Reno man fined $50,000 for mortgage violations
May 9, 2018
State regulators have fined a Reno man and his two companies $50,000 and ordered them to shut down their mortgage businesses.
The state Division of Mortgage Lending has issued an order accusing David Lohrey of operating as a broker to help homeowners get loans without being licensed as a broker or mortgage agent.
Lohrey maintains he operates as a developer of residential and commercial ventures without loaning any money.
The complaint, signed by Commissioner Cathy Sheehy, says Lohrey advertised on the Internet as having the "premier mortgage team in Reno," and that he "provides lowest nationwide rates for purchasing a home or refinancing one…" The website also touted the "best loans" for commercial property.
Investigators for the state say they visited one of Lohrey's office on Double Diamond Parkway in Reno and found it vacant in February 2017. The same day they talked to Lohrey at his Liberty Street office. He told the agents he was preparing an application to the state division.
But the complaint says no application was received.
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But he continued advertisements saying he helps people secure loans for homes.
Sheehy also ordered him to repay the state $4,740 to cover the cost of the investigation.
Lohrey can request a hearing to challenge the order.
His businesses were listed as Sierra Mountain Mortgage and Sierra Mountain Co.