Source: National Mortgage News —
The owner of a national mortgage training program charged with fraudulently securing and providing certifications to loan officers has agreed to settle with financial regulators in three states.
Danny Yen, a real estate agent and owner of Real Estate Educational Services in Carlsbad, California, along with his wife and father, had been facing legal action brought by the financial regulation and protection offices of California, Maryland and Oregon. Yen and his family were found to have taken courses or certification exams needed to fulfill licensing requirements on behalf of loan originators. Their actions were a violation of the Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act.