DOB: Jeanette Torres, Denial of Mortgage Loan Originator License

November 23, 2009

Ms. Jeanette Torres
1737 Williamsbridge Road
Bronx, NY 10461
Re: Denial of Mortgage Loan Originator License
Dear Ms. Torres:
On July 22, 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 Powerhouse Solutions, 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 reason set forth below.
Section 36a-489(b)(1)(B) 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 “notwithstanding the provisions of section 46a-80, . . . not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign or military court during the seven-year period preceding the date of the application for licensing or at any time preceding such date of application if such felony involved an act of fraud, dishonesty, a breach of trust or money laundering, provided any pardon of a conviction shall not be a conviction for purposes of this subdivision”.   If I deny the license, I must notify the applicant and may notify the sponsor of the denial and the reasons for such denial.
In response to Question 8(D)(1) of the Form MU4, which asked “[h]ave you ever:  (1) been convicted of or pled guilty or nolo contendere (‘no contest’) in a domestic, foreign, or military court to any felony?”, you answered “yes.”  Pursuant to the authority granted to me by Section 36a-17 of the Connecticut General Statutes, I have reviewed your criminal history record, which disclosed that on January 23, 2004, in the United States District Court for the Southern District of New York, you pled guilty to one felony count of Theft of Federal Benefits.  Because this felony conviction involved an act of dishonesty, I am prohibited by law from issuing you a mortgage loan originator license.
For the reason stated above, I am unable to issue you a mortgage loan originator license.
Very truly yours,
Howard F. Pitkin
Banking Commissioner
Certified Mail No. 7003 1680 0000 8523 5796
cc: Powerhouse Solutions, Inc.