As I do on occasion in this blog, I report on recent enforcement actions from the Department of Commerce and Department of Labor & Industry. Here are a few notable actions in the Anoka, White Bear Lake, and Lakeville areas:
The Department of Commerce has grown fond of the phrase "credible sales comparison analysis". Three recent appraiser sanctions have included that allegation with relatively minor civil penalties paid by the licensee.
A $5,000 civil penalty was paid for failing to notify the Department that trainees had left and hiring unlicensed appraisers to do appraisal work.
As a result of an audit, a mortgage originator paid $10,000 for failure to confirm borrowers' ability to pay on nine different loans.
Unreasonably delaying the closing of a mortgage cost one originator $5,000 in civil penalties.
A prominent real estate continuing education provider had its privileges suspended and paid a $40,000 civil penalty for submitting misleading information and failing to notify the Department of changes.
A slew of real estate agents were suspended or paid civil penalties for incomplete paper work. That included things such as no expiration date, no list price, or no commission listed in the papers.
In summary, the actions were largely based on sloppy work and lies. Not that difficult to avoid sloppy work, but it's also so easy to slip on the details. Hopefully this is a reminder to keep papers tidy!
