DOB: Jong Mortgage Group LLC - CO

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IN THE MATTER OF:

JONG MORTGAGE GROUP LLC
NMLS # 89268

      ("Jong Mortgage")

   
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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, Jong Mortgage is a Connecticut limited liability company that was licensed as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes during the January 1 to December 31, 2012 licensing period, which such license has since expired;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, 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, investigated the activities of Jong 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 December 11, 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 Jong Mortgage, which Notice is incorporated herein by reference;
 
WHEREAS, the Commissioner alleged in the Notice that Jong Mortgage failed to file a Mortgage Call Report that was due on March 30, 2012 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 violation forms 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 December 12, 2012, the Notice was sent by certified mail, return receipt requested, to Jong Mortgage (Certified Mail Nos. 70112000000247316758 and 70112000000247316765);
 
WHEREAS, on December 15, 2012, Jong Mortgage received the Notice and requested a hearing;
 
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 Jong Mortgage now desire to resolve the matters alleged in the Notice;
 
WHEREAS, Jong Mortgage admits that it did not file the report described in the Notice and 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, Jong Mortgage 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 allegation contained in the Notice and set forth herein;
 
WHEREAS, Jong Mortgage 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, Jong Mortgage, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including Jong Mortgage’s right to a hearing as it pertains to the allegation 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 SANCTION

WHEREAS, Jong Mortgage 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 Jong Mortgage, Jong Mortgage and any other company with Dajong Jong as a control person shall not be eligible to apply for licensure as a mortgage lender, mortgage correspondent lender or mortgage broker before June 30, 2013.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1. The Sanction set forth above be and is hereby entered;
2. 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 Jong Mortgage based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Jong Mortgage 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 Jong Mortgage and reflected herein is subsequently discovered to be untrue;
3. So long as this Consent Order is promptly disclosed by Jong Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Jong Mortgage 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 after June 30, 2013, provided all applicable legal requirements for such license are satisfied; and
4.
This Consent Order shall become final when issued.



Issued at Hartford, Connecticut
this 4th day of April 2013.                 ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Dajong Jong, state on behalf of Jong Mortgage 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 Jong Mortgage Group LLC; that Jong Mortgage 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 Jong Mortgage 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:  Dajong Jong
                                                     Title:  Principal
                                                     Jong Mortgage Group LLC

                                                    
State of:  CT

County of:  Fairfield


On this the 28 day of March 2013, before me, ________________________________, the undersigned officer, personally appeared Dajong Jong, who acknowledged herself to be the Principal of Jong Mortgage Group LLC, a limited liability company, and that she as such Principal, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by herself as Principal.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  April 30, 2014


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