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SEATTLE NEWS ARCHIVES & FEATURES

State warns of another unlicensed loan mod company

Jun 18, 2012, 1:01 AM | Updated: Mar 4, 2016, 5:55 am

Tom Kelly's Profile Picture

BY TOM KELLY


Former MyNorthwest.com Content Contributor

The Washington State Department of Financial Institutions (DFI) has received more tips from consumers regarding advertisements for loan modification services.

DFI’s investigation has connected these advertisements to a company in California called First American Home Saver, with a toll-free number of 877-473-4855.

DFI’s investigation showed that neither First American Home Saver nor the individuals running the company have been licensed with DFI in any capacity. First American Home Saver is not registered with the Washington State Secretary of State or with the Department of Revenue.
Washington State law requires all individuals and companies providing third-party loan modification services to Washington residents be licensed by DFI. Additionally, the Federal Trade Commission’s Mortgage Assistance Relief Services (MARS) Rule prohibits entities from requiring upfront fees prior to performing loan modification services.

If you are suspicious of unlicensed activity by a mortgage broker or loan originator please contact DFI at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

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State warns of another unlicensed loan mod company