Trusted American’s operational control taken over by YSG

Following the enforcement action against now ex-CEO Patrick Terrance Donlon, Yield Solutions Group has assumed full operational control of Trusted American Mortgage, the companies said in a press release.

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The two companies share an address in Centennial, Colorado. YSG has a nationwide presence in the auto lending industry.

Donlon resigned as CEO of Trusted American following a settlement with 21 state regulators over allegations he violated the SAFE Act by having another person take pre-licensing and continuing education for him.

The settlement stipulates Donlon cannot serve as a qualified individual or control person of any financial services entity registered with NMLS for two years.

He can apply for reinstatement of his license in two years in Colorado and Florida. But in the remaining 19 states, Donlon is permanently barred.

YSG said the change to bring Trusted American under its control will allow the mortgage broker to expand nationwide from two states.

The company has a track record of compliance, corporate governance and data security, said David Sunshine, managing partner of YSG, in the press release.

It will be investing significant capital to grow the mortgage broker into a nationally competitive platform, he added.

“Our senior leadership team is providing immediate oversight and guidance to enable Trusted American Mortgage to roll out operational enhancements that align with our culture of accountability and rigorous standards,” Sunshine continued.

“We will ensure that Trusted American Mortgage will have properly licensed and trained leadership, the resources it needs to ensure ongoing regulatory compliance and the ability to provide industry-leading mortgage services.”

The press release again emphasized YSG’s investment in “compliance infrastructure, education and licensing controls, quality control and audit functions, and technology systems designed to support consistent, scalable, and transparent operations.”