DOB: Mortgage Funding USA, LLC d/b/a Mortgageshire USA, LLC, Settlement Agreement

* * * * * * * * * * * * * * * * * * *

IN THE MATTER OF:

MORTGAGE FUNDING USA, LLC
d/b/a MORTGAGESHIRE USA, LLC

    ("Mortgageshire USA")

* * * * * * * * * * * * * * * * * * *

*
*
*
*
*
*
*
*
*
*

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 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 Mortgageshire USA 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 5, 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 Mortgageshire USA, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Mortgageshire USA, 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 Mortgageshire USA to act as a mortgage broker in Connecticut from 4460 Carver Woods Drive, Carver Woods Executive Center, Blue Ash, Ohio;
 
WHEREAS, on December 12, 2008, Mortgageshire USA received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on December 23, 2008, Mortgageshire USA specifically assured the Commissioner that Mortgageshire USA has not closed any mortgage loans under its license since July 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, Mortgageshire USA 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, Mortgageshire USA, 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 Mortgageshire USA based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Mortgageshire USA enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Mortgageshire USA will surrender its mortgage broker licenses No. 15855, and cease engaging in the business of a mortgage broker in Connecticut from 4460 Carver Woods Drive, Carver Woods Executive Center, Blue Ash, Ohio;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Mortgageshire USA 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 Mortgageshire USA to enforce this Settlement Agreement if the Commissioner determines that Mortgageshire USA is not fully complying with any term or condition stated herein or if any representation made by Mortgageshire USA 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, Arnold S. Mann, state on behalf of Mortgage Funding USA, LLC d/b/a Mortgageshire USA, 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 Funding USA, LLC d/b/a Mortgageshire USA, LLC,; and that Mortgage Funding USA, LLC d/b/a Mortgageshire USA, LLC, agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                           

                                            By:  ________/s/_________
                                                   Name:  Arnold S. Mann
                                                   Title:  Chairman
                                                   Mortgage Funding USA, LLC d/b/a
                                                   Mortgageshire USA, LLC


State of:  Ohio

County of:  Hamilton


On this the 15th day of January 2009, before me, Arnold S. Mann, the undersigned officer, personally appeared Arnold S. Mann, who acknowledged himself/herself to be the Chairman of Mortgage Funding USA, LLC d/b/a Mortgageshire USA, LLC, a member managed/manager managed limited liability company, and that he/she, as such Chairman, 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 Chairman.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public / Commissioner of the Superior Court
                                         Date Commission Expires:  11.26.2011


Administrative Orders and Settlements