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Minnesota - Deadbeat Remedies

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Larry Lyke

Senior Member
Joined
Feb 2, 2002
Attached are 2 recent Minnesota Department of Commerce enforcement actions, which clearly tells you that if you don't get paid by the mortgage broker in Minnesota, the state will see to it that you get paid:

...Or, at least, the state will help you get their attention for long enough to write you a check...

NOKOMIS MORTGAGE CORPORATION OF MINNESOTA Lic# MO20225428Against: Mortgage Originator
Action: Order for Hrg/Statement of Charges
Signed: 5/7/2003
File # MO 2202675 CLC
Allegation:
Resp. failed to compensate appraisers for services performed at the request of respondent; failed to respond to the Department requests and order to appear.

CHADWICK MORTGAGE INC Lic# UC20389311
Against: Unlicensed Company
Action: Cease & Desist/Consent
Signed: 5/29/2003
File # MO 2303326 JCL
Allegation:
Chadwick Mortgage, Inc. originated two mortgages in the State of MN without first obtaining a mortgage origiantor license.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Larry,
As was told me, and I found it works wonders with
deadbets, find out who their bonding insurance carrier
is (from the mortgage licensing agency), and make a
claim to the bonding insurance company.

I was once involved in a conversation between an
IRS agent and an insurance executive. They both
claimed they ran the world. I'm not sure who was
right, but they probably are one, two.

elliott
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Elliot ~

As you can see from my above post, in Minnesota you're talking to the horse's front end.

Knowing who issued the mortgage broker's bond is of little merit. Not paying the appraiser violates state licensing law.

Your idea might work just as a scare tactic, though.
 
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