The Washington State Department of Financial Institutions (DFI) received a complaint from a Washington consumer about Law Center, with an address in Matawan, New Jersey, and another complaint regarding Home Loan Services Law Center, with an address in Naperville, Illinois. The consumers had received mailers that offered assistance in modifying a mortgage loan.
Neither of these entities are licensed with DFI, nor have they registered or opened an account with the Washington Secretary of State, Department of Licensing or the Department of Revenue.
DFI attempted to locate the source of the advertisement, but was unable to do so. The mailing address listed on the mailer is a commercial mail processing agency, and is not an actual office address. This address also appears associated with other entities purporting to offer loan modification services: Macarthur Financial Group, Mortgage Assistance Law Center, and Loan Assistance Law Center.
DFI advises all Washington consumers that residential loan modification companies and the individuals offering these services need to be licensed with DFI. Consumers are encouraged to check the status of a company by visiting DFI’s website at www.dfi.wa.gov. Additionally, loan modification service providers are prohibited from charging upfront fees under federal Regulation O (formerly the MARS Rule).
If you are suspicious of unlicensed activity by a mortgage broker, consumer lender, money transmitter, or escrow agent; contact the Washington State Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.
If you feel you have been the victim of a loan scam, contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.
If you feel you have been the victim of a loan scam involving the Internet, contact the Internet Crime Complaint Center at www.ic3.gov.
If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.