1997 Annual Report - Licensing and Enforcement Division
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Licensing and Enforcement Division Barbara J. Strefling Director Linda L. Martin Secretary to Director Rhonda S. Alvarado Secretary Jean K. Carr Secretary Pamela K. Baker Examiner Karen E. Porter Examiner Marcia J. Miller Complaint Specialist Mark W. Weigold Licensing Supervisor Amy L. LeVasseur Student Assistant Sarah A. Ramroth Student Assistant The Licensing and Enforcement Division is responsible for issuing and amending licenses granting authority to conduct business under the following acts: Consumer Financial Services Act; Credit Card Act; Mortgage Brokers, Lenders, and Servicers Licensing Act; Motor Vehicle Sales Finance Act; Regulatory Loan Act; Sale of Checks Act; and Sec- ondary Mortgage Loan Act. For an explanation of these acts, please see the narrative of the Office of Regulation. The division is also responsible for initiating enforcement actions against licensees in accordance with the statutes noted above and the Michigan Administrative Procedures Act. In addition, the division is responsible for handling complaints filed by consumers against licensees and registrants. Trend The division has seen an approximate 25 per cent increase in the total number of licensees and registrants under the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act over the past year. Some of this increased activity can be attributed to the current refinance boom, caused in large part by low mortgage interest rates. The strong Michigan economy in general may have also contrib- uted to the increase, as well as the fact that Michigan has a high rate of home ownership, which translates into a ready market for refinancing. In addition, the increased activity is attributable, in part, to amendments to the Secondary Mortgage Loan Act during 1997, which makes secondary mortgage licensing more attractive for companies seeking business oppor- tunities in this area. Availability of Information The division has made information regarding the licensing process more accessible. Applications for licensure under the Mortgage Brokers, Lenders, and Servicers Licensing Act and the Secondary Mortgage Loan Act are available on the Bureaus web site. (Home page address is on Table of Contents page.) Applications for licensure under the Motor Vehicle Sales Finance Act and Regulatory Loan Act are also available on the site. Access via the Internet to applications for licensure under the remaining acts is being planned. 80
Transcript of 1997 Annual Report - Licensing and Enforcement Division
Licensing andEnforcement Division
Barbara J. StreflingDirector
Linda L. MartinSecretary to Director
Rhonda S. AlvaradoSecretary
Jean K. CarrSecretary
Pamela K. BakerExaminer
Karen E. PorterExaminer
Marcia J. MillerComplaint Specialist
Mark W. WeigoldLicensing Supervisor
Amy L. LeVasseurStudent Assistant
Sarah A. RamrothStudent Assistant
The Licensing and Enforcement Division is responsible for issuing andamending licenses granting authority to conduct business under thefollowing acts: Consumer Financial Services Act; Credit Card Act;Mortgage Brokers, Lenders, and Servicers Licensing Act; Motor VehicleSales Finance Act; Regulatory Loan Act; Sale of Checks Act; and Sec-ondary Mortgage Loan Act. For an explanation of these acts, please seethe narrative of the Office of Regulation.
The division is also responsible for initiating enforcement actions againstlicensees in accordance with the statutes noted above and the MichiganAdministrative Procedures Act. In addition, the division is responsible forhandling complaints filed by consumers against licensees and registrants.
TrendThe division has seen an approximate 25 per cent increase in the totalnumber of licensees and registrants under the Mortgage Brokers, Lenders,and Servicers Licensing Act and the Secondary Mortgage Loan Act overthe past year. Some of this increased activity can be attributed to thecurrent refinance boom, caused in large part by low mortgage interestrates. The strong Michigan economy in general may have also contrib-uted to the increase, as well as the fact that Michigan has a high rate ofhome ownership, which translates into a ready market for refinancing. Inaddition, the increased activity is attributable, in part, to amendments tothe Secondary Mortgage Loan Act during 1997, which makes secondarymortgage licensing more attractive for companies seeking business oppor-tunities in this area.
Availability of InformationThe division has made information regarding the licensing process moreaccessible. Applications for licensure under the Mortgage Brokers,Lenders, and Servicers Licensing Act and the Secondary Mortgage LoanAct are available on the Bureau�s web site. (Home page address is onTable of Contents page.) Applications for licensure under the MotorVehicle Sales Finance Act and Regulatory Loan Act are also available onthe site. Access via the Internet to applications for licensure under theremaining acts is being planned.
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Application ProcessStreamlining the application process has also been apriority of the division. Several application forms havebeen redesigned to make them more user-friendly.The division is linked via computer to the Depart-ment of Treasury to speed background investigationson license applicants. Expanding hookups withother state agencies is also being explored.
Consumer Financial Services ActThere were 124 offices operating under a �Class I�license and 67 offices operating under a �Class II�license at year-end 1997. This compares to 81 �Class I�licensees and 51 �Class II� licensees a year earlier.
Credit Card ActTwo companies were licensed under the act as ofDecember 31, 1997, down from 5 at year-end 1996.
Mortgage Brokers, Lenders, andServicers Licensing ActDuring 1997, there were 249 licenses issued and 96licenses canceled resulting in 715 licensees at yearend, up from 562 in 1996. There were 71 registra-tions issued and 39 registrations canceled during1997, leaving 238 registrants at year end comparedto 206 at year-end 1996.
Motor Vehicle Sales Finance ActAt the end of 1997, there were 2,214 dealers li-censed as installment sellers, compared to 2,168 atyear-end 1996. There were 963 sales finance compa-nies (including depository financial institutions) atyear-end 1997, up slightly from 957 at year-end 1996.
Regulatory Loan ActThere were 47 licensees at year-end 1997, up from41 at year-end 1996.
Sale of Checks ActAt the end of 1997, there were 21 sale of checkslicensees, up slightly from 18 at year-end 1996.
Secondary Mortgage Loan ActThere were 431 licensees and 56 registrants underthe act as of December 31, 1997. There were 375licensees at year-end 1996. Prior to the act�samendment on August 1, 1997, registrations underthe act were not permitted.
Enforcement ActivitiesTom Kenny & Associates, Inc.
