Brokers Beware – DFPI Cracks Down on Continuing Education Scam
From: T. Robert Finlay, Wright, Finlay & Zak, LLP
The Department of Financial Protection and Innovation (DFPI) are investigating an alleged MLO-education-cheating fraud scheme coordinated by and implemented through Danny and Wendy Yen d/b/a Real Estate Educational Services, an NMLS-approved course provider. Real Estate Educational Servicers has allegedly been signing off on their clients’ continued education hours without providing any continued education classes or educational materials. The DFPI is now pursuing anyone whose hours were signed off by Real Estate Educational Services through this fraudulent scheme.
With this news in mind, lenders and brokers should be hyper vigilant to continuing education companies that offer similar “deals”. If it sounds too good to be true, then it probably is! More importantly, as professionals, we are all obligated to follow our respective profession’s continuing education requirements. Make sure you meet this requirement through an accredited course provider that offers actual courses and that you have actually done the work as well!
Please feel free to reach out to Robert Finlay at email@example.com if you have any questions or if anyone at your shop used this group. Thanks.