DOB: Faith Home Loans, Inc., Settlement Agreement

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IN THE MATTER OF:

FAITH HOME LOANS, INC.

  ("Faith Home Loans")

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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, 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 Faith Home Loans 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 August 18, 2009, the Commissioner, acting pursuant to Sections 36a-52(b) and 4-182(c) of the Connecticut General Statutes, Sections 36a-494(a)(1) and 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended by Public Act 09-209, Section 36a-51 of the Connecticut General Statutes, Section 36a-494(b) of the Connecticut General Statutes, as amended by Public Act 09-209, and Section 36a-52(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist, 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 Faith Home Loans, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Faith Home Loans, in violation of Section 36a-492 of the Connecticut General Statutes, as amended by Public Act 09-209, failed to maintain a surety bond that runs concurrently with the period of the license granted to Faith Home Loans to act as a mortgage broker in Connecticut from 2950 Halcyon Lane, Suite 301, Jacksonville, Florida;
 
WHEREAS, on September 29, 2009, Faith Home Loans received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, by e-mail dated October 2, 2009, Faith Home Loans specifically assured the Commissioner that Faith Home Loans has not closed any loans in Connecticut since May 27, 2009;
 
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, Faith Home Loans 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, Faith Home Loans, 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 Faith Home Loans based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Faith Home Loans enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Faith Home Loans will surrender its mortgage broker license No. 20465, and cease acting as mortgage broker in Connecticut from 2950 Halcyon Lane, Suite 301, Jacksonville, Florida;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Faith Home Loans 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 Faith Home Loans to enforce this Settlement Agreement if the Commissioner determines that Faith Home Loans is not fully complying with any term or condition stated herein or if any representation made by Faith Home Loans 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 30th day of November 2009.         ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Elena Ollick, state on behalf of Faith Home Loans, 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 Faith Home Loans, Inc.; and that Faith Home Loans, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
                                       

                                            By:  ________/s/_________
                                                   Name:  Elena Ollick
                                                   Title:  VP
                                                   Faith Home Loans, Inc.


State of:  Florida

County of:  Collier


On this the 17th day of November 2009, before me, Jonathan M. Jewell, the undersigned officer, personally appeared Elena Ollick, who acknowledged herself to be the VP of Faith Home Loans, Inc., a corporation, and that she, as such VP, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by herself as VP.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  Jan 13, 2013


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