Case Study: Washington State Fines Xpert Home Lending!

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Xpert home lending has been handed a $185,000.00 fine from a Washington state financial regulator and will revoke its ability to originate loans if the broker does not follow an agreed upon consent order.

Xpert was accused of multiple infractions including false advertising, failure to develop an anti-laundering program, and failing to license a number of its branches, 

Washington State Department of Financial Institutions claims at least five unlicensed branches had residents of its state working for Xpert Home. Also, an employee of Xpert was advertising services without properly displaying information from the NMLS.

Allegations by the state follow a 2023 examination, which uncovered alleged violations of the state's Consumer Loan Act. 

Xpert has agreed to take corrective action of these issues and provide the state with updated copies of its anti-money laundering policy, supervisory plans, and proof of advertising compliance.

Xpert is a Georgia-based brokerage with over 600 sponsored loan officers and has branches in more than a dozen states, per the Nationwide Multistate Licensing System. 

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f the mortgage broker does not follow the consent order, they will be barred from originating loans in Washington state until May 2028.

Xpert has not publicly commented on the allegations and punishment. 

California-based Bay-Valley Mortgage Group, Home Direction, Cleveland Street Mortgage and Directors Mortgage are other firms fined for breaching a number of Washington state requirements including not listing branches active, failing to have compliant supervisory plans and company misrepresentation.

This comes as more states on cracking down on regulations and violations given that federal oversight is taking a step backwards under the Trump administration. 
 

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Mortgage fraud. Post-Closing Audits. Pre-Funding Reviews. Mortgage Quality Control.