A mayoral candidate in Pocomoke City has reached an agreement in a mortgage fraud case that will bar him from lending to Maryland homebuyers for at least seven years.

According to Salisbury District Court documents, Frank J. Ward III, his company, The Money Centre, Ltd., and employee Annette Coston are named in a cease and desist order issued Wednesday. As part of the agreement, WArd will work with borrowers to modify "close to 50" mortgages in the next two months.

Attorney Jed Bellman, of the Maryland Commissioner of Financial Regulation, said Ward, Coston and his company admitted to engaging in unlicensed mortgage activity. Ward will pay $75,000 to the state of Maryland for civil penalties and investigation costs. He must also refund to borrowers interest and other costs that were fraudulently collected.

Ward's attorney, Melvin J. Caldwell, said Ward did nothing fraudulent, and his violations were mostly technical.

If you need assistance with loan modification, please contact the Maryland Mortgage Modification Lawyer of Chaifetz & Coyle, P.C., by calling 443-546-4608.