Nevada's Mortgage Lending Division has ordered Brian Martin of Las Vegas to stop doing business.
According to commissioner Scott Bice, Martin is not licensed as a mortgage agent in Nevada and must immediately stop offering mortgage broker and mortgage agent services.
Martin was also fined $5,000, and Cornerstone Mortgage was hit with a cease-and-desist order for employing him without the requisite license.
Bice said Cornerstone was aware of the state order, but continued to allow Martin to conduct mortgage activity on behalf of its offices. Cornerstone Mortgage was fined $7,500 to cover investigative fees and attorney costs.
The Mortgage Division also issued a cease-and-desist order to Federal Mortgage Funding - which does business as Utah Financial - for unlicensed direct-mail solicitations to Nevada residents.
State law requires that all mortgage related advertisements have division approval before they are distributed to protect customers from misleading or false advertising and promotions.
Federal has agreed to cease unlicensed activities in Nevada and pay the division $5,000 to cover investigative costs and lawyer fees.
