LoanSnap's licensing issues, including the failure to update its address and provide necessary bonds, highlight severe mismanagement that fuels growing legal disputes and financial instability.
The Connecticut banking commission noted LoanSnap's unfitness to operate, stating the firm lacks the character and responsibility necessary to gain public confidence.
Multiple lawsuits and substantial judgments against LoanSnap totaling over $1.1 million reflect the company's ongoing legal troubles and questionable business practices, including allegations of breach of contract.
Connecticut authorities expressed concerns over LoanSnap's ability to conduct business fairly, citing a temporary cease-and-desist order due to its unlicensed mortgage origination activities.
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