Mortgage services paid for but not received

A man who offered loan modification services without a license has been fined $100,000, according to the Minnesota Department of Commerce. Todd Jacobson and his firm, LMS and Associates of St. Louis Park, billed 105 clients up to $2,995 for mortgage modification services they did not receive, the order said. He then reneged on a money-back guarantee. Jacobson filed a false license application, forged signatures, falsely represented himself as a real estate broker and made misleading statements to customers, the order said. Jacobson did not admit the charges but agreed not to contest them. In a Feb. 3 order, Deputy Commerce Commissioner Kevin Murphy wrote: "That [Jacobson and LMS] preyed upon and took advantage of struggling homeowners is particularly offensive." Read the full order here.