Docket #090085. On May 13th of 2009 the Commonwealth of Pennsylvania Department of Banking conducted an examination of Residential Home Funding's officers, directors, and employees. The results of the examination revealed the following banking violations:
1. RHF originated twenty-three Pennsylvania first mortgage loans from several unlicensed locations in New York and New Jersey.
2. From 2006 through September 20th RHF was engaged in the Mortgage Loan Business without a license.
3.in 2007 RHF made material misstatements to the PA Department of Banking on its application for licensure regarding their mortgage loan origination activities in 2006 and 2007.
4. RHF maintained their PA records at their Corporate Office without authorization from the PA Banking Department.
In relief of these violations and illegal activities RHF agreed to pay a fine of $25,000 and their PA first mortgage license was suspended from June 1st through June 5th of 2009.in addition they where issued a cease and desist order from originating PA first mortgage loans from unlicensed locations.
Here is the link to the PA Department of Banking's website for the full report:
http://www.portal. State. Pa.Us/portal/server. Pt/document/657105/residential_home_funding_corp_pdf
Do not do business with this company. They have been running these types of scams for years and now state and local agencies are catching up with them.
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