On December 19th Residential Home Funding was issued a Consent Agreement and Order from the Commonwealth of Pennsylvania acting through the Department of Banking after having conducted an examination of RHF, it's officers, employees and directors. The investigation revealed the following violations:
1. Residential Home Funding violated Sections 6111 (a) and 6131 (f) (1) of the Mortgage Licensing Act by originating four mortgage loans, involving Pennsylvania real estate, through four mortgage originators that where not licensed by the Department.
2. Residential Home Funding violated section 6139 (a) (1) of the Mortgage Licensing Act by providing material misstatements on applications or reports submitted to the Department.
3. Residential Home Funding violated section 6139 (a) (3) of the Mortgage Licensing Act by failing to complete and provide the one-page consumer disclosure form.
4.By failing to maintain records Residential Home Funding violated section 6135 (a) (2) of the Mortgage Licensing Act.
In order to relieve these violations Residential Home Funding agreed to pay $40,000 in fine to the Department.in addition their mortgage license in the State of Pennsylvania was suspended from December 26th through December 31st 2011.
Please refer to Docket #110199 on the PA Department of Banking website for more info.
Do not do business with this company.
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