June 30, 2008
FIRST CLASS AND REGISTERED MAIL
Ms. Victoria A. Boyd
403 Peninsula Drive
Carolina Beach, NC 28428
Re: Denial of Originator Registration
Dear Ms. Boyd:
On April 18, 2008, AAXA Discount Mortgage, Inc. (“AAXA Mortgage”) filed a New Application for Registration of Loan Originators with the Consumer Credit Division (“Division”) of this department seeking to register you as a loan originator. AAXA Mortgage is currently licensed as a first mortgage broker under Part I(A) of Chapter 668 of the Connecticut General Statutes, “Nondepository First Mortgage Lenders, Brokers and Originators”. Pursuant to Section 36a-489(b) of the 2008 Supplement to the General Statutes, I hereby deny the registration for the reason set forth below.
Section 36a-489(b) of the 2008 Supplement to the General Statutes requires me to register an originator unless I find, among other things, that the character and integrity of such originator are not such as to warrant belief that registration would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes. If I deny the registration, I must notify the originator and the applicant of the denial and the reasons for such denial.
Pursuant to the authority granted to me by Section 36a-17 of the Connecticut General Statutes, I have, through the Division, investigated your activities to determine whether your financial responsibility, character, reputation, integrity and general fitness are such as to warrant belief that granting you registration as an originator would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes. As a result of such investigation, I have considered the fact that in response to Question 2 on the Loan Originator Addendum Form dated April 8, 2008, which asked “[h]ave you ever been the subject of actions (cease and desist orders, consent orders, injunctions, license suspensions or revocations, etc.) before any regulatory agency?”, you answered “Yes”. You also provided a copy of a Final Agency Decision In Re: Appeal of Victoria B. Herrera, from the Commissioner of Banks to the State Banking Commission of North Carolina (“Commission”) dated July 21, 2004 (“Final Decision”). In the Final Decision, the Commission accepted and affirmed the Revocation Order of the North Carolina Commissioner of Banks who found, among other things, that you violated the registration requirements of Article 19 of the North Carolina Mortgage Lending Act by conducting business as a mortgage broker without having been registered as a mortgage broker, accepted compensation without being registered as a mortgage broker and willfully concealed the compensation received.
Based on the facts mentioned above, I am unable to find that your character and integrity are such as to warrant belief that granting you registration as an originator will be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes.
Very truly yours,
Howard F. Pitkin
Registered Mail No. RB028034905US
cc: AAXA Discount Mortgage, Inc.