Oregon Public Broadcasting

Oregon’s Department of Consumer and Business Services continues to crack-down on fraudulent mortgage lenders – even those from out of state. Kristian Foden-Vencil reports.

The state has ordered three managers of Florida-based ‘Gibraltar Funding Corporation’ to stop certain illegal activities.

As the company used to be licensed in Oregon. The state also fined its leaders $30,000.

Eric Christopherson, Granville Budlong, and Robert Paduano were ordered to stop using falsified documents, like W-2s and fake pay stubs, to secure loans.

Kevin Anselm is a spokeswoman for the Oregon  Division of Finance and Corporate Securities.

Kevin Anselm: “In general I think a lot of the bad actors in the mortgage lending area are out of the business. The problem is now we’re finding additional issues with loans that were created several years ago.”

Anselm says the days of self-regulation within the mortgage industry are over and companies can expect more oversight in the future.