Pennsylvania will receive $300,000 as part of a 10-state settlement resulting from an examination of Mortgage Access Corp., doing business as Weichert Financial Services. The examination, conducted jointly by banking regulatory agencies from each state, found that Weichert, headquartered in Morris Plains, N.J., circumvented state mortgage licensing laws and allowed and paid for unlicensed individuals to originate and process mortgage loan applications.
The result was a $3 million settlement to be divided equally among the 10 states, including Pennsylvania, Connecticut, Kentucky, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Vermont and Virginia.