More than 400 mortgage loan originators in over 40 states agreed to pay around $1.2 million and temporarily surrendered their licenses after participating in a mortgage continuing education scam.
The loan originators falsely claimed to have completed mortgage education programs required under the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, between 2017 and 2020, according to the enforcement action announced Tuesday by the California Department of Financial Protection and Innovation and regulators from 41 other states.
The fraudulent mortgage education scheme was offered by Danny Yen and his Carlsbad, Calif.-based company, Real Estate Education Services, the ...
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