Good Evening
Good Evening
Long IslandNassau

Jericho's Topdot transfers mortgages in pipeline

Jericho-based Topdot Mortgage has transferred to other lenders almost all the 130 loans that were in its pipeline when it was stripped of a key federal license six weeks ago, a state banking department official said Thursday.

Rholda Ricketts, deputy superintendent for the mortgage banking division, also said 33 additional loans had been closed but not funded.

Topdot was directed to make "whole" those consumers if no funding is found for their loans, including refunding fees and providing copies of their appraisals, she said.

It's not clear whether Topdot is shutting down after the Federal Housing Administration accused it of "numerous and egregious" violations of requirements on FHA-insured loans.

Company officials, who had denied the charges, did not reply to requests for interviews this week. But a message on the company's Web site reads, "We hope to resume our business activities in the near future."

Ricketts said 99 percent of the pipeline loans were FHA.

Steven A. Milner, chief executive of Bohemia-based lender Mortgage Concepts, said he has 80 Topdot loans.

"Some of them have issues, and I don't know how many we're going to close," Milner said. "There's going to be a number of conditions that the borrowers may or may not be able to meet."

Topdot also transferred loans to Residential Home Funding Corp. in Westchester and Mortgage Now in New Jersey.

Nassau top stories