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New York Department of Financial Services Announces Settlement with Unlicensed Mortgage Lender

​On January 10, 2020, the New York Department of Financial Services (DFS) announced that, in concert with the New York Attorney General (New York AG), it had entered into a consent order and settlement with an unlicensed mortgage-lending business to resolve allegations that the business illegally made predatory, subprime loans in…

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NY DFS Obtains $604,000 in Restitution and $500,000 Civil Penalty From Lender Who Failed to Refund Lender Credits

​On August 10, 2017, the New York Department of Financial Services (DFS) announced that it had entered into a consent order with a Missouri-based lender that specializes in mortgage loans guaranteed by the United States Department of Veteran’s Affairs.  According to the consent order, the DFS determined that, between 2011 and 2014, the lender failed…

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NY Department of Financial Services Settles Payday Lending Claims Against Online Lender

On March 17, 2016, the New York Department of Financial Services (NYDFS) announced that it entered into a consent order and settlement with a financial services company over allegations the company offered illegal online payday loans in New York. The company allegedly operated an online payday loan “lead generation” business. Although payday lending is…

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New York Financial Firm Ordered to Surrender License Over Alleged Cheating on Regulatory Exams

On November 19, 2015, the New York Department of Financial Services (DFS) announced​ that it had ordered​ a regional mortgage company to pay a $1 million fine and surrender its mortgage license over allegations the firm’s senior managers cheated on continuing education exams. Under New York law, all mortgage originators must…

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