On April 13, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering LoanCity, Inc. to stop doing business in the state and took the initial step toward revoking the company’s mortgage lender licenses.

Consumers who have recently closed loans are advised to confirm with their settlement agent (lawyer or title company) that their monies have been received.

Consumers who have submitted an application or have an application pending are advised to contact their mortgage broker and ask them to find a new lender.

To contact LoanCity, call 1-800-266-6520.

Individuals with questions regarding a loan pending with LoanCity can call the DOBI Consumer Hotline at 609-292-7272.

• Press Release: New Jersey DOBI issues cease and desist orders against two more sub-prime lenders