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, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Respondents to determine if they had violated, were violating or were about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on April 9, 2009, the Commissioner, acting pursuant to Sections 36a-52(b), 4-182(c), 36a-494(a)(1), 36a-494(a)(1)(B), 36a-494(a)(1)(C), 35a-51, 36a-494(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist, Order of Summary Suspension (“Order of Summary Suspension”), Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “April Notice”) against Respondents, which April Notice is incorporated herein by reference;

WHEREAS, the April Notice alleged that during an examination of Allied, Allied, through Malik, failed to provide copies of certain loan files that the Division examiners required to be produced and failed to otherwise furnish the examiners with unrestricted access to its records in violation of Sections 36a-17(d) and 36a-493(a) of the Connecticut General Statutes;

WHEREAS, the April Notice also alleged that during such examination, Malik stated that she had not originated any mortgage loans or taken any mortgage loan applications since 2006.  The April Notice further alleged that during such examination, examiners reviewed a mortgage loan application signed by Malik on January 10, 2008, which caused Malik’s statement to be in violation of Section 36a-53a of the Connecticut General Statutes;

WHEREAS, on April 23, 2009, Allied received the April Notice, and on April 17, 2009, Respondents requested a hearing;

WHEREAS, on September 18, 2009, the Commissioner, acting pursuant to Sections 36a-51, 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “September Notice”) against Allied, which September Notice is incorporated herein by reference;

WHEREAS, the September Notice alleged that Allied, during the period of April 21 through June 15, 2009, violated an order of the Commissioner by acting as a mortgage broker in Connecticut, in violation of the Order of Summary Suspension of its license that was made a part of the April Notice;

WHEREAS, on September 23, 2009, Allied received the September Notice, and on September 29, 2009, Allied requested a hearing;

WHEREAS, on October 15, 2009, the Division conducted an examination of Allied and determined that Allied had not acted as a mortgage broker in Connecticut, in violation of the Order of Summary Suspension;

WHEREAS, on October 22, 2009, the Commissioner issued an Order of Withdrawal of Order of Summary Suspension, which is incorporated herein by reference;

WHEREAS, on November 2, 2009, the designated hearing officer with respect to the April Notice and September Notice (collectively “Notices”) continued the hearings for such Notices, which hearing was held on July 12, 2010;

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 agreed settlement, unless precluded by law;

WHEREAS, Respondents agree to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notices and set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations described above;

WHEREAS, Respondents, through their execution of this Settlement Agreement, voluntarily agree to waive any rights to a hearing upon the allegations contained in the Notices and this Settlement Agreement, and waive the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;

AND WHEREAS, Respondents specifically assure the Commissioner that the alleged violations described in the April Notice shall not occur in the future.

NOW THEREFORE, the Commissioner and Respondents enter into this Settlement Agreement as follows:

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.

Dated at Hartford, Connecticut
this 6th day of December 2010.           ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Ayeshah Malik, state on behalf of Allied Financial Services, LLC, that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Allied Financial Services, LLC; and that Allied Financial Services, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                            

State of:  Connecticut

County of:  Fairfield

On this the 2 day of Dec. 2010, before me, Ayeshah Malik, the undersigned officer, personally appeared Ayeshah Malik, who acknowledged herself to be the Member of Allied Financial Services, LLC, a limited liability company, and that she as such Member, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by herself as Member.

In witness whereof I hereunto set my hand.

I, Ayeshah Malik, state on behalf of Allied Financial Services, LLC, that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Allied Financial Services, LLC; and that Allied Financial Services, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                            

State of:  Connecticut

County of:  Fairfield

On this the 2 day of Dec. 2010, before me, Ayeshah Malik, the undersigned officer, personally appeared Ayeshah Malik, known to me (or satisfactorily proven) to be the person whose name Ayeshah Malik subscribed to the within instrument and acknowledged that she executed the same for the purposes therein contained.

In witness whereof I hereunto set my hand.

Administrative Orders and Settlements