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IN THE MATTER OF: SILVERMINE VENTURES, LLC ("Thoroughbred Mortgage") |
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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, Thoroughbred Mortgage is a New York limited liability company 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, the Commissioner, through the Consumer Credit Division of the Department of Banking, pursuant to the authority granted by Sections 36a-17 and Section 36a-498f of the Connecticut General Statutes, investigated the activities of Thoroughbred Mortgage to determine if it had violated, was violating, or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, on June 21, 2016, as a result of the investigation, the Commissioner, acting pursuant to Section 36a-494(b) of the 2016 Supplement to the General Statutes and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) against Thoroughbred Mortgage, which Notice is incorporated herein by reference;
WHEREAS, the Commissioner alleged in the Notice that Thoroughbred Mortgage failed to file its Standard Financial Condition – 2015 mortgage call report that was due on March 30, 2016, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes, which violation forms the basis to issue an order to cease and desist pursuant to Section 36a-494(b) of the 2016 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Section 36a-494(b) of the 2016 Supplement to the General Statutes and Section 36a-50(a) of the Connecticut General Statutes;
WHEREAS, on June 21, 2016, the Notice was sent by certified mail, return receipt requested, to Thoroughbred Mortgage (Certified Mail No. 70123050000069999888);
WHEREAS, on June 23, 2016, Thoroughbred Mortgage received the Notice and on July 5, 2016, requested a hearing;
WHEREAS, 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, the Commissioner and Thoroughbred Mortgage now desire to resolve the matters alleged in the Notice and set forth herein;
WHEREAS, Thoroughbred Mortgage admits that the mortgage call report described in the Notice and set forth herein was not filed on its due date;
WHEREAS, Thoroughbred Mortgage herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately filing all required reports with the Commissioner, including but not limited to mortgage call reports required to be submitted to the Commissioner through the Nationwide Multistate Licensing System and Registry (“NMLS”);
WHEREAS, Thoroughbred Mortgage acknowledges that this Consent Order is a public record and is a reportable event for purposes of the regulatory disclosure questions on NMLS, as applicable;
WHEREAS, Thoroughbred Mortgage voluntarily agrees to consent to the entry of the sanction imposed below, solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained in the Notice and set forth herein;
WHEREAS, Thoroughbred Mortgage agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
AND WHEREAS, Thoroughbred Mortgage, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including a right to a hearing as it pertains to the allegation contained in the Notice and set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Thoroughbred Mortgage, 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 Thoroughbred Mortgage, it shall remit to the Department of Banking by wire transfer or by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Two Thousand Five Hundred Dollars ($2,500) 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. | No later than the date this Consent Order is executed by Thoroughbred Mortgage, it shall have satisfactorily filed on NMLS all mortgage call reports required to date. In the future, Thoroughbred Mortgage shall timely and accurately file all required reports in connection with its current and any future license issued to Thoroughbred Mortgage; |
| 3. | 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 Thoroughbred Mortgage based upon the allegation set forth in the Notice and contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Thoroughbred Mortgage 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 Thoroughbred Mortgage and reflected herein is subsequently discovered to be untrue; |
| 4. | Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Thoroughbred Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Thoroughbred Mortgage 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 |
| 5. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 17th day of August 2016. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Erik Martin, state on behalf of Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage 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 Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage; that Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage 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: Erik Martin
Title: President
Silvermine Ventures, LLC
d/b/a Thoroughbred Mortgage LLC
d/b/a Thoroughbred Mortgage
State of: Connecticut
County of: New Haven
On this the 8 day of August 2016, before me, Erin Regan, Esq., the undersigned officer, personally appeared Erik Martin who acknowledged himself/herself to be the President of Silvermine Ventures, LLC d/b/a Thoroughbred Mortgage LLC d/b/a Thoroughbred Mortgage, a member managed/manager managed limited liability company, and that he/she as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as President.
In witness whereof I hereunto set my hand.
______________/s/_____________
Commissioner of the Superior Court