Securities Department Stops Mortgage Broker
by March 17, 2003 12:00 am 55 views
A Siloam Springs mortgage broker was issued a cease and desist order March 12 by the Arkansas Securities Department for allegedly conducting “unlicensed mortgage brokering activities.”
The order said Jody Davis, owner First American Mortgage Securities of Arkansas, failed to furnish documents to the department in response to a consumer complaint. The complaint, submitted in October by Janella Zamora of Springdale, alleged that she paid $3,000 to Davis for mortgage lending services that were never performed.
Neither Davis or Zamora could be reached for comment.
Davis has since refunded the money, the order said. But during the course of the investigation, examiners determined that Davis had “unlawfully brokered or attempted to broker mortgage loans for at least six other individuals from March 3, 2002, to Sept. 9, 2002.
The order explained that it’s against Arkansas law to engage in the mortgage loan business without first registering with Arkansas Securities Commissioner Michael B. Johnson.
Davis has the opportunity to request a hearing before Johnson within 20 days.