Tom Kenny & Associates, Inc. was licensed underthe Mortgage Brokers, Lenders, and ServicersLicensing Act as a mortgage broker, lender, andservicer. The company did not renew its licenseeffective July 1, 1997, has closed its doors, andceased doing business.
According to consumer complaints filed with theBureau, Tom Kenny & Associates, Inc. failed toreturn to consumers funds held in escrow accountsafter their mortgage loans had been paid off.
The company maintained a $100,000 letter of creditwith the Commissioner, as required under theMortgage Brokers, Lenders, and Servicers LicensingAct. In December, 1997, the Bureau filed a claim tocollect a portion of the proceeds of this letter ofcredit. During 1998, these proceeds will be used topay valid consumer claims.
Complaint ActivitiesDuring 1997, the division received 321 writtencomplaints filed against its licensees and registrants
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by consumers and creditors. The majority of thesecomplaints were filed against mortgage companies.Many of these complaints involved problems withthe mortgage application process. Others involvedmortgage servicing issues. Approximately 50 of theremaining complaints were filed against motorvehicle licensees.
Year 2000With the year 2000 approaching, the division will berevising applicable license and registration applica-tions to assist prospective licensees and registrantsin ensuring that their computer systems are incompliance.
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Licenseesas of December 31
1997 1996
Consumer Financial Services ActNumber of class I licensees 124 81Number of class II licensees 67 51
Credit Card ActNumber of licensees 2 5
Mortgage Brokers, Lenders, andServicers Licensing ActNumber of licensees 715 562Number of registrants 238 206
Motor Vehicle Sales Finance ActNumber of sales finance licensees 963 957Number of installment seller licensees 2,214 2,168
Regulatory Loan ActNumber of licensees 47 41
Sale of Checks ActNumber of licensees 21 18
Secondary Mortgage Loan ActNumber of licensees 431 375Number of registrants* 56 N/A
*Statute amended in 1997 to require registration of certain entities.
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Licensee City State
Aames Funding Corporation Southfield MIAames Funding Corporation Los Angeles CAAames Funding Corporation Sterling Heights MIAames Funding Corporation Grand Rapids MIAames Funding Corporation Los Angeles CAAames Funding Corporation Saginaw MIAames Home Loan Southfield MIAames Home Loan Los Angeles CAAames Home Loan Sterling Heights MIAames Home Loan Grand Rapids MI
Aames Home Loan Los Angeles CAAames Home Loan Saginaw MIAdvanta Finance Corp. San Diego CAAdvanta Finance Corp. Grand Rapids MIAmerican General Finance, Inc. Ann Arbor MIAmerican General Finance, Inc. Waterford MIAmerican General Finance, Inc. Grand Rapids MIAmerican General Finance, Inc. Kalamazoo MIAssociates Consumer Finance Company Salt Lake City UTAssociates Financial Services Company of Michigan, Inc. Saginaw MI
Associates Financial Services Company of Michigan, Inc. Flint MIAssociates Financial Services Company of Michigan, Inc. Brighton MIAssociates Financial Services Company of Michigan, Inc. Lansing MIAssociates Financial Services Company of Michigan, Inc. Lapeer MIAssociates Financial Services Company of Michigan, Inc. Grand Rapids MIAssociates Financial Services Company of Michigan, Inc. Fort Gratiot MIAssociates Financial Services Company of Michigan, Inc. Madison Heights MIAssociates Financial Services Company of Michigan, Inc. Kalamazoo MIAssociates Financial Services Company of Michigan, Inc. Canton MIAssociates Financial Services Company of Michigan, Inc. Muskegon MI
Associates Financial Services Company of Michigan, Inc. Traverse City MIAssociates Financial Services Corporation Toledo OHAssociates Financial Services Company of Delaware, Inc. Arlington TXAssociates Financial Services Company of Delaware, Inc. Irving TXAssociates Housing Finance Services, Inc. Irving TXAssociates Housing Finance Services, Inc. Cincinnati OHAssociates Housing Finance Services, Inc. Grand Rapids MI
Consumer Financial ServicesLicenseesas of December 31
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85
Licensee City State
Associates Housing Finance Services, Inc. Fenton MOAssociates Housing Finance Services, Inc. Greensboro NCAssociates Housing Finance Services, Inc. Atlanta GAAssociates Housing Finance Services, Inc. Atlanta GAAvco Financial Services of Indianapolis, Inc. Mishawaka INAvco Financial Services of Indianapolis, Inc. Goshen INAvco Financial Services of Indianapolis, Inc. Michigan City INAvco Financial Services of Wisconsin, Inc. Marinette WIAvco Financial Services of Wisconsin, Inc Niagara WIAvco Financial Services of Michigan, Inc. Lansing MI
Avco Financial Services of Michigan, Inc. Dearborn MIAvco Financial Services of Indianapolis, Inc. South Bend INAvco Financial Services of Michigan, Inc. Escanaba MIAvco Financial Services of Michigan, Inc. Iron Mountain MIAvco Money By Mail, Inc. Aurora COBanc One Financial Services, Inc. Bloomfield Hills MIBanc One Financial Services, Inc. Taylor MIBanc One Financial Services, Inc. Battle Creek MIBanc One Financial Services, Inc. Dowagiac MIBanc One Financial Services, Inc. Hillsdale MI
