Unlicensed Loan Modifications
The Washington State Department of Financial Institutions (DFI) has received tips from consumers regarding advertisements for loan modification services. DFI’s investigation has connected these advertisements to a company in California called Resolution Services, with a toll-free number of 818-401-0536, and an address of 18375 Ventura Blvd. Ste. #418 in Tarzana, California.
DFI’s investigation showed that Resolution Services has never been licensed with DFI in any capacity. Resolution Services is not registered with the Washington State Secretary of State or with the Department of Revenue. Resolution Services’ website, resolutionsvcs.com, is no longer operating. The listed telephone number above appears disconnected.
Loan Modification Services - Upfront Fees
Washington State law requires all individuals and companies providing third-party loan modification services to Washington residents be licensed by DFI. Additionally, the Federal Trade Commission’s Mortgage Assistance Relief Services (MARS) Rule prohibits entities from requiring upfront fees prior to performing loan modification services.
DFI strongly recommends that consumers deal only with those lenders 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.
If you feel you are in immediate danger contact local law enforcement.
If you are suspicious of unlicensed activity by a mortgage broker or loan originator please contact DFI 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 please contact the Federal Trade Commission at 1-877-FTC-HELP (382-4357), or online at www.ftc.gov.
If you feel you have been the victim of a loan scam involving the Internet please contact the Internet Crime Complaint Center online 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.