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Disciplinary Actions and Sanctions for Division of Real Estate

Arave, Steven

Mortgage Officer and Control Person of Provident Finance, LLC

Description of Licensing Actions or Disciplinary Sanction:
Agreed to pay a $100 fine and his license and that of Provident Finance, LLC were inactivated by the Division on January 5, 2005. Mr. Arave failed to notify the Division of an address change and a telephone number change for Provident Finance, LLC. The Division also received a complaint alleging, among other things, that Mr. Arave submitted a loan application that contained false information for a borrower in that it showed the borrower had two jobs when in fact the borrower had quit one of the jobs. Mr. Arave denied that he knowingly submitted false employment information, and asserted that when he learned that the borrower had quit one of the jobs, he called and notified the lender. #MG19771.