Ohio Denies Company Bid for Brokerage Status

An Ohio firm applied for status as a mortgage broker and was turned down this week after it was found the officer of the company had not disclosed their criminal background on the application.

A financial firm in Toledo, Ohio was denied status as a mortgage brokerage office this week after the application was screened for accuracy. It was found that the owner and officer of the firm had not disclosed a criminal background that was found during the research process this type of application goes through. Since the announcement, the firm was closed and the owner�s license as a mortgage broker will not be renewed.

Though two other parties in Toledo have been denied brokerage status for similar reasons, this is one of the first times that the city has denied status based on the application of the owner. The other two cases involved individuals that were applying for loan officer status, not the companies that employed the people. Officials working on the application found that the owner had not disclosed arrest or charges brought against them in earlier years. Any application that has omissions or forged credentials can result in the application being denied and can lead to an investigation of the applying person.