Banc One Financial Services, Inc. Holland MIBanc One Financial Services, Inc. Kalamazoo MIBanc One Financial Services, Inc. Farmington Hills MIBanc One Financial Services, Inc. Sterling Heights MIBanc One Financial Services, Inc. Burton MIBanc One Financial Services, Inc. Ann Arbor MIBanc One Financial Services, Inc. Kentwood MIBanc One Financial Services, Inc. Okemos MIBanc One Financial Services, Inc. Phoenix AZBanc One Financial Services, Inc. Indianapolis IN
Banc One Financial Services, Inc. Saginaw MIBanc One Financial Services, Inc. Schaumburg ILBeneficial Michigan Inc. Sterling Heights MIBeneficial Michigan Inc. Columbus OHBeneficial Michigan Inc. Eastpointe MIBeneficial Michigan Inc. Warren MIBeneficial Michigan Inc. Garden City MIBeneficial Michigan Inc. Southgate MI
Consumer Financial Services Licensees (Continued)
Licensee City State
Beneficial Michigan Inc. Livonia MIBeneficial Michigan Inc. Royal Oak MIBeneficial Michigan Inc. Burton MIBeneficial Michigan Inc. Waterford MIBombardier Capital Inc. Jacksonville FLCMC Funding Inc. Montgomery ALCommercial Credit Corporation Solon OHCredicorp, Inc. Chicago ILDeere Credit, Inc. West Des Moines IADynex Financial, Inc. Glen Allen VA
Dynex Financial, Inc. Troy MIEquivantage Inc. Houston TXFinancial Network Alliance, L.L.P. Elmhurst ILFord Consumer Finance Company, Inc. Irving TXFord Consumer Finance Company, Inc. Troy MIFord Consumer Finance Company, Inc. Cincinnati OHFord Consumer Finance Company, Inc. Irving TXFord Consumer Finance Company, Inc. Grand Rapids MIFord Consumer Finance Company, Inc. Independence OHFord Consumer Finance Company, Inc. Fenton MO
Ford Consumer Finance Company, Inc. Irving TXFord Consumer Finance Company, Inc. Atlanta GAFord Consumer Finance Company, Inc. Greensboro NCFord Consumer Finance Company, Inc. Mishawaka INFord Consumer Finance Company, Inc. East Lansing MIFord Consumer Finance Company, Inc. Irving TXFord Motor Credit Company Dearborn MIFord Motor Credit Company Burr Ridge ILFord Motor Credit Company Allen Park MIFord Motor Credit Company Troy MI
Ford Motor Credit Company Grand Rapids MIFord Motor Credit Company Okemos MIFord Motor Credit Company South Bend INFord Motor Credit Company Appleton WIFord Motor Credit Company Findlay OHFord Motor Credit Company Dearborn MIFord Motor Credit Company Saginaw MIGMAC Mortgage Corporation Troy MI
Consumer Financial Services Licensees (Continued)
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Licensee City State
Green Tree Financial Servicing Corporation Grand Rapids MIGreen Tree Financial Servicing Corporation St. Paul MNGreen Tree Financial Servicing Corporation Appleton WIGreen Tree Financial Servicing Corporation Livonia MIGreen Tree Financial Servicing Corporation Livonia MIGreen Tree Financial Servicing Corporation Carmel INGreen Tree Financial Servicing Corporation Grand Rapids MIGreen Tree Financial Servicing Corporation Livonia MIHousehold Finance Corporation III Dearborn Heights MIHousehold Finance Corporation III Novi MI
Household Finance Corporation III Flint MIHousehold Finance Corporation III Walker MIHousehold Finance Corporation III Lansing MIHousehold Finance Corporation III Farmington MIHousehold Finance Corporation III Waterford MIHousehold Finance Corporation III Portage MIHousehold Finance Corporation III Fort Gratiot MIHousehold Finance Corporation III Roseville MIHousehold Finance Corporation III Royal Oak MIHousehold Finance Corporation III Saginaw MI
Household Finance Corporation III Shelby Township MIHousehold Finance Corporation III Canton MIHousehold Finance Corporation III Southgate MIHousehold Finance Corporation III Kentwood MIHousehold Finance Corporation III Ann Arbor MIHousehold Finance Corporation III Jackson MIHousehold Finance Corporation III Holland MIHousehold Finance Corporation III Muskegon MIHousehold Finance Corporation III Battle Creek MIHousehold Finance Corporation III Elmhurst IL
Investaid Corporation Birmingham MIMid Am Financial Services, Inc. Carmel INMidamerican Home Equity Corp. Columbus OHMoney Source Financial Services, Inc. Saline MINationscredit Financial Services Corporation Kalamazoo MINationscredit Financial Services Corporation Lansing MINationscredit Financial Services Corporation Oak Park MINationscredit Financial Services Corporation Grand Rapids MINationscredit Financial Services Corporation Granger IN
Consumer Financial Services Licensees (Continued)
Licensee City State
Nationscredit Financial Services Corporation Canton MINationscredit Financial Services Corporation Fort Worth TXNationscredit Home Equity Services Corporation Irving TXNationscredit Home Equity Services Corporation Fort Worth TXNorwest Financial Michigan, Inc. Troy MINorwest Financial Michigan, Inc. Benton Charter Township MINorwest Financial Michigan, Inc. Taylor MINorwest Financial Michigan, Inc. Canton MINorwest Financial Michigan, Inc. Grand Rapids MINovus Financial Corporation Northbrook IL
Novus Financial Corporation Sioux Falls SDNovus Financial Corporation Murray Hill NJPacesetter Financial Services, Inc. Big Rapids MIPacesetter Financial Services, Inc. Holland MIPHH Auto Finance Corporation Mount Laurel NJTCF Consumer Financial Services, Inc. / dba TCF Financial Services Troy MITCF Consumer Financial Services, Inc. / dba TCF Financial Services Taylor MITCF Consumer Financial Services, Inc. / dba TCF Financial Services Ann Arbor MITCF Consumer Financial Services, Inc. / dba TCF Financial Services Grand Rapids MITCF Consumer Financial Services, Inc. / dba TCF Financial Services Kalamazoo MI
