The Real Deal Miami

PBG mortgage company issued cease-and-desist order

December 17, 2009 02:49PM

Palm Beach Gardens-based mortgage brokerage company First Universal Lending was issued a cease-and-desist order after 24 Arkansas residents were allegedly solicited and accepted unlicensed mortgage loan modifications from the company. The order reportedly shows that neither the company nor its employees were properly licensed by the Arkansas Securities Department during the time. The cease-and-desist order comes on the heels of two lawsuits slapped against the company last month. One lawsuit was filed against the company by the Federal Trade Commission for charging customers huge upfront fees and another was filed by Missouri AG Chris Koster for fraudulent practices. [Mortgage Fraud Blog]