Las Vegas, NV -
April 08, 2014Disciplinary
action imposed by the State of Nevada Mortgage Lending Division against BV
Nevada Holdings, Inc., doing business as Nationwide Discount Mortgage, and
Bobby Vavla was recently upheld by the Nevada Supreme Court. An order denying rehearing by the Court was
filed April 2, 2014.
In
2010, the Mortgage Lending Division issued an order to revoke the mortgage
broker license of Nationwide Discount Mortgage and the mortgage agent license
of Bobby Vavla. The Division issued the order after finding that Vavla
misrepresented himself as being a “home mortgage consultant” with Evergreen
Home Loans and Wells Fargo Mortgage, and altered a credit report in an attempt
to obtain credit for a borrower. Nationwide was found to have engaged in
conduct constituting a deceitful, fraudulent or dishonest business practice in
violation of state law.
Respondents
appealed the matter to the State’s Hearing Division where the Appeals Officer
upheld the Division’s order of revocation. Nationwide and Vavla then filed a
Petition for Judicial Review in District Court which denied the Petition in
March 2012. The case was appealed to the
Nevada Supreme Court, and denied, and was subsequently denied a petition for
rehearing.
The
order of revocation was in full effect throughout the appeals process and
prohibited either party from conducting activity in the state requiring a
license. According to current Mortgage Lending Division Commissioner James
Westrin, “The Division is pleased to see
this matter finalized. Homebuyers and borrowers in Nevada should know that the
Division takes these matters seriously and will take necessary action to
protect consumers from deceitful and fraudulent business practices.”
About the
Mortgage Lending Division
The Division 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 the Division of
Mortgage Lending (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.
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