Nov. 30 and $50,000 by Dec. 30.

In addition Vincent has agreed to pay $2,670 to cover administrative costs of the division, $4,950 in attorney fees and $2,000 for hearing costs.

Vincent has also agreed not to challenge in court the consent order signed by Commissioner James Westrin.

The division also imposed a $6,000 fine on Robb Hosie, who worked at Sahara Mortgage without a license. He agreed not to seek a state license for three years and to pay $600 in fees and legal costs.