Previous: « $1.7M Provided to Arizona to F... | Next: Maryland Announces Results of ... »

Challenge Financial Investors Shut Down in Georgia

Friday, March 02 2007 13:55

On March 2, 2007, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Challenge Financial Investors Corporation (“Challenge”), License Number 15790, located at 360 Central Avenue, Suite 600, St. Petersburg, Florida, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

Pursuant to the terms of the Consent Order:

The revocation of Challenge’s mortgage lender’s license is effective as of March 2, 2007. Challenge cannot apply to the Department for another mortgage lender’s license or a mortgage broker’s license for at least three (3) years;

Challenge cannot accept any new loan applications after March 2, 2007, and will cease all of its remaining residential mortgage lender activities in Georgia by no later than April 15, 2007;

A fine in the amount of $193,000.00 has been paid by Challenge to the Department; and

Challenge is required to handle in a professional manner all complaints that may be made with respect to any residential mortgage loans that it has handled in Georgia.

This Consent Order is effective immediately.

8 comments

  • Comment Link anthony lloret Friday, July 16 2010 09:03 posted by anthony lloret

    wondered if this company did fraud in miami to i believe im one of those who got screwed by this company please let me know asap

  • Comment Link bill burghart Wednesday, May 30 2007 20:11 posted by bill burghart

    I have known Mike Wise since he was an arrogant smuck and a lowly nobody at Columbia Savings in Emporia, Kansas back in 1971.

    Looks like, after 38 years, he is still the same low life piece of _hit that he was then.

  • Comment Link john Tuesday, May 29 2007 04:58 posted by john

    Mike Wise was a convicted felon and now he runs the company.

  • Comment Link Ann Bowman Tuesday, May 22 2007 22:10 posted by Ann Bowman

    >:-( At 9:00 p.m. on 5/21/2007, I had a position as a CLO with CFIC. At 9:00 a.m. on 5/23/2007, I had been terminated with no phone call from HR, no email, no nothing! I found out by not being able to login to the CFIC system. After several attempts, I called HR to see what was up....After emailing one of the "Head Gurus" to ask why I was terminated without notice, I was informed that "Due to licensing issues and lack of production the CLO program has been discontinued. You have 30 days to closeout your pipeline. If you would like, you can contact a branch in your area about becoming a LO.
    I apologize you did not receive a curiosity call but the decision was made and we needed to act quickly to ensure we complied with state regulations." A direct quote...what is a "curiosity" call???? Can I trust that I will be compensated for closing the loans in my pipeline??? What is really going on with CFIC?

  • Comment Link Bruce Friday, May 11 2007 12:19 posted by Bruce

    Mr. Wise is still trying to hide from something or someone. He has never had his extension listed at CFIC corp since the day he started. Now I know why. His past has caught up to him. I was one of CFIC's oldest branches and I don't know anyone at the company who likes Mike. He rules with total disregard for anyone elses feedback what so ever. He rules through intimidation. It might still be a great company if Harold still owned it. The day Mike showerd up things changed and went directly down hill. People who manage through fear never really last long and have no employee loyality at all. There is only Mikes way or the highway. Sad comentary on how not to run a business. I sure don't know to many leapords who have changed their spots and I would be amazed and shocked if Mike was one that did. Mike is the kind of guy who needs to rule others through fear to make himself feel better. Plus that is the only way someone like him can get people to cooperate. Mikes' approach to employee motivation. It's my way or you are fired. That does not take much skill at all to manage people that way. In fact in my opinion it takes no skill at all.

  • Comment Link kevin kleweno Saturday, April 14 2007 10:35 posted by kevin kleweno

    CFIC, WOW I just delt with them over helping them devlop a marketing plan on getting more productive branches. After 4 months of no pay and uncovering who runs the company Mike Wise former Silverado Savings an Loan CEO in Denver Co. Go google and Type in his name and Silverado. You will find alot of information on a man the has been banned from banking for life. It is amazing the way the company portrays his involvement is from Nations Holding in Overland Park, Ks. It is a wunder all the other States in our great country has not banned CFIC from doing business.

  • Comment Link LaToya Saturday, March 10 2007 14:58 posted by LaToya

    How are we as the branch managers that were with CFIC suppose to get our money back from what was left in the company and also the gross receipts that they received in their name for the appraisal companies they are suppose to pay. This company need to resolve at least the outstanding invoices that they receive monies for.

  • Comment Link House Mortgage Sunday, March 04 2007 12:44 posted by House Mortgage

    great blog, solid info!

Leave a comment

Make sure you enter the (*) required information where indicated.
Basic HTML code is allowed.

  • del.icio.us: frauddiva
  • Facebook Page: 202080166468810#!
  • FeedBurner: MortgageFraudBlog
  • Linked In Group: 2104121
  • Google Reader: 562472456
  • Technorati: rdollar
  • Twitter: FraudDiva
  • YouTube: FraudDiva
Quick Links
Get our newsletter
Enter your Email


Preview | Powered by FeedBlitz
Resources
 

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.
Read more about Ms. Dollar

Most Read Articles
Most Commented Articles