DRE and DFPI Alert on MLO Licensees

The Cost of Some Choices

The DRE sent us an alert last week about a serious problem with some MLO Licensees. It seems that they made arrangements with an Education Company to give them completion certificates without doing any work, any tests, anything. An investigation has been brewing for a long time and the two agencies just announced the results. 

The Alert is printed in its entirety here. The interesting section is the information on the penalties. Fines totaling over $324,000.00, required completion of more MLO approved courses, and surrender of their license for three months. Yes, they cannot work for a while. That could prove very costly to some of the high producing MLOs. 

The name of the company is listed as REES of San Diego, and there were around 600 “students” involved. Many have signed a settlement and many have not. Will be an interesting topic for the next few months. Sounds kind of like the Singer case about getting students into colleges. Some of those people went to prison.

Some of the non-working MLOs called to say that they were previous students of ours, but were advised to go to REES from their peers or supervisors. Should have stayed with Duane Gomer Education. Just saying.

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