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Violation Tracker Individual Record

Company: Salem Capital Mortgage Group, LLC
Penalty: $22,282
Year: 2007
Date: March 25, 2007
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: financial institution supervision failures
Violation Description: Salem Capital Mortgage Group and Residential Mortgage Services agreed to jointly pay $29,564 in restitution and to each pay $7,500 in civil penalties and costs, in settlement of allegations Residential Mortgage allowed an unsupervised loan officer to arrange loans for customers with unlicensed lender Salem Capital Mortgage. Each Order was separate; the penalty noted here is calculated by splitting the joint restitution 50/50.
Level of Government: state
Action Type: agency action
Agency: Maine Department of Professional & Financial Regulation
Civil or Criminal Case: civil
Facility State: Maine
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.