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IN THE MATTER OF: HOME POINT FINANCIAL ("Home Point") |
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CONSENT ORDER |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
WHEREAS, Home Point is a New Jersey corporation that is currently licensed as a mortgage correspondent lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage correspondent lender licensees file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of the address of its branch office at least thirty (30) calendar days prior to such change, and provide directly to the Commissioner a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new address of the branch office;
WHEREAS, Home Point failed to file with NMLS a change of address of its branch office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner;
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Home Point, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the 2016 Supplement to the General Statutes. Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
WHEREAS, Home Point, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a notice and an opportunity for a hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanction imposed below and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
WHEREAS, Home Point acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Home Point herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Home Point will file any change it makes to its name or any address of any office specified on its most recent filing with NMLS at least thirty (30) calendar days prior to such change and, in connection with such change, Home Point will provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects such change.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Home Point, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
No later than the date this Consent Order is executed by Home Point, it shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Five Hundred Dollars ($500) as a civil penalty.
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
| 1. | The Sanction set forth above be and is hereby entered; |
| 2. | Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Home Point based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Home Point based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Home Point and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Home Point and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Home Point to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, provided all applicable legal requirements for such license are satisfied; and |
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This Consent Order shall become final when issued.
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Issued at Hartford, Connecticut
this 5th day of December 2016. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Robert Spellman, Executive Managing Director, state on behalf of Home Point Financial Corporation, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of Home Point Financial Corporation; that Home Point Financial Corporation agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Home Point Financial Corporation voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
By: ________/s/___________
Name: Robert Spellman
Title: Executive Managing Director
Home Point Financial Corporation
State of: Michigan
County of: Washtenaw
On this the 28th day of November 2016, before me, Amy Millis, the undersigned officer, personally appeared Robert Spellman who acknowledged himself/herself to be the Executive Managing Director (EMD) of Home Point Financial Corporation, a corporation, and that he/she as such EMD, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as EMD.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: 08-26-2022