The mortgage brokers license issued to Damita R. Ferguson, d/b/a Community Residential Funding and Ivy League Mortgage, 15001 West Eight Mile Road in Detroit, was suspended by an order issued by Michigan Financial Institutions Bureau Commissioner Patrick M. McQueen on November 17, 1997.

Acting on consumer complaints lodged against Community Residential Funding, Deputy Commissioner Gary Mielock supervised an examination of the mortgage company. According to Mielock's sworn statement, the mortgage companies continuing activity "constitutes an imminent threat to the public safety and welfare." Allegations against Damita Ferguson and her company include misrepresentations to lenders by falsifying information on borrower's loan applications and by creating phony mortgage loan documents in an attempt to qualify borrowers for loans.

As provided by law, Ms. Ferguson and Community Residential Funding were provided with a Notice of Opportunity for Administrative Hearing if she wishes to contest the summary suspension of the mortgage brokers license.

The Financial Institutions Bureau is the primary regulator of Michigan's state-chartered banks, credit unions, savings banks, and over 4000 other licensed lenders.