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Lender Fined $5.28 mln for Cheating on Licensing and CE

Monday, April 13, 2015

New Day Financial LLC has settled with mortgage regulators in 43 states over allegations they helped employees with some major cribbing on critical professional licensing procedures. The Multi-State Mortgage Committee (MMC) of the Conference of State Bank Supervisors announced the consent order and settlement under which New Day will pay a $5,280,000 administrative penalty.

The case arose as a result of an examination by the state of New Hampshire followed by another conducted by the Maryland Commissioner of Financial Regulation regarding the impermissible sharing of test information for mortgage professionals as well as the practice of several New Day employees who apparently completed continuing education requirements for numerous fellow employees.

 

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