Department of Banking logo

State Banking Commissioner Howard F. Pitkin Issues Order
Against Worldwide Financial Resources Inc.

September 17, 2009

Connecticut State Banking Commissioner Howard Pitkin issued a Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty against Worldwide Financial Resources, Inc. (WFR). WFR is a mortgage lender located in Morganville, New Jersey. WFR was founded in 1988 as a financial planning company focused on estate planning and insurance.  The company expanded into mortgage lending in 1989.

Commissioner Pitkin’s action was the result of an ongoing investigation revealing that the WFR allegedly closed eleven loans without the required lender license and late funded at least nine loans since January 1, 2009 in violation of the Connecticut General Statutes.  Additionally, the Commissioner denied WFR’s recent application for a Connecticut mortgage lender license.

As a consequence of the action, the company is placed on notice that a civil penalty of up to $110,000 may be imposed. The corporation has the right to a hearing before the agency on the allegations contained in the order. In early August, WFR represented to the Department that it had no other loans in process for Connecticut consumers.

“My primary responsibility is the protection of Connecticut consumers. If you have a loan that closed but remains unfunded with WFR or an application in process with WFR, please call the Department of Banking at 1-800-831-7225. We will do our best to assist you with your transaction,” commented Commissioner Pitkin.  “Companies doing business without a license will not be tolerated,” continued Commissioner Pitkin.  “I will do my best to make sure that corporations such as this are not allowed to operate in our state.”

Please find a detailed copy of the administrative order attached.

Worldwide Financial Resources, Inc. 
Notice of Intent to Issue Order to Cease and Desist
Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing