DOB: Terence Riordan, Denial of Mortgage Loan Originator License

August 25, 2009
 
FIRST CLASS AND CERTIFIED MAIL
 

Mr. Terence Riordan
159 Tom Swamp Road
Hamden, CT 06518
 
Re: Denial of Mortgage Loan Originator License
 
Dear Mr. Riordan:
 
On March 18, 2009, you filed a Form MU4, “Uniform Individual Mortgage License/Registration & Consent Form” (“Form MU4”), with the Nationwide Mortgage Licensing System seeking to obtain a mortgage loan originator license in Connecticut.  Your sponsoring company is Genworth Financial Home Equity Access, Inc., which is currently licensed as a mortgage 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 of the Connecticut General Statutes, as amended by Public Acts 09-207, 09-208 and 09-209, I hereby deny the license for the reasons set forth below.
 
Section 36a-489(b)(1) of the Connecticut General Statutes, as amended, prohibits me from issuing an initial license for a mortgage loan originator unless I find at a minimum, among other things, that the applicant has:  “(C) demonstrated financial responsibility, character and general fitness so as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly and efficiently within the purpose of sections 36a-485 to 36a-498c, inclusive, . . . sections 36a-534a and 36a-534b, . . . and sections 9 and 19 to 21, inclusive, of . . . [Public Act 09-209]; . . . and (F) not made a material misstatement in the application.”  If I deny the license, I must notify the applicant and may notify the sponsor of the denial and the reasons for such denial.
 
Section 8(c) of Public Act 09-209 provides, in pertinent part, that for purposes of Section 36a-489 of the Connecticut General Statutes, as amended, a person has shown that such person is not financially responsible when “such person has shown a disregard in the management of such person’s own financial condition.  A determination that a person has not shown financial responsibility may include, but is not limited to:  (1) Current outstanding judgments, except judgments solely as a result of medical expenses . . . .”
 
In response to Question 8(C) of the Form MU4, which asked “[d]o you have any unsatisfied judgments or liens against you?”, you answered “no.”  Pursuant to the authority granted to me by Section 36a-17 of the Connecticut General Statutes, I have investigated your court records, which disclosed that on November 26, 2004, judgment was entered against you in the Superior Court of Connecticut, Judicial District of Ansonia-Milford, in the amount of $54,133.55, including costs and fees.  On May 23, 2008, the judgment creditors filed financial institution execution proceedings to recover $28,469.49 which remained unpaid.  Court documents reflect that the State Marshal was unable to locate bank funds in connection with the financial institution execution proceedings.  The judgment in this case does not appear to pertain to medical expenses.
 
In light of the outstanding judgment against you, I am unable to find that you have “demonstrated financial responsibility, character and general fitness so as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly and efficiently within the purpose of sections 36a-485 to 36a-498c, inclusive, . . . sections 36a-534a and 36a-534b, . . . and sections 9 and 19 to 21, inclusive, of this . . . [Public Act 09-209].”  In addition, I find that you made a material misstatement in your application in response to Question 8(C), which further prohibits me from issuing you a mortgage loan originator license.
 
For the reasons stated above, I am unable to issue you a mortgage loan originator license.
 
Very truly yours,
 
Howard F. Pitkin
Banking Commissioner
HFP/SLV/td
 
Certified Mail No. 7007 1490 0004 3509 7185
 
cc: Genworth Financial Home Equity Access, Inc.