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SEATTLE NEWS ARCHIVES & FEATURES

State issues consumer warning for ‘loan mod’ company

Mar 9, 2012, 10:18 AM | Updated: Mar 4, 2016, 5:56 am

Tom Kelly's Profile Picture

BY TOM KELLY


Former MyNorthwest.com Content Contributor

The Washington State Department of Financial Institutions (DFI) has issued a warning to consumers regarding a loan modification company requiring an up-front fee for its services.

In addition, California-based Platinum Acceptance Corp is not registered to do business in Washington by either the Department of Revenue or the Washington Secretary of State.

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.

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State issues consumer warning for ‘loan mod’ company