Mortgage division fines Las Vegas company over mortgage loans
September 28, 2005
The state Mortgage Lending Division fined a Las Vegas company $40,000 and ordered it to stop advertising mortgage loans to borrowers.
Nancy Nash and Palace Worldwide Enterprises are not licensed to act as mortgage brokers, according to division officials.
State officials charge Nash encouraged borrowers to pull the equity out of their homes and invest with Palace Worldwide Enterprises or other affiliated companies. They advertised that she could also provide investors in private mortgages with earning returns up to 16 percent.
Deputy Commissioner Sue Eckhardt said people who have substantial equity in their homes – which includes large numbers of seniors – should be careful about taking a loan against that equity to invest the cash. She said if the investment goes bad, they could lose their homes.