LoanSnap, a California fintech lender, had its residential mortgage lending license revoked due to failure in renewing a critical surety bond, critical for consumer protection.
The California Department of Financial Protection reported that LoanSnap's license was revoked after the expiration of its surety bond in August, which protects against lender fraud.
This revocation comes after LoanSnap lost its mortgage lender license in Connecticut due to failure to notify regulatory bodies about a change in address and other compliance issues.
LoanSnap's serious financial struggles are marked by evictions for unpaid rent and multiple lawsuits, indicating a pattern of operational and legal difficulties.
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