New York Superintendent Of Banks, Richard H. Neiman, Revokes JMF Funding's Mortgage Broker Registration

• by New York State Banking Department

NEW YORK, NY (05/06/2008)(readMedia)-- New York Superintendent of Banks, Richard H. Neiman, today disclosed that after notice and hearing an order has been issued against JMF Funding Inc. (JMF) revoking JMF’s registration as a mortgage broker due to numerous violations of the Banking Law and regulations. JMF has been advised that it is prohibited from conducting business in New York as a mortgage broker.

“Thousands of New Yorkers are being impacted by the mortgage crisis,” said Neiman. “We will continue to review the business operations of mortgage bankers and brokers in New York State and will take immediate action to put those with unscrupulous practices out of business.”

In response to complaints made against JMF, the Banking Department conducted several examinations of the mortgage broker. These examinations revealed instances of forged signatures and fabricated documents. JMF was also found to be conducting business with an entity that was neither licensed nor registered and shared substantial brokerage fees with that entity in violation of law.

In making her recommendation to the Superintendent, the independent hearing officer concluded that JMF failed to comply with the disclosure requirements of the Banking Law and regulations, forged customer signatures and engaged in a pattern of conduct indicating untrustworthiness.

JMF has offices at 204 Terrace Place in Mount Kisco, NY 10549, with a branch at 399 Knollwood Road, White Plains, NY 10604. JMF is 100 percent owned by John M. Frusciante.

The order of revocation is accessible on the Banking Department’s Web site at www.banking.state.ny.us.

The New York State Banking Department is the regulator for all state-chartered banking institutions, virtually all of the United States offices of international banking institutions, all of the State’s mortgage brokers, mortgage bankers, check cashers, money transmitters and budget planners. The aggregate assets of the depository institutions supervised by the Banking Department are more than $1.8 trillion.

In addition to regulating banking institutions, the Banking Department is active in informing and educating all New Yorkers on banking matters. To contact the Banking Department, please call 1-877-BANK-NYS or visit our Web site at www.banking.state.ny.us.

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