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IN THE MATTER OF:
MORTGAGE DREAMS, LLC
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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 Mortgage Dreams 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), 36a-517(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 and Secondary Mortgage Broker Licenses and Notice of Right to Hearing (collectively “Notice”) against Mortgage Dreams, which Notice is incorporated herein by reference;
WHEREAS, the Notice alleged that Mortgage Dreams, 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 Mortgage Dreams to act as a first mortgage broker in Connecticut from 70 James Street, Suite 270, Worcester, Massachusetts;
WHEREAS, on June 16, 2008, Mortgage Dreams received the Notice, and no request for a hearing was received by the Commissioner;
WHEREAS, on July 23, 2008, Mortgage Dreams specifically assured the Commissioner that it has not done any business in Connecticut since May 2, 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, Mortgage Dreams 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, Mortgage Dreams, 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 Mortgage Dreams based upon the allegations contained in the Notice.
NOW THEREFORE, the Commissioner and Mortgage Dreams enter into this Settlement Agreement as follows:
||Prior to the date this Settlement Agreement is executed by the Commissioner, Mortgage Dreams will surrender its first mortgage broker license No. 15486 and secondary mortgage broker license No. 15465, and cease acting as a first and secondary mortgage broker in Connecticut from 70 James Street, Suite 270, Worcester, Massachusetts;|
||Nothing in this Settlement Agreement shall adversely affect the ability of Mortgage Dreams 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 Mortgage Dreams to enforce this Settlement Agreement if the Commissioner determines that Mortgage Dreams is not fully complying with any term or condition stated herein or if any representation made by Mortgage Dreams 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.|
IN WITNESS WHEREOF, 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 15th day of August 2008.
Howard F. Pitkin
I, ______________________________, state on behalf of Mortgage Dreams, LLC, 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 Mortgage Dreams, LLC; and that Mortgage Dreams, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Name: Julie-Ann Tremblay
Mortgage Dreams, LLC
State of: Massachusetts
County of: Worcester
On this the 7 day of August 2008, before me, Patrick M. Flynn, the undersigned officer, personally appeared Julie-Ann Tremblay, who acknowledged himself/herself to be the owner of Mortgage Dreams, LLC, a limited liability company, and that he/she, as such owner, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as Julie-Ann Tremblay.
In witness whereof I hereunto set my hand.
Notary Public / Commissioner of the Superior Court
Date Commission Expires: 1-18-2013
Administrative Orders and Settlements