DOB: United Financial Mortgage Corp., United Financial Mortgage Corp., d/b/a AmPro Mortgage, Order Revoking First Mortgage Lender/Broker Licenses

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IN THE MATTER OF:

UNITED FINANCIAL MORTGAGE
CORP.

UNITED FINANCIAL MORTGAGE
CORP., d/b/a AMPRO MORTGAGE

    (Collectively "Respondent")

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ORDER REVOKING FIRST MORTGAGE
LENDER/BROKER LICENSES


I.  PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I(A) of Chapter 668, Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes, “Nondepository First Mortgage Lenders, Brokers and Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on October 16, 2007, the Commissioner, acting pursuant to Section 36a-492(b) of the Connecticut General Statutes and Sections 36a-494(a)(1)(C) and 36a-51(a) of the Connecticut General Statutes, as amended by Public Act 07-91, issued a Notice of Automatic Suspensions, Notice of Intent to Revoke First Mortgage Lender/Broker Licenses and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on October 17, 2007, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB027866686US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that the Commissioner would issue an order revoking Respondent’s licenses to engage in the business of a first mortgage lender/broker in Connecticut from 2348 Post Road #202, Warwick, Rhode Island, and 2133 West Peoria Avenue, Suite 130, Phoenix, Arizona, if a hearing was not requested within 14 days of its receipt;
 
WHEREAS, on October 31, 2007, Respondent received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain bonds is a violation of Section 36a-492(a) of the Connecticut General Statutes and constitutes grounds to revoke Respondent’s licenses to engage in the business of a first mortgage lender/broker in Connecticut from 2348 Post Road #202, Warwick, Rhode Island, and 2133 West Peoria Avenue, Suite 130, Phoenix, Arizona, pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended;
 
WHEREAS, Section 36a-51(b) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall . . . revoke . . . the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”;
 
WHEREAS, Section 36a-494(a)(1) of the Connecticut General Statutes, as amended, provides, in pertinent part, that “[t]he commissioner may . . . revoke . . . any [first mortgage lender/broker] license . . . , in accordance with the provisions of section 36a-51, . . . if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has . . . (C) violated any of the provisions of this title”;
 
AND WHEREAS, Section 36a-492(a) of the Connecticut General Statutes provides, in pertinent part, that “[n]o such [first mortgage lender/broker] license, and no renewal thereof, shall be granted unless the applicant has filed a bond with the commissioner written by a surety authorized to write such bonds in this state, in the sum of forty thousand dollars . . . .  The bond shall run concurrently with the period of the license granted to the applicant, and the aggregate liability under the bond shall not exceed the penal sum of the bond.”
 

II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 5, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended, constitutes sufficient grounds to revoke Respondent’s licenses to engage in the business of a first mortgage lender/broker in Connecticut from 2348 Post Road #202, Warwick, Rhode Island; and 2133 West Peoria Avenue, Suite 130, Phoenix, Arizona.
3.
The Commissioner finds that the Notice was given in compliance with Section 36a-51(a) of the Connecticut General Statutes, as amended, and Sections 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended, and Section 36a-51(b) of the Connecticut General Statutes that:

1.
The licenses of United Financial Mortgage Corp., United Financial Mortgage Corp., d/b/a AmPro Mortgage to engage in the business of a first mortgage lender/broker in Connecticut from 2348 Post Road #202, Warwick, Rhode Island, and 2133 West Peoria Avenue, Suite 130, Phoenix, Arizona, be and are hereby REVOKED; and
2.
This Order revoking the licenses of United Financial Mortgage Corp., United Financial Mortgage Corp., d/b/a AmPro Mortgage to engage in the business of first mortgage lender/broker in Connecticut from 2348 Post Road #202, Warwick, Rhode Island, and 2133 West Peoria Avenue, Suite 130, Phoenix, Arizona, shall become effective when mailed.
 

Dated at Hartford, Connecticut
this 16th day of November 2007.                ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner



This order was mailed by certified mail,
return receipt requested, to
Respondent on November 16, 2007.

United Financial Mortgage Corp.      Certified Mail No. 7099 3400 0009 0180 1317
913 North Market Street, Suite 900
Wilmington, DE 19801


Administrative Orders and Settlements