DOB: L'Altrella Lending Group LLC - CO

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IN THE MATTER OF:

L'ALTRELLA LENDING
GROUP LLC
NMLS # 130753

      ("L'Altrella")

   
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CONSENT ORDER        

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, L’Altrella is a Connecticut limited liability company that is currently licensed as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, investigated pursuant to the authority granted by Section 36a-17(a) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, and Section 36a-498f of the Connecticut General Statutes, the activities of L’Altrella 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 October 26, 2012, as a result of the investigation, the Commissioner, acting pursuant to Sections 36a-494(b) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, Section 36a-52(a) of the Connecticut General Statutes and Section 36a-50(a) of the Connecticut General Statutes, as amended by Public Act 12-96, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) against L’Altrella, which Notice is incorporated herein by reference;

WHEREAS,
the Commissioner alleged in the Notice that L’Altrella failed to file its fourth quarter mortgage call report for 2011 that was due on February 15, 2012 (“Q4”), its financial condition report for 2011 that was due on March 30, 2012 (“Annual”), its first quarter mortgage call report that was due on May 15, 2012 (“Q1”), and its second quarter mortgage call report that was due on August 14, 2012 (“Q2”), all in violation of Section 36a 534b(c)(3) of the 2102 Supplement to the General Statutes and/or Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96, which such violations form the basis to issue an order to cease and desist pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes, as amended, and Section 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes, as amended, and Section 36a-50(a) of the Connecticut General Statutes, as amended;
 
WHEREAS, on October 31, 2012, the Notice was sent by certified mail, return receipt requested, to L’Altrella (Certified Mail No. 70112000000247315942);

WHEREAS, on November 5, 2012, L’Altrella received the Notice and on November 8, 2012, L’Altrella requested a hearing, which hearing is currently scheduled for December 18, 2012;

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 consent order, unless precluded by law;

WHEREAS, the Commissioner and L’Altrella now desire to resolve the matters alleged in the Notice and set forth herein;

WHEREAS, the Notice contained a scrivener error in the first paragraph of section III, insofar as the quoted statutory provision was not accurate.  Rather than amend the Notice at this juncture, corrected language is provided herein and expressly incorporated into the Notice by reference:
 
Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes in effect prior to October 1, 2012, provided, in pertinent part, that:

Each mortgage lender, mortgage correspondent lender, [or] mortgage broker . . . licensee shall submit to the system reports of condition that shall be in such form and shall contain such information as the system may require.

WHEREAS, L’Altrella represents to the Commissioner that it believed it had timely filed its Q4 and Annual reports on the system, but admits that the Q4 and Annual reports were not in fact on the system on the date of the Notice, and further admits that it did not file the Q1 and Q2 reports on their respective due dates or as of the date of the Notice;

WHEREAS, L’Altrella acknowledges that this Consent Order is a public record and is a reportable event for purposes of the regulatory disclosure questions on the Nationwide Mortgage Licensing System and Registry (“NMLS”), as applicable;

WHEREAS, L’Altrella voluntarily agrees to consent to the entry of the sanction described below, solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegations contained in the Notice and set forth herein;
 
WHEREAS, L’Altrella herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately filing required reports with the Commissioner through NMLS as required or as otherwise permitted under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;

WHEREAS, L’Altrella agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;

AND WHEREAS, L’Altrella, through execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including a right to a hearing as it pertains to the allegations contained in the Notice and set forth herein, and voluntarily waives any right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.

CONSENT TO ENTRY OF SANCTIONS

WHEREAS, L’Altrella through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:

No later than the date this Consent Order is executed by L’Altrella, L’Altrella shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Two Thousand Five Hundred Dollars ($2,500) as a civil penalty.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1. The Sanction set forth above be and is hereby entered;
2. No later than the date this Consent Order is executed by L’Altrella, L’Altrella shall have satisfactorily filed on NMLS all mortgage call reports required to date, and also expressly including the 3rd quarter mortgage call report due November 14, 2012.  In the future, L’Altrella shall timely and accurately file all required reports on NMLS or as otherwise permitted under Part I of Chapter 668 of the Connecticut General Statutes in connection with its current, and any future license issued to L’Altrella;
3. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against L’Altrella based upon the allegations set forth in the Notice and contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against L’Altrella based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by L’Altrella and reflected herein is subsequently discovered to be untrue;
4. So long as this Consent Order is promptly disclosed by L’Altrella and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of L’Altrella to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, provided all applicable legal requirements for such license are satisfied; and
5.
This Consent Order shall become final when issued.
 


Issued at Hartford, Connecticut
this 2nd day of January 2013.            ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Ann L’Altrella, state on behalf of L’Altrella Lending Group, LLC, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of L’Altrella Lending Group, LLC; that L’Altrella Lending Group, LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that L’Altrella Lending Group, LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.


                                                  By: ________/s/________  
                                                        Name:  
                                                        Title:  
                                                        L'Altrella Lending Group LLC

State of:  Connecticut

County of:  Fairfield


On this the 27th day of December 2012, before me, Ann L'Altrella, the undersigned officer, personally appeared Ann L’Altrella, who acknowledged herself/himself to be the Owner of L’Altrella Lending Group, LLC, a limited liability company, and that he/she as such Mortgage Broker, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as L’Altrella Lending Group LLC.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  April 30, 2017
 

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