26 loan modification firms must shut down

The Nevada Division of Mortgage Lending is canceling the authorization to work for 26 residential mortgage loan modification consultant companies that failed to obtain a $75,000 surety bond required by a new state law.

An additional 18 firms are being allowed to continue working while their licenses are processed.

Frederickson, Mozeika & Grant LLP is the only firm that has obtained a license.

Companies that are required to close have 10 days to cancel contracts with homeowners and pay refunds for work not yet performed.