First Mortgage West
Sun 16 Oct 2011
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Consumer Alerts
Consumer alert regarding First Mortgage West
Lloyd's has become aware, following a number of enquiries from US citizens, that documentation produced by First Mortgage West purports that the company has insurance coverage at Lloyd's. Specifically clause 2.4 of the First Mortgage West loan document states "It is understood that First Mortgage West carries an A+ rated insurance policy with Lloyds of London in the amount of USD $1,000,000.00 Policy Number CA-CVL000452671".
Consumers should be warned that Lloyd's has not been able to identify any such coverage arranged with underwriters at Lloyd's. In addition Lloyd's has failed to receive any response when attempting to contact First Mortgage West. Internet searches have identified a number of references posted by individuals alleging that First Mortgage West are engaged in fraud. The matter has been reported to the authorities.
As a result of the above consumers should be aware that it may be unsafe to conduct business with First Mortgage West. Any party who has already engaged with them is asked to contact Lloyd's in writing. Lloyd's contact details for this purpose are: regulatoryrisk@lloyds.com and Lloyd's US contact details are: info.us@lloyds.com
