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Mortgage Banker Denied License For NonDisclosure

Monday, March 06 2006 02:34

Kansas-based Myers National Mortgage Company, also doing business as National Mortgage Company of Nebraska (National), was issued an Order of Denial for a mortgage banker license application by the Nebraska Department of Banking and Finance (NDBF) on Feb. 15, 2006.

National submitted an incomplete, unsigned application in November 2005. It was notified of the deficiencies and quickly resubmitted. The second application listed a single individual, Randy Kent, as director and president. An application question concerning convictions for anything other than minor traffic violations was answered “No.”

During evaluation of the application it was discovered that there was a pending indictment in U.S. District Court for Kansas against Adam Taff and John D. Myers. According to the indictment, Taff was an employee of National and Myers was the founder and chairman during the time of the alleged criminal activity. Myers and Taff were charged with wire fraud and Taff was charged with crimes connected to a conversion of campaign committee funds from his unsuccessful Kansas Congressional Campaign in 2004.

The NDBF application contained no reference to Myers, yet, National submitted an Application for Certificate of Authority to Transact Business with the Nebraska Secretary of State listing Kent as president and both Kent and Myers as directors. National made different representations to both NDBF and the Nebraska Secretary of State.

2 comments

  • Comment Link dennis  cook Saturday, August 07 2010 17:51 posted by dennis cook

    $ 5000.00 Fee.. Two days required.

    Seeking an expert witness to testify in Civil litigation . ( Dispute between two private lenders and there are no allegations of foul play )

    Must be familiar with the procedures and especially with the forms that are completed when Bank sells loan to Freddie/Fannie

  • Comment Link NonDisclosure Agreement Monday, September 21 2009 06:18 posted by NonDisclosure Agreement

    We can expect for everybody to understand the concept of an non-disclosure agreement but I think when it comes to bankers this should be their ultimate rule. So yes, denying the license to that banker is a good decision, he proved he didn't deserve it.

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Rachel Dollar Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.
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