DOB: Value One Mortgage Corp., Settlement Agreement

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IN THE MATTER OF:

VALUE ONE MORTGAGE CORP.

    ("Value One")

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SETTLEMENT AGREEMENT

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 Brokers, 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 Value One 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 December 11, 2008, the Commissioner, acting pursuant to Section 4-182(c) of the Connecticut General Statutes, Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-91, 07-156 and 08-176, and Sections 36a-51(a) and 36a-52(a) of the 2008 Supplement to the General Statutes, issued an Order of Summary Suspension, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Value One, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Value One, in violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-156 and 08-176, failed to maintain a surety bond that runs concurrently with the period of the license granted to Value One to engage in the business of a mortgage broker in Connecticut from 1130 North Main Street, Randolph, Massachusetts;
 
WHEREAS, on December 18, 2008, Value One received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on December 26, 2008, Value One specifically assured the Commissioner that Value One has not done any business in Connecticut as of August 1, 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, Value One 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, Value One, 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 Value One based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Value One enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Value One will surrender its mortgage broker licenses Nos. 8497 and 8498, and cease engaging in the business of a mortgage broker in Connecticut from 1130 North Main Street, Randolph, Massachusetts;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Value One 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
3. 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 Value One to enforce this Settlement Agreement if the Commissioner determines that Value One is not fully complying with any term or condition stated herein or if any representation made by Value One 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 26th day of January 2009.        

________/s/_________
Howard F. Pitkin
Banking Commissioner



I, Irene Pappas Saxonis, state on behalf of Value One Mortgage Corp., 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 Value One Mortgage Corp.; and that Value One Mortgage Corp. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.

                                          By:  ________/s/_________
                                                 Name:  
                                                 Title:  President
                                                 Value One Mortgage Corp.

State of:  Massachusetts

County of:  Norfolk

On this the 22 day of January 2009, before me, Donagh M. Tuffo, the undersigned officer, personally appeared Irene Pappas Saxonis, who acknowledged himself/herself to be the President of Value One Mortgage Corp., 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.

                                        ________/s/_________
                                        Notary Public / Commissioner of the Superior Court
                                        Date Commission Expires:  August 20, 2015


Administrative Orders and Settlements