CT to fine unlicensed mortgage lender

State bank regulators are preparing to slap a New Jersey mortgage lender with a fine as high as $110,000 for failing to obtain a license to issue mortgages in Connecticut.

Connecticut Banking Commissioner Howard Pitkin said his agency issued a cease-and-desist order against Worldwide Financial Resources Inc. (WFR) of  Morganville, N.J. New Jersey. WFR was founded in 1988 as a financial planner, but expanded a year later into mortgage lending.

Pitkin said an ongoing investigation revealed that WFR allegedly closed 11 loans without the required lender license and was late funding at least nine others since Jan. 1. The firm has since told regulators it has no other Connecticut loans pending.

But Pitkin is asking any borrowers who may have loans pending with WFR to contact his agency immediately.

The banking department denied WFR's recent application for a Connecticut license.

As a consequence of the action, regulators notified the lender that it faces a civil penalty of up to $110,000.

The corporation may request a hearing on the allegations contained in the order.

Attempts to contact WFR for comment were unsuccessful. A company phone listing and Web address listed for the company both didn't work.