Arboretum Mortgage Corp. License Revoked and Fined $27,425
Summary
The Washington Department of Financial Institutions has revoked the mortgage broker license of Arboretum Mortgage Corporation and imposed a fine of $27,425 for violations of the Mortgage Broker Practices Act. The company also must pay an investigation fee of $2,719.20.
What changed
The Washington Department of Financial Institutions (DFI) has issued a Consent Order revoking the mortgage broker license of Arboretum Mortgage Corporation (NMLS #42831) and imposing a fine of $27,425, along with an investigation fee of $2,719.20. The order stems from violations identified during 2019 and 2024 examinations, including repeat violations from a prior 2015 examination. The revocation and a portion of the fine are stayed until February 6, 2029, provided the company complies with the order's terms.
Arboretum Mortgage Corporation must pay the full fine and investigation fee. Failure to comply with the terms of the Consent Order by February 6, 2029, will result in the immediate revocation of its license and the requirement to pay the full fine. Regulated entities should review their compliance practices to avoid similar violations and potential enforcement actions.
What to do next
- Pay a fine of $27,425 and an investigation fee of $2,719.20.
- Ensure compliance with all terms of the Consent Order until February 6, 2029, to avoid permanent license revocation and the full fine.
Penalties
Fine of $27,425 ($10,000 stayed), investigation fee of $2,719.20, and license revocation (stayed).
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