LoanSnap, an AI-powered mortgage startup, has had its license to operate revoked in Connecticut due to violations of a prior consent order and state law.
The Connecticut Department of Banking revealed that LoanSnap failed to disclose multiple lawsuits and failed to file necessary change of address documentation after its eviction.
Investigations found that LoanSnap did not implement new policies mandated by a prior consent order, including ensuring that unlicensed employees were not originating loans.
LoanSnap experienced significant operational challenges, facing multiple lawsuits and an eviction from its California headquarters, coinciding with an increase in interest rates.
Collection
[
|
...
]