TMS Mortgage Inc. Livonia MITMS Mortgage Inc. Sacramento CATMS Mortgage Inc. Sacramento CATMS Mortgage Inc. Grand Rapids MITMS Mortgage Inc. Clark NJTMS Mortgage Inc. / dba The Money Store Sacramento CATMS Mortgage Inc. / dba The Money Store Troy MITMS Mortgage Inc. / dba The Money Store Warren NJTMS Mortgage Inc. / dba The Money Store Sacramento CATMS Mortgage Inc. / dba The Money Store Jacksonville FL
TMS Mortgage Inc. / dba The Money Store Tulsa OKTMS Mortgage Inc. / dba The Money Store Bingham Farms MITransamerica Home Loan Los Angeles CATransamerica Home Loan Lexena KATransamerica Home Loan Schaumburg ILTravelers Home Mortgage Services, Inc. Hanover MDTravelers Home Mortgage Services, Inc. Newton Falls OHVision Mortgage and Finance Co. Niles MIWilshire Credit Corporation Portland OR
Consumer Financial Services Licensees (Continued)
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Licensee City State/Country
American Express Travel Related Services Co., Inc. Detroit MIBarclays Bank PLC New York NYCiticorp New York NYComdata Network, Inc. Brentwood TNFrancheque S. A. Paris FranceIntegrated Payment Systems, Inc. Englewood COInterpayment Services Limited London EnglandMid-America Money Order Company Louisville KYMoneygram Payment Systems, Inc. Lakewood COPekao Trading Corporation New York NY
Ria Telecommunications, Inc. New York NYSecurity Financial Services, Inc. / dba Security Express Money Order Southfield MISociete Francaise Du Cheque De Voyage Paris FranceThomas Cook Australia Pty. Limited Melbourne AustraliaThomas Cook Currency Services Inc. / dba f/k/a Deak International Limited New York NYThomas Cook Travelers Cheques Ltd. Peterborough EnglandThomas Cook, Inc. New York NYTravelers Express Company, Inc. Minneapolis MNTravellers Cheque Associates Limited Brighton FranceU.S. Money Express Co. Chicago ILWestern Union Financial Services, Inc. Upper Saddle River NJ
Credit Card Licenseesas of December 31
Sale of Checks Licenseesas of December 31
Licensee City State
Associates Leasing, Inc. Carrollton TXWhirlpool Financial Corporation Benton Harbor MI
Licensee City State
Arcadia Financial Ltd. Minneapolis MNArcadia Financial Ltd. Williamsville NYBanc One Financial Services, Inc. Schaumburg ILBaxter Finance Corporation Flint MIBurlingame Co. / dba Consolidation Mortgage Co. Wyoming MICity Loan Financial Services, Inc. Toledo OHCity Loan Financial Services, Inc. Toledo OHCity Loan Financial Services, Inc. Wauseon OHCity Loan Financial Services, Inc. Newton Falls OHCity Loan Financial Services, Inc. Northwood OH
Commercial Credit Corporation Lathrup Village MICommercial Credit Corporation Wyoming MICommercial Credit Corporation Troy MICommercial Credit Corporation Ann Arbor MICommercial Credit Corporation Kalamazoo MICommercial Credit Corporation Lansing MICommercial Credit Corporation Saginaw MICommercial Credit Corporation Southgate MICommercial Credit Corporation Solon OHCommercial Credit Loans, Inc. Mishawaka IN
Credit Acceptance Corporation Southfield MIEmpire Funding Corp. Troy MIEquity One, Inc. East Lansing MIEquity One, Inc. Troy MIFidelity Financial Services Inc. Southfield MIGE Capital Consumer Lending, Inc. Rolling Meadows ILGeneral Acceptance Corporation East Lansing MIMac Auto Finance Corp. Farmington Hills MIMac Auto Finance Corp. Bay City MIMac Auto Finance Corp. Grand Rapids MI
Mac Auto Finance Corp. Grand Rapids MIMercury Finance Company of Michigan Clinton Township MIMercury Finance Company of Michigan Taylor MIMercury Finance Company of Michigan Flint MIMercury Finance Company of Michigan Lansing MIMercury Finance Company of Michigan Kentwood MI
Regulatory Loan Licenseesas of December 31
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Licensee City State
A-AABCO America�s Home Mortgage Co. Dearborn MIA.R.T. Financial Services, Inc. / dba Franklin Mortgage Holland MIAcceptance Mortgage Corporation Southfield MIAccredited Home Lenders, Inc. / dba Axiom Financial Services San Diego CAAction Financial, Inc. Redford MIAdvanced Innovative Mortgages, Inc. Flint MIAequi-Mutual Mortgage Corp. Troy MIAffordable Finance Corporation Bloomfield Hills MIAFS Financial Services, Inc. Newport RI
Allerton Financial Corp Bloomfield Hills MIAllied Funding Corp. Spring Arbor MIAlpha Mortgage Services, Inc. Toledo OHAltegra Credit Company Lansing MIAltegra Credit Company Kentwood MIAmerica�s Moneyline, Inc. Glen Allen VAAmerican Acceptance Mortgage Corporation / dba AA Mortgage Corp. Bloomfield Hills MIAmerican General Finance, Inc. (Ind) Angola INAmerican General Finance, Inc. (Ind) Elkhart IN
Licensee City State
Mhong Financial Network Detroit MIMoney Store Auto Finance Inc., The Clinton Township MIMoney Store Auto Finance Inc., The Sacramento CAMortgage Institute of Michigan, Inc. Southfield MIMuskegon Loan Co. Muskegon MI
Optacor Financial Services Company Linthicum MDPeople First Finance, L.L.C. San Diego CAQuality Credit Company of Zeeland Michigan, Inc. Zeeland MITNT Financial, Inc. / dba CNAC Midland MIUnion Acceptance Corporation Indianapolis INWalter C. Wylie & Co. Sault Ste. Marie MI
