Mortgage Banker
Mortgage Capital Associates, Inc.Find BBB Accredited Businesses in Mortgage Banker.
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Government Actions
The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
February 12, 2019 The following describes a Desist and Refrain Order that has been formally brought by a government agency. Jan Lynn Owen, Department of Business Oversight (Commissioner of Business Oversight), alleges and charges as follows:
On June 7, 2018, the Commissioner notified Mortgage Capital of its scheduled regulatory examination on or around August 2018. In preparation for the examination, Mortgage Capital was required to electronically file its pre-exam documents with the Department of Business Oversight by June 18, 2018.
On June 7, 2018, Mortgage Capital sent the Department a confirmation email and a request for an extension to file its pre-exam documents. On June 8, 2018, the Department sent Mortgage Capital an email approving the extension to file its loan data information by June 27, 2018 and the remaining pre-exam documents by July 6, 2018. On the same day, Mortgage Capital sent the Department an email confirming the new due dates to file the loan data information and pre exam documents with the Commissioner.
On July 2, 2018, the Department sent an email to Mortgage Capital notifying it that the Department had not received the loan data information by the deadline of June 27, 2018. The Department's email bounced back from Mortgage Capital's Compliance Department as undeliverable.
On July 10, 2018, the Department sent a follow up email to Steren notifying him that the Department had not received the loan data information by the deadline of June 27, 2018 and the pre-exam documents by the deadline of July 6, 2018. The Department has never received a response to the July 10, 2018 email from either Mortgage Capital or Steren.
On November 7, 2018, the Department posted on Mortgage Capital's NMLS account a custom license item titled "Exam Notice and Forfeiture Fee." The Department notified Mortgage Capital that it failed to respond to the Department's examination notice by the deadline of July 6, 2018 and that Mortgage Capital incurred a forfeiture fee of $100.00 per day, up to $1,000.00. On November 7, 2018, the Department also posted an "Outstanding Agency Invoice Fee" on Mortgage Capital's NMLS account a forfeiture fee of $1,000.00.
To date, Mortgage Capital has not complied with the reporting requirement and has not paid the Department its Exam Notice and Forfeiture Fee of $1,000.00.
On January 10, 2019, the Commissioner issued a Notice of Intention to Issue Order Revoking Residential Mortgage Lender License, Accusation and accompanying documents against Mortgage Capital based upon the above, and Mortgage Capital was served with those documents on January 10, 2019 via certified mail return receipt at its licensed location on file with the Commissioner. The Commissioner has received no request for a hearing from Mortgage Capital.
It is hereby ordered that the California residential mortgage lender license issued by the Commissioner to Mortgage Capital Associates, Inc. doing business as 100PERCENTLOAN.com, Bluestone Capital Services, MCA Trusted Lenders, and USA Mortgage Capital is hereby revoked. This order is effective as of the date hereof.
To access the full Department of Business Oversight press release, please visit: http://www.dbo.ca.gov/ENF/pdf/2019/Mortgage-Capital-Associates,Inc.-2-12-19.pdf
Important Information
Believed to be out of business
According to information in the BBB files, it appears that the company is no longer in business. The phone numbers the BBB had for this company are disconnected, and directory assistance does not have a listing for this company. The BBB's mail to this company has been returned as undeliverable. If you have an unresolved dispute with this company you may wish to seek legal advice.
Reason for Rating - Not Rated
This business has no rating at this time.
Service Area
- Los Angeles County, CA
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