Regulators Looking To Revoke License Of Mortgage Broker

State regulators are trying to revoke the license of a Matthews mortgage broker they say arranged home loans his customers could --not-- afford.

Officials with the North Carolina banking commission say James Hall and his company, Hall Financial Services, didn't make reasonable efforts to ensure that his customers could afford the loans.

Regulators say about 25 percent of Hall's 139 mortgage loans since April 2004 have ended in foreclosure filing.

The complaint also says other home owners will likely file for foreclosure as payments continue to rise.

The allegations will test a 2002 law that requires brokers to arrange loans that are ``reasonably advantageous'' for the borrower.

Brokers are independent contractors who link borrowers with lenders for a fee.


WITN

275 E. Arlington Blvd. Greenville, NC 27858 252-439-7777
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 7416181 - witn.com/a?a=7416181