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West Capital Lending fined $75,000 by Washington regulator
The Washington Department of Financial Institutions ordered the company to cease and desist and also imposed a $3,000 investigation fee after alleging multiple Consumer Loan Act violations.
HousingWire reports that Washington state regulators fined West Capital Lending Inc. $75,000 and assessed a $3,000 investigation fee under a July 8 consent order tied to alleged violations of the state’s Consumer Loan Act.
The Washington Department of Financial Institutions alleged West Capital Lending engaged in unlicensed mortgage activity, including allowing at least one person working on its behalf to assist a borrower with a residential mortgage application for a Washington property without being a licensed mortgage originator, and accepting at least one mortgage application before securing its Washington consumer loan license.
Regulators also alleged gaps in supervision and compliance, including that at least six managers supervising Washington licensed mortgage loan officers were not licensed, and that the company failed to prepare and maintain required supervisory plans, with regulators citing at least 34 missing or deficient plans.
According to HousingWire, the allegations arose from a statewide examination covering May 9, 2022 through March 31, 2024. West Capital Lending did not admit wrongdoing, and the company waived its right to a hearing and administrative or judicial review, while withdrawing an appeal to the state Office of Administrative Hearings.