| * * * * * * * * * * * * * * * * * * * * * * * *
IN THE MATTER OF: EQUITY PRIME MORTGAGE LLC ("Equity Prime") |
*
*
* * * * * * * * * * |
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, Equity Prime is a Georgia limited liability company that is currently licensed as a mortgage 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 lender licensees file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of its name 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 name;
WHEREAS, Equity Prime failed to file with NMLS a change of its name 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 Equity Prime, 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, Equity Prime, 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, Equity Prime acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Equity Prime herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Equity Prime 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, Equity Prime 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
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 Equity Prime 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 Equity Prime 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 Equity Prime and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Equity Prime and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Equity Prime 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 2nd day of February 2017. ______/s/__________
Jorge L. Perez
Banking Commissioner
I, Eduardo Perez, state on behalf of Equity Prime Mortgage LLC d/b/a Equity Prim Mortgage f/k/a Equity Loans LLC, 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 Equity Prime Mortgage LLC d/b/a Equity Prime Mortgage f/k/a Equity Loans LLC; that Equity Prime Mortgage LLC d/b/a Equity Prime Mortgage f/k/a Equity Loans LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Equity Prime Mortgage LLC d/b/a Equity Prime Mortgage f/k/a Equity Loans LLC 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: Eduardo G. Perez Jr.
Title: President
Equity Prime Mortgage LLC
d/b/a Equity Prime Mortgage
f/k/a Equity Loans LLC
State of: Georgia
County of: Fulton
On this the 27 day of January 2017, before me, James J. Lyons, the undersigned officer, personally appeared Eduardo G. Perez, Jr. who acknowledged himself/herself to be the President of Equity Prime Mortgage LLC d/b/a Equity Prime Mortgage f/k/a Equity Loans LLC, a member managed/manager managed limited liability company, and that he/she as such Member, 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 Member.
In witness whereof I hereunto set my hand.
__________/s/___________
Notary Public: James J. Lyons
Date Commission Expires: 3-12-2018