The mortgage broker and lenders license held by Financial Specialists, Inc. of 15565 Northland Drive, Southfield, Michigan, was revoked by Commissioner Patrick M. McQueen of the Michigan Financial Institutions Bureau, effective August 13, 1997, stripping the company of authority to engage in any business activity regulated under the Michigan Mortgage Brokers, Lenders, and Services Licensing Act. Financial Specialists, Inc. was also fined $1,000 in civil penalties.

The Order revoking the company's license specified that Financial Specialists, Inc. engaged in a pattern of "fraud, deceit, and misrepresentation" in connection with its mortgage broker and lender activities. Financial Specialists, Inc. was owned and operated by Phillip Van Buren, the company's president.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, credit unions, savings banks, and over 4,000 other licensed lenders.