DOB: All American Home Mortgage Corp. - Rev-RefRen-CD

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IN THE MATTER OF:

ALL AMERICAN HOME
MORTGAGE CORP.
d/b/a ALL AMERICAN
MORTGAGE BANKERS CORP.
NMLS # 13499

    ("Respondent")

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ORDER REVOKING AND REFUSING
TO RENEW MORTGAGE
CORRESPONDENT LENDER
LICENSE

AND

ORDER TO CEASE AND DESIST


I.  PRELIMINARY STATEMENT

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 of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on September 30, 2011, the Commissioner, acting pursuant to Section 36a-492(c) of the Connecticut General Statues, as amended by Public Act 11-216, Sections 36a-52(b), 36a-494(a)(1) and 36a-494(a)(1)(C), subsections (a) and (b) of Section 36a-51 and Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Correspondent Lender License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on October 3, 2011, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RA878574176US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order revoking and refusing to renew Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 1001 60th Street, Brooklyn, New York, which order shall cause Respondent’s mortgage correspondent lender license in Connecticut to be deemed expired, and issue an order that Respondent cease and desist from violating Section 36a-492 of the Connecticut General Statutes, as amended;
 
WHEREAS, on October 5, 2011, Respondent received the Notice and no request for a hearing has been received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a surety bond that runs concurrently with the period of its mortgage correspondent lender license constitutes sufficient grounds for the Commissioner to deny an application for such license and constitutes a violation of Section 36a-492 of the Connecticut General Statutes, as amended, both of which, pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, constitute sufficient grounds to revoke and refuse to renew Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 1001 60th Street, Brooklyn, New York, and forms a basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes.  Such violation also causes Respondent to fail to meet minimum standards for renewal under Section 36a-489(a)(2)(A) of the Connecticut General Statutes, which shall cause such license to expire.
 
WHEREAS, Section 36a-51(b) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice . . . , the commissioner shall . . . revoke or refuse to renew the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the person does not request a hearing within the time specified in the notice . . . , the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54”;
 
AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 5, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions as set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, which constitutes sufficient grounds to revoke and refuse to renew Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 1001 60th Street, Brooklyn, New York.
3.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Respondent.
4.
The Commissioner finds that the Notice was given in compliance with subsections (a) and (b) of Section 36a-51 and Sections 36a-52(a), 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C), subsections (a) and (b) of Section 36a-51 and Section 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, that:

1.
The license of All American Home Mortgage Corp. d/b/a All American Mortgage Bankers Corp., to engage in the business of a mortgage correspondent lender in Connecticut from 1001 60th Street, Brooklyn, New York, be and is hereby REVOKED;
2.
The license of All American Home Mortgage Corp. d/b/a All American Mortgage Bankers Corp., to engage in the business of a mortgage correspondent lender in Connecticut from 1001 60th Street t, Brooklyn, New York, NOT BE RENEWED, which causes such license to be deemed EXPIRED.
3. All American Home Mortgage Corp. d/b/a All American Mortgage Bankers Corp., CEASE AND DESIST from violating Section 36a-492 of the Connecticut General Statutes, as amended; and
4. This Order shall become effective when mailed.


Dated at Hartford, Connecticut
this 12th day of December 2011.                ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner

This order was mailed by certified mail,
return receipt requested, to Respondent
on December 12, 2011.

All American Home Mortgage Corp.            Certified Mail No. 70101870000136193205
d/b/a All American Mortgage Bankers Corp. 
Attn:  Salvatore Cefalu, President
1001 60th Street
Brooklyn, NY 11219



Administrative Orders and Settlements