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Attorney General On Western Mortgage Settlement

on January 12, 2018 - 6:12am
AG News:
 
CLOVIS  The New Mexico Office of Attorney General and Western Mortgage, a Clovis New Mexico business, have agreed to resolve a dispute regarding Western Mortgage’s past mortgage origination.
 
Western Mortgage, which is not a licensed mortgage lender, has stopped originating mortgages and has agreed to refrain from doing so in an Assurance of Discontinuance with the Office of the Attorney General. The Office of the Attorney General considered the unlicensed lending to have violated the New Mexico Unfair Practices Act, Home Loan Protection Act, Mortgage Loan Originators Licensing Act, and the Mortgage Loan Company Act.
 
Western Mortgage has denied any wrongdoing. Nonetheless, Western Mortgage has agreed to release the 55 notes and mortgages that are in dispute to reach an amicable resolution with the Office of the Attorney General and demonstrate its long-standing desire to contribute to the well-being of the residents of Clovis. Furthermore, Western Mortgage has agreed to contribute funds to the state for the purpose of future law enforcement efforts by the Office of the Attorney General.

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