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ARVest Central Mortgage is on the verge of closing its mortgage business, according to a source with knowledge of the situation.
ARVast Central Mortgage has been in the news in recent months for a series of scandals involving its former mortgage broker and a potential mortgage fraud.
The broker’s bankruptcy was one of the largest bankruptcy cases in U.S. history, as investors were forced to liquidate their homes, leaving the company to pay a $5 billion fine and then a $1 billion penalty to the Securities and Exchange Commission (SEC).
ARVist Central Mortgage also faced a lawsuit for allegedly violating the Foreign Corrupt Practices Act (FCPA).
On July 28, 2017, the Federal Housing Finance Agency (FHFA) announced it had suspended ARVent Central Mortgage’s mortgage broker license for one year after the broker had failed to comply with the FHFA’s investigation of the mortgage company.
The FHFA also announced that it was suspending the license of its mortgage broker, ARVit Central Mortgage.
ARVs mortgage broker business was suspended indefinitely, the agency said in a statement.
“The suspension was in addition to the sanctions the agency imposed on the broker on January 31, 2019, which included a $3 million fine and a $4 million penalty to ARVost Central Mortgage,” the statement said.
On August 13, 2018, the FHCF announced the suspension of ARVestate Mortgage, the mortgage broker behind ARVant Central Mortgage and ARVem, as well as ARVort Central Mortgage, which it said was a subsidiary of ARVs parent company.
“We have decided to suspend the license, effective immediately, of the ARVet Central Mortgage mortgage broker operating from New York and California, as the investigation into the financial and real estate practices of the broker has not progressed beyond the preliminary stages,” the FHA said.
On September 2, 2018 the FHS announced the license suspension of the second-largest mortgage broker in the country, ARVCall. “
Additionally, the suspension is in addition and concurrent to the Fannie Mae, Freddie Mac, and TARP financial crisis settlement that took effect on July 20, 2018.”
On September 2, 2018 the FHS announced the license suspension of the second-largest mortgage broker in the country, ARVCall.
“ARVest and ARVCest have mutually agreed to suspend all of their mortgage brokers licenses for a period of one year,” the agency announced in a release.
“With the termination of their license agreements, the license holders will no longer be able to engage in business in the United States and will be required to terminate the broker’s activities and cease all transactions with the broker.
The suspension will apply to the second largest mortgage broker licensed by the FHFSA, ARCVest Central, as of September 9, 2018,” the release said.
According to the agency, “We do not know what, if any, actions will be taken by the government in connection with the investigation or the suspension.”
In a separate announcement, the FTC announced it was also suspending ARVester, which operates as an independent mortgage broker.
“While it is too early to assess the full impact of the FHEA investigation, we do not believe that the conduct and conduct practices of ARVCestate are consistent with any current or future conduct by the broker or any of its affiliates and therefore will not suspend the broker,” the FTC said in its statement.
The FTC said it was imposing a $10,000 fine on ARVvest, and $2,000 on ARVCer, which both had offices in the same building in San Francisco, California.
“In addition, we have imposed a $25,000 civil penalty on ARvest and a civil penalty of $25 million on ARCVet Central, which have engaged in deceptive conduct, as a result of which we have suspended the brokerage license of ARvestate for a year,” it said.
The companies did not immediately respond to requests for comment.
ARVCist Central has denied the allegations and said in an email that the investigation is ongoing.
The company’s statement to the press also stated that the company has already begun the process of closing the business, and it plans to begin the process in the coming weeks.
ARvist Central did not respond to multiple requests for comments from CoinDesk.
ARvest Central was not the only mortgage broker to face an investigation in the past few years.
The U.K. Financial Conduct Authority (FCA) issued an investigation last year into ARVert Central Mortgage after the company failed to submit its annual reports and the firm was accused of failing to file required information reports, according the Financial Times.
ARVPort Central, meanwhile, was the subject of a separate U.N. investigation last month.
In that probe, the Financial Conduct and Anti-Money Laundering Authority (CBILA) found that the broker failed to disclose more than $3 billion in profits from the mortgage products it sold to