Washington State Department of Financial Institutions

Consumer Alert:
Citizens Financial Group

Unlicensed Loan Modification Services

May 31, 2012

The Washington State Department of Financial Institutions (DFI) received a complaint from a consumer who alleged to have paid an advanced fee to the business, Citizens Financial Group, in order to review and modify a residential mortgage loan.

Citizens Financial Group may have operated out of Arizona or California, but DFI could not verify this information and was unable to make contact with it. Citizens Financial Group did not provide the promised services, but instead collected fraudulent fees from the consumer.

Citizens Financial Group is not licensed by DFI to conduct the business of a mortgage broker. DFI strongly recommends that consumers deal only with those mortgage brokers that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on DFI's website at www.dfi.wa.gov/consumers/findcompany.htm.

Verify Licenses

DFI strongly recommends that consumers deal only with those mortgage brokers that are properly licensed to conduct business. Consumers can determine whether lenders are properly licensed using the "Verify a License" feature on the DFI’s website at www.dfi.wa.gov

Report Fraud

If you feel you are in immediate danger contact local law enforcement.

If you are suspicious of unlicensed activity by a mortgage broker, consumer lender, money transmitter, or escrow agent; contact the Washington Department of Financial Institutions at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov.

If you feel you have been the victim of a loan scam, contact the Federal Trade Commission at 1-877-FTC-HELP (1-877-382-4357), or online at www.ftc.gov.

If you feel you have been the victim of a loan scam involving the Internet, contact the Internet Crime Complaint Center at www.ic3.gov.

If you feel you have been the victim of a loan scam and are concerned about your personal financial information, contact your banking institution, and the three major credit bureaus.

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