Unlicensed mortgage agent is fined, banned

A Cottage Grove real estate agent whose company charged illegal mortgage fees was fined $25,000 and banned from the mortgage business, according to an order last week by the Minnesota Department of Commerce. Mark P. Abdel was an owner of Modify My Loan U.S. when the company offered to negotiate the terms of customers' mortgages. The business falsely advertised that no advance fee was required. In reality, it charged customers up to $2,950 before providing services. It also failed to return fees when no service was provided, the order said. Abdel is still licensed as a real estate salesperson and won't have to pay $10,000 of the penalty as long as he doesn't violate further laws related to the Commerce Department . Read the full consent order here.