| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: STONEGATE MORTGAGE ("Stonegate") | * * * * * * * * * * * * * | CONSENT ORDER |
WHEREAS, Stonegate is a Massachusetts corporation that is currently licensed as a mortgage broker under 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, the Banking Commissioner (“Commissioner”) is charged with the administration of 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 a mortgage broker licensee file with the Nationwide Mortgage Licensing System and Registry (“NMLS”) a change of the address of its main 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 main office;
WHEREAS, Stonegate failed to file with NMLS a change of its address of its main 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 Stonegate, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes, as amended by Public Act 15-61. 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, Stonegate, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for 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, Stonegate acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Stonegate herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Stonegate 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, Stonegate 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, Stonegate, 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 Stonegate, 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 is and are 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 Stonegate 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 Stonegate 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 Stonegate and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Stonegate and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Stonegate 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, and for its mortgage loan originators to apply for or obtain licensure from the Commissioner, provided all applicable legal requirements for such license are satisfied; and |
| 4. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 10th day of February 2016. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Christopher L. Baker, state on behalf of Stonegate Mortgage Associates, Inc., 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 Stonegate Mortgage Associates, Inc.; that Stonegate Mortgage Associates, Inc., agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Stonegate Mortgage Associates, Inc., 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: Christopher L. Baker
Title: Operations Manager
Stonegate Mortgage Associates, Inc.
State of: Massachusetts
County of: Bristol
On this the 1st day of February 2016, before me, Grant R. Menard, the undersigned officer, personally appeared Christopher L. Baker who acknowledged himself/herself to be the Operations Manager of Stonegate Mortgage Associates, Inc., a corporation, and that he/she as such Operations Manager, 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 Operations Manager.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: Oct. 12th, 2018