In a Final Decision and Order dated May 14, 2009, Superintendent Felecia Rotellini ordered the Arizona mortgage broker license of Lending House Financial Corp. revoked. The revocation Decision and Order also ends the legal authority of Lending House’s president Doran Jampolsky to act as a mortgage broker in Arizona. In the order the Superintendent found numerous statutory violations committed by either the president or the company’s employees.

Among other bad acts, the company facilitated processing of a fraudulent mortgage loan against the home of an Arizona resident using the homeowner’s personal identifying information, accepted more than $7,000 as its mortgage broker’s compensation for the fraudulent loan, and enabled the perpetrator of the fraud to take more than $82,000 in equity from the homeowner in the fraudulent loan transaction. In addition to the revocation, the company and its president have been ordered to pay a $15,000 civil money penalty as well as $12,420.00 in examination costs plus a late payment penalty calculated from 11/2/08 until paid at $50.00 per day.
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Additional Materials

• Press Release
• Final Order [2.3mb]

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