Regulatory Loan Licensees (Continued)
Secondary Mortgage Licenseesas of December 31
Licensee City State
American General Finance, Inc. (Ind) South Bend INAmerican General Finance, Inc. (Ind) Michigan City INAmerican General Finance, Inc. Toledo OHAmerican General Finance, Inc. Mishawaka INAmerican General Finance, Inc. South Bend INAmerican General Finance, Inc. (Ind) South Bend INAmerican General Finance, Inc. Toledo OHAmerican Heritage, Inc. Prudenville MIAmerican Unified Mortgage, Inc. Oceanside CAAmerifirst Financial Corporation Portage MI
Ameriquest Mortgage Corporation San Diego CAApproved Mortgages, Inc. Canton MIArnest, Stephen E. Kalamazoo MIAvalon Realty And Mortgage, Inc. Grand Rapids MIAyoub, David Southfield MIB & P Mortgage Grand Rapids MIBallou, Frederick Clayton Lansing MIBanc One Financial Services, Inc. Schaumburg ILBass, Eugene H. Lansing MIBeadle, Pamela Sue Kalamazoo MI
Beneficial Mortgage Co. of Indiana Elkhart INBeneficial Mortgage Co. of Ohio Bryan OHBeneficial Mortgage Co. of Ohio Toledo OHBeneficial Mortgage Co. of Indiana Mishawaka INBeneficial Mortgage Co. of Indiana Laporte INBeneficial Mortgage Co. of Ohio Toledo OHBeneficial Mortgage Co. of Indiana Angola INBeneficial Mortgage Corporation Brewster NYBeneficial Mortgage Corporation Sterling Heights MIBerens, Scott Alan Holland MI
Birchmeier, Thomas E. Flint MIBirmingham Bancorp Mortgage Corporation West Bloomfield MIBlair, Grady Barksdale Southfield MIBoozer, Davida Rena Southfield MIBradford Group, Inc., The / dba Bradford Home Loans East Lansing MIBroersma, Joel D. Grand Rapids MIBronze Financial Services, Inc. / dba Principal Mortgage Oak Park MIBrookside Mortgage Corporation Kalamazoo MI
Secondary Mortgage Licensees (Continued)
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Brown, Michael Glenn Troy MIBurlingame Co. / dba Consolidation Mortgage Co. Wyoming MIBussema, Daniel Jay / dba Central States Mortgage & Financial Company Richland MIByars, Daniel Cloys Southgate MIByer, Barbara Cascade Farmington MIByer, Gerald Farmington Hills MIC.M.A. Mortgage, Inc. Pendleton INCadovich, Joann Catherine Madison Heights MICalifornia Lending Group, Inc. Irvine CACapital Direct Funding Group, Inc. Laguna Hills CA
Capital Mortgage Funding L.L.C. Southfield MICapstone Mortgage Corporation Royal Oak MICard, Lawrence B. Shelby Township MICarolina Mortgage Brokers, Inc. Greensboro NCCarroll, Alvin Detroit MICBSK Financial Group, Inc. / dba American Home Loans Santa Ana CACentral Mortgage Funding Corp. Warren MIChase Manhattan Mortgage Corporation Woodcliff Lake NJChase Manhattan Mortgage Corporation Denver COChase, Jeffrey H. Farmington Hills MI
Childs, Jr. Neil F. Shelby MIChlebana, Elizabeth M. Wayland MIChoice Federal Mortgage, Inc. Grand Rapids MIChoice Lending Group L.L.C. Bloomfield Hills MICioch, Thomas H. Southfield MICiticorp Mortgage, Inc. St. Louis MOCiticorp Mortgage, Inc. St. Louis MOCity Federal Funding & Mortgage Corporation College Park MDCity Loan Financial Services, Inc. Toledo OHCity Loan Financial Services, Inc. Toledo OH
City Loan Financial Services, Inc. Wauseon OHCity Loan Financial Services, Inc. Newton Falls OHCity Loan Financial Services, Inc. Northwood OHCityscape Mortgage Corp. Elmsford NYCityscape Mortgage Corp. Oak Brook ILCMI Mortgage Company Port Huron MICoFinancial, Inc. Milford MICommercial Credit Corporation Bingham Farms MI
Licensee City State
Secondary Mortgage Licensees (Continued)
Commercial Credit Corporation Wyoming MICommercial Credit Corporation Troy MICommercial Credit Corporation Ann Arbor MICommercial Credit Corporation Kalamazoo MICommercial Credit Corporation Lansing MICommercial Credit Corporation Saginaw MICommercial Credit Corporation Southgate MICommercial Credit Corporation Newton Falls OHCommercial Credit Loans, Inc. Mishawaka INCommonpoint Mortgage Grand Rapids MICommonpoint Mortgage Saginaw MI
Commonpoint Mortgage Lansing MIConcord Financial, Inc. West Bloomfield MIConcord Funding Corporation Grand Rapids MIConsolidated Mortgage and Financial Services Corporation Cary NCConsumer Security Mortgage, Inc. Oak Brook ILContinental Mortgage Corporation U.S.A. Southfield MICopeland Mortgage Services, Inc Okemos MICoppess, Charles Richard Lansing MICountrywide Home Loans, Inc. Detroit MICountrywide Home Loans, Inc. Ann Arbor MI
Countrywide Home Loans, Inc. Grand Rapids MICountrywide Home Loans, Inc. Lathrup Village MICountrywide Home Loans, Inc. Troy MICountrywide Home Loans, Inc. Waterford MICountrywide Home Loans, Inc. Farmington Hills MICountrywide Home Loans, Inc. Pasadena CACountrywide Home Loans, Inc. Farmington Hills MICountrywide Home Loans, Inc. Livonia MICountrywide Home Loans, Inc. Toledo OHCrestar Mortgage Corporation Schaumburg IL
Crestar Mortgage Corporation Richmond VACrum, William Revall Southfield MICrystal Mortgage Company, Inc. Burton MICustom Mortgage, Inc. Indianapolis INDallo, Khaled A. Southfield MIDecision One Mortgage Company, L.L.C. Livonia MIDirect Mortgage Group Birmingham MI
Licensee City State
Secondary Mortgage Licensees (Continued)
