New Day Financial Fined $5.28 Million for Cheating on Licensing Procedures

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New Day Financial LLC has agreed to pay a $5.28 million administrative penalty for allegedly helping their employees cheat on a series of critical professional licensing exams.

The Multi-State Mortgage Committee of the Conference of State Bank Supervisors announced the consent order on Monday, revealing that the fine encompasses mortgage regulators in 43 states.

“The MMC coordinated the investigation of this matter, identifying a pattern of inappropriate conduct, and negotiated, on behalf of the participating state regulators, a resolution that will permit the company to continue to operate while ensuring compliance with all state and federal laws,” said Karyn Tierney, MMC Chairman and Deputy Commissioner of the Arkansas Securities Department. “This case demonstrates the manner by which state mortgage regulators cooperate to more efficiently and effectively supervise mortgage companies, including resolving compliance issues through a coordinated enforcement action.”

Image via flickr/401(K) 2012

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