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Arkansas Securities Commissioner Heath Abshure on Monday issued a cease-and-desist order against a California company that failed to deliver on a mortgage modification after being paid $1,800 by a Springdale resident.
The order says Aria & Associates Inc. of Irvine, Calif., which does business as American Loan Assistance, has never been licensed to offer mortgage services in Arkansas, nor has a “loan counselor” named Alex Cortez, who worked with the unidentified Springdale resident.
Cortez, according to the commissioner’s findings, had promised to help the consumer identified only as AR1 reduce his mortgage interest rate by between 1 and 4 percentage points and debited the $1,800 from AR1′s checking account in three transactions during January, February and March.
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