SAN DIEGO, CA, (NAMC) - Veritus Funding publicized over the weekend they will be expanding their Net Branching System to offer licensed mortgage brokers and real estate sales agents the opportunity to perform legal Loan Modifications.
Over the past year, with or without knowledge, licensed mortgage brokers and real estate sales agents have been illegally requesting and receiving an advance fee from lenders and borrowers to help restructure current mortgage repayment programs on homes that are near foreclosure. The Department of Real Estate has been strict about this California Code and are currently working with the Attorney General and the Federal Bureau of Investigation to locate and apprehend those performing this activity without an Advance Fee Agreement. Those found to be breaking the law are guilty of a public offense punishable by a fine of up to $50,000, with a possible jail sentence of up to six months, depending on whether or not the suspect is an individual or corporation (Cal. Bus. & Prof. Code § 10085.5).
“The license is highly sought after,” begins Mark Brough, President of Veritus Funding in San Diego, CA, “and can be difficult to obtain. We spent nearly seven months working closely with the DRE until they were satisfied with our Advance Fee Agreement. They delved deeply into how we as company operated.”
Each of Veritus Funding’s Net Branches will allow licensed mortgage brokers and real estate sales agents a direct access to Veritus’ virtual office, and in turn they will be able to legally mediate Loan Modifications.
For more information on Veritus Funding’s Net Branch services call 1 (888) 563-5275, or contact them at