DOB: Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending, Settlement Agreement and Withdrawal of Order of Summary Suspension

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IN THE MATTER OF:

EAGLE MORTGAGE LENDING, LLC
d/b/a EAGLE FINANCIAL LENDING

    ("Eagle Mortgage")

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SETTLEMENT AGREEMENT

                 AND

WITHDRAWAL OF ORDER
OF SUMMARY SUSPENSION
        

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 Eagle Mortgage 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 25, 2009, the Commissioner, acting pursuant to Sections 36a-52, 4-182, 36a-494(a)(1), 36a-494(a)(1)(C), 36a-51, 36a-494(b) and 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 and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Eagle Mortgage, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Eagle Mortgage, in violation of Section 36a-492(a) of the Connecticut General Statutes, failed to maintain a surety bond that runs concurrently with the period of the license granted to Eagle Mortgage to act as a mortgage broker in Connecticut from 800 Summer Street, Suite 210, Stamford, Connecticut;
 
WHEREAS, on September 25, 2009, Eagle Mortgage received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on October 9, 2009, Eagle Mortgage filed with the Commissioner a replacement bond numbered S721168 issued by NGM Ins. Co. (FKA National Grange Mutual Ins. Co.), effective July 22, 2009;
 
WHEREAS, on November 18, 2009, Eagle Mortgage assured the Commissioner that it has not done any business with Connecticut borrowers since July 22, 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, Eagle Mortgage agrees to voluntarily enter into this Settlement Agreement and Withdrawal of Order of Summary Suspension (“Settlement Agreement and Withdrawal”) 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, Eagle Mortgage, through its execution of this Settlement Agreement and Withdrawal, 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 Withdrawal;
 
AND WHEREAS, upon the entry of this Settlement Agreement and Withdrawal, this matter will be resolved and the Commissioner will not take any future enforcement action against Eagle Mortgage based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Eagle Mortgage enter into this Settlement Agreement and Withdrawal as follows:

1.
Eagle Mortgage shall cease and desist from violating Section 36a-492 of the Connecticut General Statutes and agrees to maintain surety bonds that run concurrently with any license issued to Eagle Mortgage under Part I of Chapter 668 of the Connecticut General Statutes;
2. Nothing in this Settlement Agreement and Withdrawal shall adversely affect the ability of Eagle Mortgage to apply for or obtain a license or renewal license under Part I of Chapter 668 of the Connecticut General Statutes in the future;
3. The Order of Summary Suspension of the license of Eagle Mortgage to act as a mortgage broker in Connecticut from 800 Summer Street, Suite 210, Stamford, Connecticut, issued on August 25, 2009, is hereby WITHDRAWN; and
4. Notwithstanding anything to the contrary in this Settlement Agreement and Withdrawal, execution of this Settlement Agreement and Withdrawal is without prejudice to the right of the Commissioner to take enforcement action against Eagle Mortgage to enforce this Settlement Agreement and Withdrawal if the Commissioner determines that Eagle Mortgage is not fully complying with any term or condition stated herein or if any representation made by Eagle Mortgage and reflected herein is subsequently discovered to be untrue.  For purposes of this paragraph, a violation of this Settlement Agreement and Withdrawal shall be deemed to be a violation of an order of the Commissioner.

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement and Withdrawal to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.


Dated at Hartford, Connecticut
this 14th day of December 2009.         ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Jeff Bell, state on behalf of Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending, that I have read the foregoing Settlement Agreement and Withdrawal of Order of Summary Suspension; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement and Withdrawal of Order of Summary Suspension on behalf of Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending and Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                           

                                            By:  ________/s/_________
                                                   Name:  Jeff Bell
                                                   Title:  President
                                                   Eagle Mortgage Lending, LLC
                                                   d/b/a Eagle Financial Lending


State of:  Connecticut

County of:  Fairfield


On this the 4 day of December 2009, before me, Leticia Gonzales, the undersigned officer, personally appeared Jeffrey Bell, who acknowledged himself to be the President of Eagle Mortgage Lending, LLC d/b/a Eagle Financial Lending, a member managed/manager managed limited liability company, and that he, 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 himself as its President.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  July 31, 2011


Administrative Orders and Settlements