Business ProfileforMortgage Bank of California
Additional business information
June 14, 2019 The following describes a Settlement Order that has been formally brought by a government agency. Manuel P. Alvarez and the Department of Business Oversight (Commissioner of Business Oversight), alleges and charges as follows:
This Settlement Agreement is entered into between the Commissioner of Business Oversight and Mortgage Bank of California and is made with respect to the following facts: On January 16, 2018, the Commissioner notified CFL licensees of the March 15, 2018 deadline to file their annual reports by sending notice to the email address of each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification admonished licensees that the Commissioner could assess penalties and summarily revoke CFL license for untimely filing or failing to file.
On February 20, 2018, the Commissioner again notified CFL licensees of the March 15, 2018 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file.
As of March 19, 2018, Respondent had not filed its Annual Report with the Commissioner. As a result, the Commissioner issued a notice letter to Respondent on March 19, 2018, advising Respondent that it should file its annual report by or before April 6, 2017 or else its license would be summarily revoked.
On April 8, 2018, Respondent submitted its Annual Report, which was due on March 15, 2018, 16 business days late. Pursuant to Financial Code Section 22715, the maximum penalty that may be imposed for filing 16 business days late is $6,000.00. As a result of the late filing, on May 23, 2018, the Commissioner issued a Penalty Order pursuant to Financial Code Section 22715 for CFL License Number 60DBO-45280 in the amount of $6,000.00. Respondent did not request a hearing on the Penalty Order.
Respondent did not pay the penalty pursuant to the Penalty Order and as a result the Department of Business Oversight served Respondent with an Accusation to Revoke Respondent's CFL license. The Commissioner finds that entering into this Settlement Agreement is in the public interest and consistent with the purposes fairly intended by the policies and provisions of the CFL.
To access the full Department of Business Oversight press release, please visit: https://dbo.ca.gov/wp-content/uploads/sites/296/2019/06/Mortgage-Bank-of-California-6-13-19.pdf
At-a-glance
Related Categories
Business Details
This is a multi-location business.
- Location of This Business
- 1141 Highland Ave #C, Manhattan Beach, CA 90266-5326
- BBB File Opened:
- 10/1/2019
- Years in Business:
- 9
- Business Started:
- 8/21/2015
- Business Incorporated:
- 10/17/2005 in CA, USA
- Type of Entity:
- Corporation
- Alternate Business Name
- Metrofund
- Eagle Creek Home Loans
- Luxebanc International Mortgage
- Contact Information
Principal
- Michael Dallal, CEO
Customer Complaints
0 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintBBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.