Current news for this company:
The Mortgage Specialists - Retail
Massachusetts and New Hampshire's Banking Departments issued "Temporary Cease and Desist Orders" against The Mortgage Specialists, Inc. based in Plaistow, NH on July 24th and 31st respectively. Wrote one tipster, "There has been a lot of this type of activity from the Banking Dept. in both MA and NH regarding The Mortgage Specialists."
SeacoastOnline reported, "The division's temporary cease and desist order requires The Mortgage Specialists to place all remaining loans with a qualified lender or broker with no loss to consumers and forbids the company from initiating any new mortgage loan transactions." According to an article in the Union Leader:
As of August 18, The Mortgage Specialists, Inc. entered into voluntary "Consent Orders" with both states (view MA or NH) "...solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws." They must engage an independent auditing firm to perform daily on-site review of all files processed dating back to March of 2005 and pay monetary fines of $300,000 to each state. New Hampshire tacked on an additional $25,000 penalty for failure to pre-screen against the National Do Not Call List, and also fined the company's principals assessing $50,000 each of President Michael Gill and Lisa Tracy, its Controller and designated Compliance Officer. The Mortgage Specialists, Inc. was given 60 days to employ a compliance manager acceptable to the state to oversee a new compliance office.
It was reported that The Mortgage Specialists Inc. has 120 employees and five NH branch offices in Manchester, Nashua, Salem, Somersworth and Windham, as well as two Massachusetts branches in Peabody and Worcester. An unverified report we were sent of 2007 loan production indicated average volume of over $45 million per month.
In an open letter on their web site, President Michael Gill writes: "Please know that these are compliance issues and only that. There has never been a customer that has been cheated or defrauded." To view the letter as an image file, click here.
The affects of the allegations and State orders can certainly undermine the public's confidence in the Mortgage Broker industry as a whole. Feel free to comment! Please email us if you can add any more details.
Brianbattersby at 23:48 2008-10-03 said:This guy Mike Gill(owner) just got a 1.3 MILLION DOLLAR US TAX LIEN from the IRS attached to himself in Rockingham and Strafford county NH. Also his soon be ex wife just put a lien on all properties in the state of NH. This guy is no stranger to REGULATORY ACTIONS. He was caught for FRAUD back in 2002 FOR SIGNING BORROWERS NAMES and bought his way out. He just paid 700,000 FRAUD FINE IN NH AND MA FOR SIGNING BORROWERS NAMES AGAIN ON 20 LOANS. He isn't really even the owner. He is listed as president of the company but the shares are in his wife's name. He is NOT ELIGABLE for a brokers license in NH. OH MAN WHAT WAS THE NH BANKING DEPT. THINKING? I guess with the big fine he doesn't have the money to pay the IRS or his wife off. Shouldn't have been dipping the pen in company ink Mr. Gill. EVERY DOG HAS HIS DAY! TODAY IS YOURS! Permalink
Brianbattersby at 23:14 2008-10-06 said:Mortgage Specialists Fraud Mike Gill Fraud Mortgage Specialists NH Fraud Mike Gill NH Fraud Permalink
Ex-employee sues mortgage company to wit:
Jean Duerr, former vice president of operations for The Mortgage Specialists in Plaistow, alleges employees regularly "cleaned up" documents in advance of showing them to state auditors.... Duerr's allegations are outlined in a civil lawsuit filed in Rockingham County Superior Court earlier this month. She claims she was fired after 10 years with the company for refusing to hide things from state and federal investigators. Duerr alleges the "cleanups" were regularly coordinated by Lisa Tracy, the company's compliance officer — and company President Michael Gill encouraged the practice. In her lawsuit, Duerr claims she tried to discourage the practice, although she was one of four people named in the Banking Department's order. "She tried to do the right thing in this case," said Andrew Livernois, Duerr's attorney, "and when she tried to do the right thing, she was terminated."Nothing to see here, huh Mikey? Certainly, more than just off-the-cuff, nasty comments by former employees on a renegade web site? (Yes yes, I know we're not the New York Times, but apparently thought well enough by them to be plagiarized. We take it as a compliment). It's too bad your attempt to gag us and the whistleblowers went down in flames. Oops. Now you've made this a much bigger stink than it needed to be. We hear systemic fraud looks especially bad when you frivolously sue the media to cover it up (even if you first luck out with a strangely not-grounded-in-law ruling from a lower court judge). Permalink
The Mortgage Specialists at 17:09 2010-09-07 said:This message is to notify the poster using the username "Brianbattersby" that The Mortgage Specialists, Inc. has filed a lawsuit against Implode-Explode Heavy Industries, Inc. (the company that owns and operates this website), seeking the disclosure of your identity relative to messages you posted on this website on October 4, 2008 and October 7, 2008. Implode-Explode Heavy Industries has refused to disclose your identity. The lawsuit is pending in the Rockingham County Superior Court in Brentwood, New Hampshire, and is captioned The Mortgage Specialists, Inc. v. Implode-Explode Heavy Industries, Inc., Docket No. 08-E-572. The Mortgage Specialists, Inc. will withhold action until October 15, 2010 in order to allow you time to file and serve any opposition to its request with the Rockingham County Superior Court. Permalink
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