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Ditech Funding Corporation Irvine CADiversified Mortgage Finance, Inc. Lansing MIDMR Financial Services, Inc. Southfield MIDollar Mortgage Corporation La Mesa CADrake, Markley Adam Portage MIDynasty Funding Corp. Farmington Hills MIE.Z. Financial and Mortgage, Inc. Grandville MIEastern Mortgage Services, Inc. Trevose PAEmergent Mortgage Corp. Pickens SCEmergent Mortgage Corp. Indianapolis IN
Emergent Mortgage Corp. / dba Homegold Phoenix AZEmpire Funding Corp. Troy MIEngweiler, Craig Conrad Muskegon MIEqui-Financial, L.P. East Providence RIEquicredit Corporation of MI Grand Rapids MIEquicredit Corporation of MI Southfield MIEquicredit Corporation of MI Troy MIEquicredit Corporation of MI South Bend INEquicredit Corporation of MI Lansing MIEquicredit Corporation of MI Toledo OH
Equicredit Corporation of MI Jacksonville FLEquisource Home Credit, Inc. Birmingham MIEquitrust Mortgage Corporation Livonia MIEquitrust Mortgage Corporation Grand Rapids MIEquity Funding & Associates, Inc. West Bloomfield MIEquity One, Inc. East Lansing MIEquity One, Inc. Troy MIEquityline Financial Services, Inc. Aurora COEvergreen Mortgage Corporation Grand Rapids MIExcel Mortgage Corporation Grand Rapids MI
Exchange Mortgage Corporation Southfield MIExecutec Mortgage Corporation Farmington Hills MIFaletti, Douglas Farmington Hills MIFaraj, Asaad Southfield MIFaraj, Ramzi B. Southfield MIFarchione, Rose Anna Farmington Hills MIFederal Mortgage Corporation, Inc. Farmington Hills MIFieldstone Mortgage Company Baltimore MD
Licensee City State
Secondary Mortgage Licensees (Continued)
Finance America Corporation of Maryland College Park MDFinancial Mortgage Corporation Grosse Pointe Woods MIFirst Alliance Mortgage Company Bingham Farms MIFirst Consumers Mortgage, Inc. Walnut Creek CAFirst Financial Funding Corporation Northville MIFirst International, Inc. / dba First International Mortgage Corporation Birmingham MI
dba FIMCFirst Merchants Residential Credit Corporation Fort Worth TXFirst Mortgage America Southfield MIFirst Mountain Mortgage Corp. Southfield MIFirst Mountain Mortgage Corp. Flint MI
First National Home Finance Corporation San Diego CAFirst Preferred Mortgage Co. Port Huron MIFirstplus Financial, Inc. Dallas TXFord, Scott Farmington Hills MIFreedom Mortgage & Financial Services, Inc. Highland INFreedom Mortgage Corporation Salt Lake City UTFSC Corporation / dba FSC Mortgage Corporation Pittsburgh PAFT Mortgage Companies / dba Sunbelt National Mortgage Sterling Heights MIFT Mortgage Companies Plymouth MIFull Spectrum Lending, Inc. Pasadena CA
Full Spectrum Lending, Inc. Plano TXGamber, Danny C. Monroe MIGE Capital Mortgage Services, Inc. Warwick RIGE Capital Mortgage Services, Inc. Phoenix AZGEM Business Group, Inc. / dba Premier Lending Group St. Clair Shores MIGetzin, Paul A. & Lynn M. / dba West Michigan Financial Services Grand Rapids MIGill, Kenneth Oliver Southfield MIGinger Mae, Inc. Baton Rouge LAGlobal Mortgage Co. Kentwood MI
Gold, Irina E. Southfield MIGolden Eagle Investments, Inc. / dba Golden Eagle Capital / dba GEC Mortgage Pontiac MIGolden Way Security Corporation Livonia MIGoldleaf Mortgage Corp. Grand Rapids MIGoonis, Daniel L. Farmington Hills MIGrassmid, Alma Jean Holland MIGriswold Mortgage Company Southfield MIGroup One Mortgage Corporation Livonia MI
Licensee City State
Secondary Mortgage Licensees (Continued)
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Guild Mortgage Company San Diego CAGupta, Chhote Lal Southfield MIHarris Financial Group, Inc. Troy MIHawkins, Gary A. Farmington Hills MIHearthside Mortgage Co. Warren MIHeartland Home Finance, Inc. Middleburg Heights OHHeartwell Mortgage Corporation Grand Rapids MIHekman, James Henry Holland MIHemmerly, Carol Anne Troy MIHilton Mortgage Corporation Clarkston MI
Home Equity USA, Inc. Atlanta GAHomecomings Financial Network, Inc. Dallas TXHomecomings Financial Network, Inc. Fort Lauderdale FLHomecomings Financial Network, Inc. Minneapolis MNHomecomings Financial Network, Inc. Petaluma CAHomecomings Financial Network, Inc. Rolling Meadows ILHomecomings Financial Network, Inc. West Bloomfield MIHomecomings Financial Network, Inc. San Diego CAHomefirst National, Inc. Earth City MOHomeowners Mortgage & Equity, Inc. Austin TX
Homestead Mortgage Company, (The) Southfield MIHorizon Mortgage Corporation Hinsdale ILHorne, Darryl Keith Southfield MIHousehold Realty Corporation Toledo OHICA Mortgage Company Southfield MIIdeal Mortgage Corporation Southfield MIIMCO Corporation Southfield MIImhoff, Kevin J. Lansing MIInvestors Mortgage Corporation Farmington Hills MIIreland, Erik William Farmington Hills MI
Irwin Home Equity Corporation Columbus INIvy Mortgage Corp. Belle Mead NJJAM Consultants, Inc. Alexandria INJilek, James J. Muskegon MIJohn Adams Mortgage Company Farmington Hills MIJones, Ann Jennetta Southfield MIKalamazoo Mortgage Company Kalamazoo MIKaye Financial Corporation Bloomfield Hills MI
Licensee City State
Secondary Mortgage Licensees (Continued)
King Financial, Inc. Rochester Hills MIKlaus, Kriss K. Lapeer MIKoprowski, Rose A. New Baltimore MIKorson, Michael Sterling Heights MIKovarik, Craig A. Farmington Hills MIKulaszewicz, Robert Anthony Grand Rapids MILafave, Michael J. Livonia MILafave, Scott Joseph Farmington Hills MILee, Clarence, Jr. Farmington Hills MILee, Michael J. Farmington Hills MI
