Division Commissioner James Westrin has ordered L&C Services, dba L&C
Properties and Multiservices, LLC and Maria Magdalena Mendoza, also known as
Magda Mendoza, to cease and desist from advertising, offering or providing any
loan modification services.
An investigation by the
Division was launched after receiving a complaint that the company had charged
upfront fees for mortgage modification and principal reduction services.
The complaint alleged that during a March 2012 meeting, Mendoza informed the
complainant of the $2,500 fee for service with $1,000 due upfront and the
remainder due in various installments. A number of installment payments
were made through December 2012, at which time the complaint was made.
The investigation found
that L&C Properties and Magda Mendoza were never licensed to perform
activities requiring licensure as a covered service provider, a violation of
NAC 645F. In addition, it is illegal for a company to charge upfront fees for
mortgage modification services.
“MLD advises consumers
to only conduct business with entities that are properly licensed and to avoid
engaging the services of any business that requires the upfront payment of fees
for service,” said Commissioner Westrin. “The Division will remain vigilant in
shutting down these unscrupulous businesses.”
The order requires
restitution of $1,925 be made to the victim within 30 days. In addition,
an administrative fine of $25,000 was imposed and respondents must reimburse
the state for the cost of the investigation and attorneys fees.
Homeowners that may
have been victimized by L&C Properties and Multiservices, LLC and Magda
Mendoza – or any mortgage loan modification business- are encouraged to contact
the Mortgage Lending Division at (702) 486-0782 to file a complaint. The licensing
status of a business can be verified by checking the Division’s website at mld.nv.gov, by calling (702) 486-0782
or by emailing firstname.lastname@example.org.
About the Mortgage Lending Division
The Mortgage Lending Division (MLD) of the Department of Business and
Industry is authorized to enforce the statutes and regulations pertaining to
Mortgage Bankers, Mortgage Brokers, Mortgage Agents, Escrow Agencies, Escrow
Agents and Loan Modification Consultants, Foreclosure Consultants and other
persons who provide similar services. The mission of MLD is to promote
professionalism, education and ethics in the mortgage lending, escrow, loan
modification and foreclosure consultant industries through fair regulation and
coordination with industry and consumer groups in addition to providing
consumers with a fair and balanced complaint resolution process.