DOB: Worldwide Financial Resources, Inc., Denial of Mortgage Lender License

September 14, 2009
 
FIRST CLASS AND CERTIFIED MAIL
 
 
 
Mr. David Findel, President
Worldwide Financial Resources, Inc.
50 Route 9 North, Building B
Morganville, NJ 07751
 
Re: Denial of Mortgage Lender License
 
Dear Mr. Findel:
 
On June 18, 2009, Worldwide Financial Resources, Inc. (“Worldwide”) filed a Form MU1, “Uniform Mortgage Lender/Mortgage Broker Form” (“Form MU1”), with the Nationwide Mortgage Licensing System seeking to obtain a mortgage lender license in Connecticut under Part I of Chapter 668 of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”.  Pursuant to Section 36a-489(a) 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(a)(1)(E) of the Connecticut General Statutes, as amended, prohibits me from issuing an initial license for a mortgage lender unless I find at a minimum, among other things, that the applicant has “not made a material misstatement in the application.”  If I fail to make such findings, I must deny the license, and must notify the applicant of the denial and the reasons for such denial.
 
In response to Question (C) of the Form MU1, which asked “[i]n the past 10 years, has any State or federal regulatory agency or foreign financial regulatory authority: . . . (5) denied, suspended, or revoked the entity’s or a control affiliate’s registration or license or otherwise, by order, prevented it from associating with a financial services-related business or restricted its activities?”, Worldwide responded, “Yes” and disclosed information pertaining to a suspension by the State of California in connection with surety bond coverage amounts.  No other information was disclosed by Worldwide in connection with its “Yes” response to Question (C)(5).
 
Pursuant to the authority granted to me by Section 36a-17 of the Connecticut General Statutes, I have investigated the activities of Worldwide, which disclosed that on August 31, 2005, the Commonwealth of Massachusetts denied Worldwide’s application to become licensed as a mortgage lender in Massachusetts.  My investigation further reveals that on February 7, 2006, the Commonwealth of Virginia denied Worldwide’s application for a license to engage in the business of mortgage lender and broker.
 
In light of Worldwide’s failure to disclose the denials by the Commonwealths of Massachusetts and Virginia, I am unable to find that Worldwide has not made material misstatements in its application, and must deny the license.
 
For the reasons stated above, I am unable to issue a mortgage lender license to Worldwide.
 
Very truly yours,
 
Howard F. Pitkin
Banking Commissioner
 
HFP/SLV/td
 
Certified Mail No. 7007 1490 0004 3509 7253