CaptionNorth Carolina officials have revoked the license of a mortgage lender and levied heavy fines on the company for using shell companies and fictitious names to avoid state regulation.
The state Commissioner of Banks ordered North American Real Estate Services Inc., its affiliates, owners and operators to pay a fine of $320,000 to the state and $60,000 to at least 13 homeowners who borrowed money through unlicensed brokers.
Officials say North American was one of several companies nationwide that operated under Pacific Bancorp, which set up NARES to obtain a legal mortgage lending license from the state.
The commissioner said NARES then sold its licenses to other companies and brokers who turned around and brokered mortgage loans illegally for consumers.
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