Equity Corp. Holdings, Inc. v. Department of Banking and Finance

An appeal from an order of the Department of Banking and Finance. This appeal arises from a final order of the Department of Banking and Finance (Department) ordering Appellants to cease and desist operating their Mortgage Payoff Acceleration Program (MPAP) 1 without a license, in accordance with chapter 494, Florida Statutes. 2 At issue on appeal is whether Appellants' operation of the MPAP comes under the 1997 statutory definition of ""act as a mortgage lender."" 3 The Department adopted the hearing officer's findings and conclusions that Appellants had control over the funds in question, were ""servicing"" the mortgage loans, and therefore were mortgage lenders requiring licensing.