David Saks: Illinois Mortgage Fraud Investigation Leads to Disciplinary Actions

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Illinois Mortgage Fraud Investigation Leads to Disciplinary Actions

Mortgage Fraud Investigation Leads to Disciplinary Actions

Avatar Realty Group, also known as Monroe Realty and Financial Enterprises, and Arthur R. Monroe, Oswego, Illinois, were subject to disciplinary action resulting from an investigation into alleged unlicensed and improper mortgage loan modification activities in Illinois.

Possible mortgage fraud was discovered when a homeowner called the Illinois Mortgage Fraud Task Force (MFTF) hot-line. He had gone to the company for help in saving his home from foreclosure after hearing an ad on Polish language radio about loan services offered by Monroe. The company and Monroe demanded a $150 consulting fee and required an up-front payment of $1,125 for loan modification services. The MFTF learned of the situation after the homeowner lost his home because the loan modification services were not performed and the loan was not modified.

The Mortgage Fraud Task Force investigation resulted in multiple disciplinary actions. IDFPR is ordering Avatar Realty to cease and desist its unlicensed loan modification activities and is fining the firm $25,000 for violating the Residential Mortgage License Act of 1987. The Department is also revoking the prior loan origination registration of Arthur Monroe for not having a current license to provide loan services and failing to meet the law's standards of conduct. Finally, the Department has filed a disciplinary action on Monroe's real estate broker's license for exceeding the scope of licensed activities.

Illinois Governor Pat Quinn's MFTF announced the disciplinary actions.

The Illinois Mortgage Fraud Task Force was awarded the 2010 Council on Licensure, Enforcement and Regulation (CLEAR) Investigative Excellence Award. The Task Force, which includes investigators, managers, and attorneys representing each of IDFPR's three divisions (Banking, Financial Institutions, and Professional Regulation), has the authority to examine every aspect of a residential real estate transaction, from the listing of a property for sale to the closing of the purchase and sale transaction. Since its inception, the MFTF has taken disciplinary action against more than 100 persons and entities and assessed fines in excess of $2 million.

"Predatory business practices and outright fraud are particularly prevalent and egregious in communities in which English is not the primary language," said Brent E. Adams, Secretary of Financial and Professional Regulation. "We hope today's actions make the public and businesspeople aware that financial predators cannot hide behind a foreign language."

Thank you Rachel - Mortgage Fraud Blog




David Saks



Time&Temp Memphis

Legal Disclaimer
Please be advised that:

 The information and notices contained in this blog are intended to summarize recent developments and news. The posts are presented as general research and information. These posts are not intended, nor should be regarded, as legal advice. Some blog posts concern allegations made in civil lawsuits and in criminal indictments in United States Courts. All persons are presumed innocent until convicted of a crime and proven guilty. Readers who have particular questions or who believe that they need legal counsel should seek the advice of a qualified attorney. It is neither the editor's or author's intention to create a confidential relationship or any broker-client relationship via communication from this site at any time. Please consult with your state real estate board if questions & answers in the education section conflict with the laws of your region or if you need clarification regarding their applicability or how they may govern the services that you provide.

By entering this web site, you understand the following:
When you select a link to an outside Web site, you are subject to the privacy, copyright, security, and information quality policies of that Web site. David Saks:
1.DOES NOT control or guarantee the accuracy, legality, relevance, timeliness, or completeness of information contained on a linked Web site;
2.DOES NOT endorse linked Web sites, the views they express, or the products/services they offer unless linked web sites, the views they express, or the products/services they offer endorse or support David Saks in accordance with the standards of the Tennessee Real Estate Commission and the Federal Government's laws regarding commerce and the application, solicitation and transmission of internet-related concerns, commerce or social networking;
3.CANNOT authorize the use of copyrighted materials contained in linked Web sites;
4.IS NOT responsible for transmissions users receive from linked Web sites;
5. That DavidSaks.Com is biographical & real estate related. Some links within will leave this site.
6. http://activerain.com/profile/davidsaks is internet-compliant & abides by the rules & regulations of the Tennessee Real Estate Commission, Eve Maxwell, Executive Director.
7. Unless indicated otherwise, ActiveRain does offer listings, or IDX and is provided for licensed salespersons, brokers, buyers & sellers of real property as a community & professional service.
8. David Saks is a retired / licensed real estate broker in the State of Tennessee, license #290452, and an independent contractor.
9. Information is believed to be accurate, but not guaranteed, at any realty link or document connected to the World Wide Web & viewable by anyone connected to the internet who has a web browser.
10. Brokers, buyers, sellers, agents & anyone should independently verify any information prior to submitting any offer to purchase goods & services from any link.
11. Please Visit The American Real Estate Alliance or Memphis.8k.Com for additional information regarding property issues for real estate professionals and consumers.

 

Photos © & Licensed by Nova Development

All Content Protected © 
Before you even think about
committing a real estate crime
click this red button.
Real Estate Crimes

© All Rights Reserved.

 

 

 

 

"Information generated by the Department of Justice is in the public domain and may be reproduced, published or otherwise used without the Department’s permission. Citation to the Department of Justice as the source of the information is appreciated, as appropriate."

Department of Justice Legal Policies


 

  Real Estate Crimes

 

Click "HERE" For Today's Question

 

 

TheListen Now!

David Saks Show

Saturday Nite

9pm-12am Central

University of Memphis

WUMR

 

Support
America's Hobby

Click Elvis

Mr.Saks' participation in ActiveRain ended April 13, 2015.

His blog archives will remain online.

May God bless you.

Comment balloon 0 commentsDavid Saks • June 15 2011 01:16PM

Comments

This blog does not allow anonymous comments