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Maryland Company Agrees to Settle Licensing Violation with the District

Thursday, October 31, 2013

The D.C. Department of Insurance, Securities and Banking settled with an unlicensed Maryland company that was servicing mortgages in the District.

Clark Financial Services Inc., a Bethesda mortgage broker and lender, serviced four loans on properties in the District between 1995 and 2012 even though its District license expired in 2009.

The department received a complaint and its investigators uncovered the loans and the company’s failure to keep its District license current.

The company agreed to pay a fine of $25,000 and give more than $13,000 to BB&T, the financial institution now servicing the loans.