Order Filed to Stop Unlicensed Mortgage Activity

admin —  December 17, 2009 — Leave a comment

First Universal Lending, LLC, Palm Beach Gardens, Florida, a mortgage brokerage company was issued a cease and desist order stopping unlicensed mortgage activity. The order reflects that 24 Arkansas residents were solicited and accepted for mortgage loan modifications by First Universal Lending, LLC and its employees. Neither First Universal Lending, LLC nor any of its employees were properly licensed by the Arkansas Securities Department during the time of the solicitation or acceptance of these mortgage loan modifications.

Staff Attorney Scott Freydle said, “The Arkansas Securities Department has received numerous complaints from Arkansas residents concerning unlicensed companies offering to renegotiate or modify existing mortgage loans. The Arkansas Securities Department has already taken action and shall continue to take action against any unlicensed companies providing mortgage loan modification services to Arkansas residents. Although most mortgage loan companies already have programs that provide legitimate assistance for consumers that may be having difficulty in making their mortgage payments, Arkansas residents continue to fall prey to unscrupulous companies that collect large fees in exchange for providing little, if any, actual assistance in renegotiating the consumer’s existing mortgage loans. Arkansas residents are encouraged to contact the Arkansas Securities Department prior to making any mortgage loan decisions in order to find out if the mortgage broker and/or officer are properly licensed by the Department.”

Should any Arkansas resident have any further information about First Universal Lending, LLC, please contact Scott Freydle at 501-324-9266.

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