Over 400 mortgage loan originators (LOs) have been slapped with a fine and three-month suspension in the culmination of a multi-state investigation led by the California Department of Financial Protection and Innovation.
It was alleged these LOs falsely claimed they completed a continuing education requirement they did not in fact attend, despite receiving credit. A course provider located in Carlsbad, Calif. has been accused of signing off on this requirement without providing the educational course or materials.
Read on for more details.