DOB: Ryan Mortgage, LLC - CO

* * * * * * * * * * * * * * * * *
 
IN THE MATTER OF:
 
RYAN MORTGAGE, LLC
NMLS # 88226
 
      ("Ryan Mortgage")
 
 
* * * * * * * * * * * * * * * * *


*
*
*
*
*
*
*
*
*
*
*


     
   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, Ryan Mortgage 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, conducted an investigation pursuant to the authority granted by Sections 36a-17(a) and 36a-498f of the Connecticut General Statutes, into the activities of Ryan 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 March 22, 2013, as a result of the investigation, the Commissioner, acting pursuant to Sections 36a-494(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, 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 Ryan Mortgage, which Notice is incorporated herein by reference;
 
WHEREAS, the Commissioner alleged in the Notice that Ryan Mortgage failed to timely file its MCR – Standard – Financial Condition report for 2011 that was due on March 30, 2012, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes in effect prior to October 1, 2012, and Section 36a-534b(c)(3) of Connecticut General Statutes, which such violation forms the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, on March 22, 2013, the Notice was sent by certified mail, return receipt requested, to Ryan Mortgage (Certified Mail No. 70112000000247319506);

WHEREAS, on March 29, 2013, Ryan Mortgage received the Notice and on April 4, 2013, 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 Ryan Mortgage now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, Ryan Mortgage admits that the report described in the Notice and set forth herein was  not filed on its respective due date, 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, Ryan Mortgage now has satisfactorily filed on NMLS all mortgage call reports required up through the MCR – Standard – Financial Condition report for 2012, that was due 90 days from Ryan Mortgage’s fiscal year end; 
 
WHEREAS, Ryan 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, Ryan Mortgage 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, Ryan 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, Ryan Mortgage, through its 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 its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.


CONSENT TO ENTRY OF SANCTION

WHEREAS, Ryan 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 Ryan Mortgage, Ryan Mortgage 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. In the future, Ryan Mortgage 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 Ryan Mortgage;
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 Ryan Mortgage 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 Ryan 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 Ryan Mortgage and reflected herein is subsequently discovered to be untrue;
4. So long as this Consent Order is promptly disclosed by Ryan Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Ryan 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, 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 16th day of May 2013.                ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Patrick Ryan, state on behalf of Ryan Mortgage, 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 Ryan Mortgage, LLC; that Ryan Mortgage, 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 Ryan Mortgage, 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:  Patrick Ryan
                                                       Title:  LLC Member
                                                       Ryan Mortgage, LLC

State of:  Connecticut

County of:  Hartford


On this the 9th day of May 2013, before me, Marilyn Kilis, the undersigned officer, personally appeared Patrick Ryan who acknowledged himself/herself to be the LLC Member of Ryan Mortgage, LLC, a limited liability company, and that he/she as such Patrick Ryan, 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 Patrick Ryan.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  2-28-16




 


Administrative Orders and Settlements