May 9, 2014
Calcon Mut. Mortgage Corp. v. State ex rel. Wyo. Dep’t of Audit, Div. of Banking
Court: Wyoming Supreme Court
Docket: S-13-0130 Opinion Date: May 5, 2014
Areas of Law: Banking, Government & Administrative Law, Real Estate & Property Law
After conducting a compliance examination of CalCon Mutual Mortgage Corporation (“CalCon”) the Wyoming Department of Audit, Division of Banking (“Division”) determined that CalCon had violated the Wyoming Residential Mortgage Practices Act in six separate brokering transactions by receiving application fees and “yield spread premiums” exceeding those previously disclosed to its customers. The Division requested that CalCon refund the application fees and yield spread premiums to the borrowers. CalCon objected and requested a contesting case hearing before the Office of Administrative Hearings (“OAH”). The OAH determined that CalCon had violated the Act. The State Banking Commissioner subsequently issued a final order directing CalCon to reimburse the fees. The district court affirmed. The Supreme Court affirmed, holding that the Commissioner properly interpreted Wyo. Stat. Ann. 40-23-114 in determining that CalCon was required to provide a written explanation of increased application fees and yield spread premiums in the transactions at issue.
Nancy Duffy McCarron, CBN 164780
Attorney, Real Estate Broker, BBB Arbitrator, CA Notary Public
Certified Forensic Loan Auditor, Property Manager
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