The Nevada Division of Mortgage Lending announced that it has issued an order to take possession of all property, business and assets of Cetus Mortgage, Ltd.., Reno, Nevada, that the hard money mortgage brokerage has in the State of Nevada.  The company’s mortgage broker license expired on June 30, and as a result, the brokerage ceased operations with many loan functions still ongoing.  With no license and no business operations, Cetus is unable to process the ongoing loan functions.

Additionally, based on complaints from investors received beginning in June 2008, the Division initiated an investigation of Cetus, and its owner, Marcie Benvin.  Although the nature of the investigation remains confidential, the Division believes it is in the best interests of the investors that it takes possession of the remaining business of Cetus. 

Over the next several days, the Division will be conducting an extensive review of Cetus’ books and records, at which time it will have a better understanding on the number of loans outstanding, the dollar amounts thereof, and the number of investors involved.  In the interim, the Division will attempt to transfer the ongoing loan functions to other licensed entities.  The order will remain in effect until terminated by the Commissioner of the Division of Mortgage Lending or, pursuant to NRS 645B.640, 60 days after the issuing of the order, whichever occurs first.

For more information about the Division of Mortgage Lending, visit their website at http://mld.nv.gov.