Oregon Public Broadcasting

There aren’t that many prospective homebuyers these days.

But those looking for a mortgage Monday, have fewer places to get a loan.

The state’s Department of Consumer and Business Services issued a cease-and-desist order to National Lending Corp, or NLC of Oregon.

The state also fined the company $70,000.

Kevin Anselm is the chief of enforcement for the Division of Finance and Corporate Securities, within the Department of Consumer and Business Services.

Anselm says the state has been investigating NLC since 2003.

Kevin Anselm: “And then in 2006, we did an exam on the branch office, in Portland. In Oregon, the exams are scored on a scale of 1 to 5, 5 being the worst. And NLC received a score of 5 in 2006.”

Anselm says the state found more than 150 violations of the Oregon mortgage lender law.  They included employees who were not properly educated, and might not have passed criminal background checks.

This year, the state has revoked five lending licenses and taken action against more than 2 dozen firms.

And the state is investigating 60 other mortgage brokers.