Today DFI issued an alert regarding Lenroc Services not being properly licensed to provide loan modification services in Washington. See alert at: http://dfi.wa.gov/consumers/alerts/lenroc-services.htm.
DFI received a complaint from a Washington consumer relating to a transaction entered into with a business claiming to be a mortgage broker, Lenroc Services, and an individual claiming to be a loan originator, Cornell Wallace. The consumer alleged that he paid this business and this individual to modify the loan on his mortgage. The loan modification service was not provided, the fee was not refunded, and the consumer’s inquiries were ignored.
In addition, Lenroc Services and Cornell Wallace are not licensed by DFI.
Companies and individuals offering to modify your loan must be licensed under Washington’s Mortgage Broker Practices Act or Consumer Loan Act.
Some companies claim they do not need to be licensed in Washington because they are licensed in another state. This is not true.
How to Verify a License
DFI strongly recommends that consumers deal only with those lenders that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the “Verify a License” feature on the Department’s website at http://www.dfi.wa.gov/.
Report Violators
If you are suspicious of unlicensed activity by a mortgage broker or loan originator, please contact DFI at 1-877-RING-DFI (746-4334), or online at http://www.dfi.wa.gov/.