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DLLR News

 

Maryland Commissioner of Financial Regulation Suspends Mortgage Agency License of Allied Home Mortgage Corporation

 

BALTIMORE, MD (November 9, 2011) – The Maryland Department of Labor’s (DLLR) Office of Financial Regulation announced today that it has suspended the Maryland Mortgage Lender License of Allied Home Mortgage Corporation and issued a summary order for the company to cease and desist from engaging in any and all mortgage lending activities.

“We have an obligation to stand up for Maryland homeowners and consumers,” said Maryland Labor Secretary Alexander M. Sanchez. “The proactive measures taken by the Office of Financial Regulation are essential to protecting hard-working families achieve the American Dream of owning their own home.”

On November 1, 2011, the U.S. Department of Housing and Urban Development’s (HUD) Mortgage Review Board suspended Allied from originating and underwriting new mortgages insured by the Federal Housing Administration (FHA). Additionally, the Government National Mortgage Association (Ginnie Mae) suspended Allied’s ability to issue securities in its Mortgage-Backed Securities program. HUD’s actions were based on alleged violations of federal law and FHA requirements.

“Our action was based on an investigation conducted by the Office of the Commissioner of Financial Regulation,” said Deputy Commissioner of Financial Regulation Anne Balcer Norton. “The overall financial condition of Allied and the Company’s inability to fund current mortgage loans resulted in our taking this immediate action. We felt that it was prudent to act swiftly and to suspend operations in order to protect Maryland consumers.”

Allied Home Mortgage Corporation currently has seven operating branches in the State of Maryland. If consumers have any questions concerning their loans, they should contact Allied’s Loan Inquiry Desk at (713) 353-0400 or visit Allied’s website. Licensed mortgage loan originators of Allied are advised to review the return to active status amendment procedures on the Maryland checklists posted on the Nationwide Mortgage Licensing System Resource Center. They may contact the Office of the Commissioner at (410) 230-6155 if they have any questions regarding procedures that must be followed to return their licenses to an active status.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy. Follow DLLR on Twitter (@MD_DLLR) and Facebook.