On October 20, 1999, Acting Commissioner Gary Mielock, Michigan Financial Institutions Bureau (FIB), suspended the mortgage broker and lender license of Pyramid Mortgage, Inc. (d/b/a Gold Mortgage), 13251 Michigan Ave, Dearborn, Michigan. The FIB issued an Order of Summary Suspension, a Cease and Desist Order, and a Notice of Opportunity for Administrative Hearing. The summary suspension is effective upon service, and continues pending a hearing.

"I acted to suspend this company's license because the alleged practices of Pyramid Mortgage constitute an imminent threat of financial loss and a very real threat to the welfare of Michigan's citizens," said Acting Commissioner Mielock. Mielock explained that the orders and the required notice were issued in response to a sworn petition filed by senior staff from FIB's examination division.

Staff investigators charged that Pyramid Mortgage engaged in a pattern of fraud, deceit, and misrepresentation in connection with its licensed activities. It was also alleged that Pyramid Mortgage misrepresented borrower financial and employment information by creating phony mortgage loan documents, including false income and employment information. Loan documentation prepared and used to obtain a loan could result in potentially disastrous financial consequences for both a borrower and the lender.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, savings banks, credit unions, and over 5000 other licensed lenders. The bureau is 100% fee-funded, requiring no public tax dollars for its supervisory, regulatory, licensing, and enforcement activities. The bureau is an agency within the Michigan Department of Consumer & Industry Services.