On August 17, 2007, the New Jersey Department of Banking and Insurance issued legal documents ordering First Magnus Financial Corporation to stop doing business in the state and took the initial step toward revoking the company's mortgage lender license.
On August 17, 2007, First Magnus Financial Corporation announced it was unable to fund home loans in its pipeline. All brokers should have been instructed to immediately seek alternative funding sources with which to close any loans previously placed at First Magnus.
First Magnus is actively pursuing alternative financial contacts for brokers to place their loans. The New Jersey Department of Banking and Insurance is working with industry leaders to facilitate other potential funding sources.
For questions regarding First Magnus Financial Corporation, contact 520-618-9000.
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| Contact First Magnus |
Telephone: 520-618-9000
Web site: www.firstmagnus.com
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| Contact NJDOBI |
If you experience problems closing a loan for First Magnus Financial Corp., call:
John Pavlovsky, Field Manager
609-292-7272, ext. 50553
Bill Blunt, Managing Examiner
609-292-7272, ext. 50208
Nick Debnarik, Managing Examiner
609-292-7272, ext. 50214
For questions regarding the Department's Order
Contact Leona Joyner
Chief of Investigations - Enforcement
609-292-7272, ext. 50239
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