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DLLR News

 

DLLR Immediately Suspends Eleven Maryland Mortgage Broker Licenses

 

Financial Regulation Commissioner Uses Provision of Law for First Time

BALTIMORE (2-15-08) – Department of Labor, Licensing and Regulation Secretary Thomas E. Perez today commended Financial Regulation Commissioner Sarah Bloom Raskin for her swift action in the summary suspension of eleven Maryland mortgage broker licenses.

Commissioner Raskin determined that Florida based Superior Mortgage Group, LLC was in violation of several statutes of the Maryland Mortgage Lender Law, and immediately suspended all eleven licenses. Commissioner Raskin’s action requires that Superior suspend any further business prior to a hearing.

Gloria Freifeld, owner of Superior Mortgage Group, LLC, had applied for and received all eleven licenses between May of 2006 and October 2007. The Financial Regulation Enforcement Unit received specific information alleging that Gloria Freifeld had knowingly falsified information on her application for the licenses.

The investigation revealed that Ms. Freifeld misrepresented her experience in the mortgage lending business and did not qualify as a broker. Furthermore, the investigation uncovered that Ms. Freifeld made material misstatements regarding her experience and qualifications on the Maryland mortgage lender application.

“This is the first summary suspension of a license by this office,” said Commissioner Raskin. “I found this emergency action necessary to promote the public welfare and protect Maryland consumers.”

While the summary suspension of Superior’s Maryland Mortgage broker licenses are immediate, Superior may request a hearing within the statutory time limit. A request for a hearing, however, will not stay the summary suspension of the licenses.