JMF loses mortgage designation
By BRYAN F. YURCAN

 

New York Superintendent of Banks Richard H. Neiman, last week announced the state Banking Department is revoking JMF Funding Inc.’s registration as a mortgage broker due to numerous violations of the Banking Law and regulations.

JMF has offices in Mount Kisco, with a branch in White Plains. JMF is 100 percent owned by John M. Frusciante.

JMF has been prohibited from conducting business in New York as a mortgage broker, according to the department.

“Thousands of New Yorkers are being impacted by the mortgage crisis,” said Neiman in a statement. “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, according to the department. 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.

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

 

 

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