Leitner, Gary Farmington Hills MILenderman, Leslie Ann Rochester MILewicki, Theodore A. / dba A-1 Mortgage Waterford MILighthouse Mortgage Incorporated West Bloomfield MILincoln Mortgage Corporation Farmington Hills MILong Beach Mortgage Company Southfield MILong Beach Mortgage Company Orange CALong Beach Mortgage Company Sacramento CALownds, Dan G. Muskegon MIMainstreet Mortgage, Inc. / dba FIFC Birmingham MI
Manuel, James William Farmington Hills MIMayles, John Herman Shelby Township MIMBNA Consumer Services, Inc. Newark DEMcAboy, Louis Farmington Hills MIMcCarroll, Heidi L. Livonia MIMcDonald, Paulette Southfield MIMcDougall, Thomas Lawrence Bay City MIMcKimmy, Donald K. Bad Axe MIMcLaughlin, James Earl Farmington Hills MIMeeks, Shirley A. Jackson MI
Mego Mortgage Corporation Atlanta GAMerrill Lynch Credit Corporation Jacksonville FLMerrill Lynch, Pierce, Fenner & Smith, Incorporated New York NYMetro Mortgage Corporation Northville MIMetropolitan Financial Michigan Orange CAMICA Mortgage Corporation Troy MIMichigan Fidelity Acceptance Corporation Southfield MIMichigan Mortgage Exchange, Inc. Warren MI
Licensee City State
Secondary Mortgage Licensees (Continued)
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Michigan Mortgage Lenders Corp. Bloomfield Hills MIMiller, Gail Louise Ann Arbor MIMiller, Marvin S. Jackson MIMiller, Shellane Marie Grand Rapids MIMoceri, Jerome Thomas Grand Blanc MIModrich, Thomas Farmington Hills MIMOFC, Inc. / dba Consumer One Financial Birmingham MIMore Equity of Delaware, Inc. Farmington Hills MIMorey, Carolyn Grand Rapids MIMortgage America (IMC), Inc. Farmington Hills MI
Mortgage America (IMC), Inc. Bay City MIMortgage House, Incorporated (The) Holland MIMortgage Institute of Michigan, Inc. Southfield MIMortgage Sources, Inc. Birmingham MIMortgage Specialists Incorporated Clawson MIMosteller, Richard B. Troy MIMountain States Mortgage Centers, Inc. Sandy UTMutual Financial Services Inc. Farmington MIN.F.C. of Michigan Inc. Clifton Park NYNational Lending Center, Inc., A Michigan Corporation Deerfield Beach FL
Nelson, Lewis H. Jr. Farmington Hills MINeracher, Douglas J. Portage MINiezgoda, Thomas Gerard Troy MINLC Holdings, Inc. Deerfield Beach FLNLC Holdings, Inc. Lombard ILNorth American Mortgage Company Santa Rosa CANorth American Mortgage Company Santa Rosa CANorth American Mortgage Company Clarkston MINorth American Mortgage Company Southgate MINorth American Mortgage Company Grand Rapids MI
North American Mortgage Company Troy MINorth American Mortgage Company St. Clair Shores MINorwest Financial Indiana, Inc. Mishawaka INNorwest Financial Indiana, Inc. Fort Wayne INNorwest Financial Ohio 1, Inc. Toledo OHNorwest Financial Ohio 1, Inc. Toledo OHNorwest Financial Ohio 1, Inc. Oregon OHNorwest Mortgage, Inc. Clinton Township MI
Licensee City State
Secondary Mortgage Licensees (Continued)
Norwest Mortgage, Inc. Troy MINorwest Mortgage, Inc. Waterford MINorwest Mortgage, Inc. Grand Rapids MIOld Republic Insured Financial Acceptance Corporation Southfield MIPacesetter Mortgage Company, Inc. Okemos MIPacific Thrift & Loan Company Walnut Creek CAPatrello, Charles White Lake Township MIPelleschi, Michael P. Orion MIPHH Mortgage Services Corporation Mount Laurel NJPillar Financial Corporation /dba Pillar Mortgage / dba A+ Mortgage Waterford MI
Pioneer Mortgage, Inc. Novi MIPletcher, Dewayne Bently Jr. Portage MIPlymouth Capital Company, Inc. Plymouth MNPNC Mortgage Corp. of America Lombard ILPodmokly, Thaddeus Henry, II Farmington Hills MIPolgar, Michael Thomas Farmington Hills MIPolsinelli, Gary A. Farmington Hills MIPorter, Leslie W. Grand Rapids MIPorter, Wayne C. Grand Rapids MIPreferred Mortgage Services, Inc. Jenison MI
Prestige Financial Services Corporation Deerfield Beach FLPriestly, Larry Gonzalo Southfield MIPrimerica Financial Services Home Mortgages, Inc. Duluth GAPrism Mortgage Company Southfield MIProfessional Lending Group / dba PLG Funding Corp. Southfield MIProfessional Mortgage Services, Inc. South Lyon MIProgressive Mortgages, Inc. East Lansing MIR-B Financial/Mortgages, Inc. Sterling Heights MIReaume, Paul J. Rochester MIReinhold, Charles P. Troy MI
Residential Money Centers, Inc. Montvale NJResidential Money Centers, Inc. Indianapolis INResource One Consumer Discount Company, Inc. Southfield MIResource One Consumer Discount Company, Inc. Langhorne PARock Financial Corporation / dba Boulder Financial Bingham Farms MIRodgers, Teresa C. Redford MIRoss Mortgage Corporation Oak Park MIRoyal Mortgage, Inc. Huntington Woods MI
Licensee City State
Secondary Mortgage Licensees (Continued)
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101
Ruble, Theodore A Traverse City MIRudder, Sherry Anne Farmington Hills MISamboy Financial, Inc. Plymouth MNSarandrea, Jeffrey Allen Livonia MISave Financial Group Carmel INSaxon Mortgage, Inc. Glen Allen VASeacoast Equities, Inc. La Mesa CASelhost Funding Corporation / dba Selhost Financial Corporation Bloomfield Hills MISetser, Daniel L. Southgate MIShelter Mortgage Company, L.L.C. Brown Deer WI
Shelter Mortgage Company, L.L.C. Novi MIShepherd, Beverly H. Redford MISholtis, Mark S. Kalamazoo MIShore Financial Services, Inc. / dba Shore Mortgage Brighton MIShore Financial Services, Inc. Taylor MIShore Financial Services, Inc. Birmingham MISignature Mortgage Services Corporation Ann Arbor MISimmons, Bobbie J. Flint MISource One Mortgage Services Corporation West Bloomfield MISouthern Pacific Funding Corporation Lake Oswego OR
