DOB: Summit Mortgage, LLC d/b/a SMT Mortgage, LLC

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IN THE MATTER OF:

SUMMIT MORTGAGE, LLC
d/b/a SMT MORTGAGE, LLC

    ("Respondent")

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ORDER REVOKING FIRST MORTGAGE
CORRESPONDENT LENDER/BROKER
LICENSE


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 January 30, 2008, 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 Suspension, Notice of Intent to Revoke First Mortgage Correspondent Lender/Broker License and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on January 30, 2008, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028033202US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that the Commissioner would issue an order revoking Respondent’s license to engage in the business of a first mortgage correspondent lender/broker in Connecticut from 301 Edgewater Place, Suite 310, Wakefield, Massachusetts, if a hearing was not requested within 14 days of its receipt;
 
WHEREAS, on February 8, 2008, the Notice was returned to the Department marked “Returned To Sender – Moved, Left No Address”;
 
WHEREAS, Section 36a-51(a) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[t]he notice shall be deemed received by the licensee on the earlier of the date of actual receipt or seven days after mailing or sending”;
 
WHEREAS, Respondent failed to request a hearing within the prescribed time period;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a bond is a violation of Section 36a-492(a) of the Connecticut General Statutes and constitutes grounds to revoke Respondent’s license to engage in the business of a first mortgage correspondent lender/broker in Connecticut from 301 Edgewater Place, Suite 310, Wakefield, Massachusetts, pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended;
 
WHEREAS, Section 36a-51(b) of the 2008 Supplement to the 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 correspondent 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 correspondent 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 license to engage in the business of a first mortgage correspondent lender/broker in Connecticut from 301 Edgewater Place, Suite 310, Wakefield, Massachusetts.
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 2008 Supplement to the General Statutes, that:

1.
The license of Summit Mortgage, LLC d/b/a SMT Mortgage, LLC to engage in the business of a first mortgage correspondent lender/broker in Connecticut from 301 Edgewater Place, Suite 310, Wakefield, Massachusetts, be and is hereby REVOKED; and
2.
This Order revoking the license of Summit Mortgage, LLC d/b/a SMT Mortgage, LLC to engage in the business of first mortgage correspondent lender/broker in Connecticut from 301 Edgewater Place, Suite 310, Wakefield, Massachusetts, shall become effective when mailed.
 

Dated at Hartford, Connecticut
this 25th day of February 2008.                  ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner




This order was mailed by certified mail,
return receipt requested, to Respondent
on February 25, 2008.


Summit Mortgage, LLC        Certified Mail No. 7002 0860 0002 1545 8642
d/b/a SMT Mortgage, LLC
301 Edgewater Place, Suite 310
Wakefield, MA 01880


Administrative Orders and Settlements