Four Mortgage Companies Fined

Oregonian (08/14/08); Roberts, Michelle
Oregon's Department of Consumer and Business Services has issued a cease-and-desist order against Allegiance Mortgage LLC of Springfield, and owner Brian Fallini has been fined and permanently banned from owning a mortgage lending company or operating or working in the industry. The state has also issued cease-and-desist orders for 1st American Inc. of Portland and Pacific Crest Funding Inc. of Eugene and revoked the license of Tigard-based Diamond Financial Mortgage Group of America Inc., also barring former owner Kevin Covington from serving as an officer, director, or experienced person for a mortgage broker or banker. The mortgage companies engaged in unethical behavior, falsified loan documents and had lax training. Five mortgage lending licenses have been revoked and 30 enforcement orders have been issued this year in the state.