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IN THE MATTER OF: AMERICAY MORTGAGE ("Americay 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, Americay Mortgage is a Connecticut corporation with an office at 154 Talcottville Road, Vernon, Connecticut, and is currently licensed as a mortgage broker 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 Section 36a-17(a) of the 2012 Supplement to the General Statutes and Section 36a-498f of the Connecticut General Statutes, investigated the activities of Americay Mortgage to determine if it has violated, is violating or is about to violate any provision of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, as a result of the investigation, the Commissioner alleges that Americay Mortgage failed to timely file on the Nationwide Mortgage Licensing System & Registry (“NMLS”) its second, third and fourth quarterly mortgage call reports for 2011 and its first quarterly mortgage call report for 2012, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes;
WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against Americay Mortgage, including proceedings to revoke Americay Mortgage’s mortgage broker license in Connecticut pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the 2012 Supplement to the General Statutes, issue a cease and desist order against Americay Mortgage pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation upon Americay Mortgage pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes and Section 36a-50(a) of the Connecticut General Statutes;
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(2) of the Connecticut General Statutes;
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, both the Commissioner and Americay Mortgage acknowledge the possible consequences of formal administrative proceedings, and Americay Mortgage voluntarily agrees to consent to the entry of the sanctions described below solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained herein;
WHEREAS, Americay Mortgage admits that it did not file timely the call reports described herein;
WHEREAS, Americay Mortgage herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately filing required reports with the Commissioner through NMLS as required or as otherwise permitted under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, Americay Mortgage acknowledges that this Consent Order is a public record required to be disclosed in response to regulatory disclosure questions on the NMLS, as applicable;
AND WHEREAS, Americay Mortgage, 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, and voluntarily waives its rights to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Americay Mortgage, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
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No later than the date this Consent Order is executed by Americay Mortgage, Americay Mortgage 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 Two Thousand Five Hundred Dollars ($2,500) as a civil penalty. |
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No later than the date this Consent Order is executed by Americay Mortgage, Americay Mortgage shall have satisfactorily filed on NMLS its second, third and fourth quarterly mortgage call reports for 2011 and its first quarterly mortgage call report for 2012. Americay Mortgage shall timely and accurately file all required reports on NMLS or as otherwise permitted under Part I of Chapter 668 of the Connecticut General Statutes in connection with its current and any future license issued to Americay Mortgage.
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The Sanctions set forth above be 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 Americay Mortgage 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 Americay 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 Americay Mortgage and reflected herein is subsequently discovered to be untrue; |
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So long as this Consent Order is promptly disclosed by Americay Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Americay 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 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 16th day of August 2012. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Christopher Gilnack, state on behalf of Americay Mortgage 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 Americay Mortgage Corporation; that Americay Mortgage Corporation agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that Americay Mortgage 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: Christopher Gilnack
Title: President
Americay Mortgage Corporation
State of: CT
County of: Tolland
On this the 9th day of August 2012, before me, Karen Green, the undersigned officer, personally appeared Christopher Gilnack who acknowledged himself/herself to be the President of Americay Mortgage Corporation, a corporation, 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 corporation by himself/herself as President.
In witness whereof I hereunto set my hand.
________/s/_________
Notary Public
Date Commission Expires: 1-31-2015