Spears, Henry R. Lansing MISt. James Servicing Corporation Bloomfield Hills MIStanaway, David Lynn Lansing MIStandard Mortgage Services Corporation Crown Point INSterling Funding Corporation Rancho Santa Margarita CASterling Mortgage & Investment Co. Farmington Hills MISternberg, Harold Laurence Southfield MIStiekes, Naomi M. Warren MISuburban Mortgage Corp. Rochester Hills MISummit Mortgage Services, Inc. Southfield MI
Suntrust Financial Corp. / dba Sun Home Financial Co. West Bloomfield MISysol, Frederick John Woodhaven MIT.A.R. Preferred Mortgage Corporation / dba Pacific Prime Mortgage Irvine CATate, Jeffrey Marcus Farmington Hills MITaylor, Tyrone A. Southfield MITeper, David Dearborn MITepper, Michael S. Livonia MITodd, Timothy John Grand Rapids MITowne Mortgage Company Sterling Heights MI
Licensee City State
Secondary Mortgage Licensees (Continued)
Triad Mortgage Corporation Ann Arbor MIUC Lending Flint Township MIUC Lending Kalamazoo MIUC Lending Okemos MIUC Lending Wyoming MIUC Lending Troy MIUC Lending Baton Rouge LAUC Lending Livonia MIUC Lending Sylvania OHUC Lending Taylor MI
Unicor Mortgage, Inc. Baton Rouge LAUnited Companies Lending Corporation / dba Unicor Mortgage Sylvania OH
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Livonia MI
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Kalamazoo MI
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Wyoming MI
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Okemos
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Troy MI
A Division of United Companies Lending CorporationUnited Companies Lending Corporation / dba Unicor Mortgage Taylor MI
A Division of United Companies Lending Corporation
United Companies Lending Corporation Flint Township MIUnited Mortgagee, Inc. Virginia Beach VAUzansky, Victor S. Farmington Hills MIVan Dyk Mortgage Corporation Grand Rapids MIWalker, Jr., James B. Southfield MIWalsh Securities, Inc. of Delaware Farmington Hills MIWare, Monta Lucretia Detroit MIWellington Equity Group, L.L.C. / dba Wellington Mortgage Company Madison Heights MIWhite, Mark Southfield MIWilley, Allen P. Rochester MIWilley, Brian F. Farmington Hills MIWindsor Capital Mortgage Corporation Cardiff CAWMA Mortgage Services, Inc. Norcross GAWorld Wide Financial Corporation Birmingham MIYork Financial Inc. Birmingham MI
Licensee City State
Secondary Mortgage Licensees (Continued)
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103
Registrant City State
1st Premier Mortgage Co., Inc. West Bloomfield MIA-One Mortgage Corporation / dba First Security Home Mortgage Corp. Grand Rapids MIAdvanta Mortgage Corp. USA San Diego CAAmerican Mortgage Reduction, Inc. Owings Mills MDAngel Financial Services, Inc. Drayton Plains MIBayside First Mortgage, Inc. Santa Ana CABoss, John F. Holland MIBroadmoor Financial Services, Inc. Grand Rapids MICash Back Mortgage Corporation Shaker Heights OHCentex Credit Corporation / dba Centex Home Equity Corporation Dallas TX
Chase Financial Corporation Cleveland OHCIT Group/Consumer Finance, Inc. (The) Livingston NJConcept One Mortgage Corp. Southfield MIConti Mortgage Corporation Hatboro PACrest Financial Inc. Southfield MICTX Mortgage Company Dallas TXDelta Funding Corporation Woodbury NYDH Capital, L.LC. Cicero INElite Mortgage Corp. Shelby Township MIEmergent Mortgage Corp. / dba Homegold Greenville SC
Empire Mortgage, Inc. Redford MIEquicredit Corporation of America Jacksonville FLEquity Group Financial, Inc. (The) Livonia MIExchange Financial Corporation Grand Rapids MIExpress Mortgage Brokers, Inc. Farmington Hills MIFamily Equity, Inc. Southfield MIFinancial Resource Services, Inc. / dba Mortgage Resources Pleasant Lake MIFirst Franklin Financial Corporation San Jose CAFleet Mortgage Corp. Columbia SCGMAC Mortgage Corporation Horsham PA
Golden Mortgage Corporation Bloomfield Hills MIHeadlands Mortgage Company Larkspur CAHome America Financial Services, Inc. Indianapolis INHomeside Lending, Inc. Jacksonville FLIMC Mortgage Company Tampa FLMCA Mortgage Corporation Southfield MIMcGuire Mortgage Company Prairie Village KS
Secondary Mortgage Registrantsas of December 31
Morcap, Inc. Atlanta GAMortgage Company of Michigan, Inc. (The) Rochester MIMortgage Lenders Network, USA, Inc. Middletown CTMortgage Plus, Inc. / dba Patriot Mortgage Grand Rapids MI
dba Premiere Mortgage Plus / dba Preferred Mortgage PlusNew Century Mortgage Corporation Irvine CANF Investments, Inc. Atlanta GANorwest Mortgage, Inc. Des Moines IAOakland Mortgage Corporation / dba First Savers Financial Corp. Bloomfield Hills MIOmega Mortgage Corporation Livonia MI
Pinnfund, USA San Diego CAProfessional Loan Brokers, Inc. / dba Professional Loan Funding St. Joseph MIRemington Mortgage, Inc. / dba Remington Home Lending, Inc. Southfield MISelective Mortgage Company Grosse Pointe Woods MISente Financial Corporation Sacramento CATranex Financial, Inc. Southfield MITransamerica Mortgage Company Dallas TXTreo Funding, Inc. Lake Oswego ORWashington Mortgage Services, Inc. / dba Home Mortgage USA Federal Way WAWMC Mortgage Corp. Woodland Hills CA
Registrant City State
Secondary Mortgage Registrants (Continued)
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