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News Release

New Jersey Department of
Banking and Insurance

Commissioner Tom Considine

For Immediate Release:
May 27, 2011

For Further Information:
Ed Rogan or Marshall McKnight (609) 292-5064

New Jersey Joins in 10-State Settlement with Mortgage Access Corp.

TRENTON – New Jersey Department of Banking and Insurance Commissioner Tom Considine announced today that the State has joined a 10-state, $3 million settlement with Mortgage Access Corp. (MAC), also trading as Weichert Financial Services, a mortgage company headquartered in Morris Plains, New Jersey.  The settlement resolves compliance issues found during a joint examination conducted by the 10 states in 2010. 

“This is another example of state regulators working together on multi-state issues to protect consumers,” Considine said.  “Today’s voluntary agreement will build on the company’s corrective efforts to establish and enforce the systems, training, oversight, and controls necessary to avoid a similar occurrence in the future.” 

The examination focused on an area of concern brought to the attention of regulators by a MAC employee.  Since Congress enacted the Secure and Fair Enforcement for Mortgage Licensing Act (the SAFE Act) in 2008, states have passed enhanced mortgage licensing laws, such as the New Jersey Residential Mortgage Lending Act that came into effect on May 4, 2009.  The enhancements to the qualifications required of mortgage professionals are the regulatory bedrock on which this industry can rebuild itself.  MAC’s operating units, however, had attempted to approach this changed regulatory landscape through a multi-state loan production system making non-compliant use of unlicensed individuals. 

To its credit, MAC accelerated its corrective actions once regulators alerted the company to the violations.  The settlement terms are intended to ensure thorough and lasting compliance by requiring a robust audit and continued monitoring and reporting to the regulators for up to 18 months.  MAC will also remain subject to normal compliance examinations.   

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