June 2, 2009
FIRST CLASS AND CERTIFIED MAIL
Mr. Timothy Michael Debany
11 Webster Road
Ridgefield, CT 06877
Re: Denial of Mortgage Loan Originator License
Dear Mr. Debany:
On March 5, 2009, you filed a Form MU4, “Uniform Individual Mortgage License/Registration & Consent Form”, with the Nationwide Mortgage Licensing System seeking to obtain a mortgage loan originator license in Connecticut. Your sponsoring company is Landmark Financial Group, LLC, which is currently licensed as a mortgage correspondent lender under Part I of Chapter 668 of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”. Pursuant to Section 36a-489(b) of the Connecticut General Statutes, I hereby deny the license for the reason set forth below.
Section 36a-489(b) of the Connecticut General Statutes requires me to license a mortgage loan originator unless I find, among other things, that the character and integrity of such originator are not such as to warrant belief that licensure would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, and Sections 36a-760a to 36a-760h, inclusive, of the Connecticut General Statutes. If I deny the license, I must notify the proposed mortgage loan originator 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 investigated your activities in Vermont, which revealed that on February 12, 2007, you entered a Stipulation and Consent Order (“Consent Order”) with the State of Vermont Department of Banking, Insurance, Securities, and Health Care Administration (“VT DOB”) to resolve administrative charges filed against you by the VT DOB on December 5, 2006. The administrative charges included allegations that you were operating in a dishonest and unfair manner, and that you engaged in unconscionable conduct in an attempt to take advantage of a borrower’s lack of bargaining power or lack of understanding of the terms or consequences of the transactions in violation of 8 VSA §§ 2204 and 2210. In the Consent Order, you do not dispute that there was a factual basis for the allegations made by the VT DOB. As a result of the Consent Order, you were fined an administrative penalty, your authorization to act as a mortgage broker in the State of Vermont was revoked, and you are prohibited from engaging in the financial services industry, as a mortgage broker or otherwise, in that state.
Based on the VT DOB’s administrative action against you, and more specifically, the conduct underlying the VT DOB’s administrative action against you, which you do not dispute, I am unable to find that your character and integrity are such as to warrant belief that granting you a license as a mortgage loan originator will be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, and Sections 36a-760a to 36a-760h, inclusive, of the Connecticut General Statutes.
Very truly yours,
Howard F. Pitkin
Certified Mail No. 7008 1140 0002 4973 6512
cc: Landmark Financial Group, LLC