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IN THE MATTER OF:
FIDELITY HOME MORTGAGE
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WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534a, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Brokers and Originators”;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Fidelity to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, on June 9, 2008, the Commissioner, acting pursuant to Sections 36a-492(b), 36a-494(a)(1)(C) and 36a-51(a) of the 2008 Supplement to the General Statutes, 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 Fidelity, which Notice is incorporated herein by reference;
WHEREAS, the Notice alleged that Fidelity, in violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes, failed to maintain a surety bond that runs concurrently with the period of the license granted to Fidelity to engage in the business of a first mortgage correspondent lender/broker in Connecticut from 730 North Broad Street, Suite 100, Woodbury, New Jersey;
WHEREAS, on June 16, 2008, Fidelity received the Notice, and no request for a hearing was received by the Commissioner;
WHEREAS, on June 18, 2008, Fidelity specifically assured the Commissioner that it has not conducted any business in Connecticut after May 11, 2008;
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, Fidelity agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation described above;
WHEREAS, Fidelity, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Fidelity based upon the allegations contained in the Notice.
NOW THEREFORE, the Commissioner and Fidelity enter into this Settlement Agreement as follows:
IN WITNESS WHEREOF,
||Prior to the date this Settlement Agreement is executed by the Commissioner, Fidelity will surrender its first mortgage correspondent lender/broker license No. 20375 and cease engaging in the business of a first mortgage correspondent lender/broker in Connecticut from 730 North Broad Street, Suite 100, Woodbury, New Jersey;|
||Nothing in this Settlement Agreement shall adversely affect the ability of Fidelity to apply for or obtain a license or renewal license under Part I of Chapter 668 of the Connecticut General Statutes in the future; and|
Notwithstanding anything to the contrary in this Settlement Agreement, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Fidelity to enforce this Settlement Agreement if the Commissioner determines that Fidelity is not fully complying with any term or condition stated herein or if any representation made by Fidelity and reflected herein is subsequently discovered to be untrue. For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner.
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 2nd day of July 2008.
Howard F. Pitkin
I, Vasilios Mavroulis, state on behalf of Fidelity Home Mortgage Corporation, 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 Fidelity Home Mortgage Corporation; and that Fidelity Home Mortgage Corporation agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Fidelity Home Mortgage Corporation
State of: Maryland
County of: Baltimore
On this the 30 day of June 2008, before me, Charlese Smith, the undersigned officer, personally appeared Vasilios Mavroulis, who acknowledged himself/herself to be the President of Fidelity Home 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.
Date Commission Expires: 7/26/2010
Administrative Orders and Settlements