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State Fines Total Mortgage $350K In Settlement

May 1, 2017 | Reprints | Unlock Link | Print

Milford-based Total Mortgage LLC has agreed to pay the state $350,000 as part of a settlement agreement arising from allegations by the commissioner of banks that the mortgage lender employed six unlicensed loan originators.

According to the consent order, Total Mortgage was previously fined for operating two unlicensed branches in 2006.

A 2014 article in the CT Post reported that Total Mortgage received a low-interest $3.5 million loan from the state to establish itsheadquarters in Milford and expand its workforce. If the mortgage company creates 140 new jobs in Connecticut by 2018, the state agreed to cancel $1.5 million of the loan, according to the article.