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Connecticut Regulators to Get Response from NJ Mortgage Bank
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(August 3, 2010 - Tuesday) - Connecticut regulators are expected to get a full response from the New Jersey-based Maverick Funding Corp. as soon as Thursday. Maverick has hired counsel and expects to have to provide a regulators with a full response to allegations that the company failed to disclose litigation against its founders when filing for a lending application.
The company recently came under fire when the Hartford Courant reported that while applying for a license to lend in Connecticut the company failed to report that founders were involved in a lawsuit in which they were accused of fraud, negligence and conspiracy while working at a previous mortgage company.
One of the attorneys for Maverick Funding Corp, E. Robert Levy, was quick to point out that Maverick continues to fund loans and has below average delinquencies. Levy said that the lawsuit in question was settled out of court and that were no “negative findings.”
No additional details or production volumes were made available by the either the attorney of the Connecticut Department of Banking.
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