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Lender Fined $5.28 mln for Cheating on Licensing and CE

New Day Financial LLC has settled with
mortgage regulators in 43 states over allegations they helped employees with
some major cribbing on critical professional licensing procedures. The Multi-State
Mortgage Committee (MMC) of the Conference of State Bank Supervisors announced
the consent order and settlement under which New Day will pay a $5,280,000
administrative penalty.

The case arose as a result of an
examination by the state of New Hampshire followed by another conducted by the
Maryland Commissioner of Financial Regulation regarding the impermissible
sharing of test information for mortgage professionals as well as the practice
of several New Day employees who apparently completed continuing education
requirements for numerous fellow employees.

 

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