DOB: Envision Lending Group, Inc., Settlement Agreement

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IN THE MATTER OF:

ENVISION LENDING GROUP, INC.

    ("Envision Lending Group")

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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-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
 
WHEREAS, Envision Lending Group was a corporation licensed by the Commissioner as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq. of the Connecticut General Statutes;
 
WHEREAS, in June 2008, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an examination pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Envision Lending Group 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, as a result of such examination, the Commissioner alleges that Envision Lending Group employed or retained, during the period of December 2005 through March 2007, two (2) individuals as originators without registering them, in violation of Sections 36a-486(b) and 36a-511(b) of the then applicable Connecticut General Statutes;
 
WHEREAS, the Commissioner believes that the unregistered originator allegations would support initiation of enforcement proceedings against Envision Lending Group, including proceedings to issue a cease and desist order against Envision Lending Group pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on Envision Lending Group pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
 
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, both the Commissioner and Envision Lending Group acknowledge the possible consequences of formal administrative proceedings;
 
WHEREAS, Envision Lending Group agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purposes of obviating the need for formal administrative proceedings concerning the allegations described above;
 
WHEREAS, Envision Lending Group is no longer licensed by the Commissioner, and is not conducting any business that would require Envision Lending Group or its originators to obtain licensure from the Commissioner under Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes;
 
WHEREAS, in connection with this settlement, Envision Lending Group was provided the option to pay a civil penalty in the amount of Two Thousand Dollars ($2,000) in settlement of the allegations contained herein;
 
WHEREAS, the State of Connecticut is a participant in the Nationwide Mortgage Licensing System and Registry (“NMLS&R”), jointly developed by the Conference of State Bank Supervisors (“CSBS”) and the American Association of Residential Mortgage Regulators to establish a unified and modern system of mortgage licensing and registration, and is committed to the success of NMLS&R;
 
WHEREAS, in connection with this settlement, Envision Lending Group was provided an alternative option to make a voluntary contribution in the amount of Two Thousand Dollars ($2,000) to the State Regulatory Registry LLC (“SRR”), a wholly-owned subsidiary of CSBS, to support NMLS&R;
 
WHEREAS, Envision Lending Group elected to make a voluntary contribution to SRR in lieu of a civil penalty;
 
AND WHEREAS, Envision Lending Group, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
 
NOW THEREFORE, the Commissioner and Envision Lending Group enter into this Settlement Agreement as follows:

1. No later than the date this Settlement Agreement is executed by Envision Lending Group, Envision Lending Group shall make a voluntary contribution by cashier’s check, certified check or money order in the amount of Two Thousand Dollars ($2,000) to SRR to support NMLS&R;
2. Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Envision Lending Group based upon the allegations contained herein; provided that entry of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Envision Lending Group based on the allegations contained herein if any representations made by Envision Lending Group in this Settlement Agreement are subsequently discovered to be untrue or if  Envision Lending Group is not fully complying with any term or condition stated herein;
3. Nothing in the entry of this Settlement Agreement shall adversely affect the ability of Envision Lending Group to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, and to apply for or obtain licensure of its originators from the Commissioner;
4. Notwithstanding paragraph 2 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Envision Lending Group to enforce this Settlement Agreement if the Commissioner determines that Envision Lending Group is not fully complying with any term or condition stated herein.  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 1st day of July 2009.        

________/s/_________
Howard F. Pitkin
Banking Commissioner


I, Amy Anderson, state on behalf of Envision Lending Group, Inc., 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 Envision Lending Group, Inc.; that Envision Lending Group, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Envision Lending Group, Inc. voluntarily agrees to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.

                                          By:  ________/s/_________
                                                 Name:  Amy Anderson
                                                 Title:  President  
                                                 Envision Lending Group, Inc.

State of:  Utah

County of:  Salt Lake

On this the 23 day of June 2009, before me, _____________________, the undersigned officer, personally appeared Amy Anderson who acknowledged herself to be the President of Envision Lending Group, Inc., a corporation, and that 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 herself as President.

In witness whereof I hereunto set my hand.

                                        ________/s/_________
                                        Notary Public
                                        Date Commission Expires:  05/05/2010


Administrative Orders and Settlements