DOB: Infinity Home Mortgage Company, Inc. - CO

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IN THE MATTER OF:

INFINITY HOME MORTGAGE
COMPANY, INC.     
NMLS # 121461

     ("Infinity Home 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, Infinity Home Mortgage is a New Jersey corporation that is currently licensed as a mortgage correspondent lender 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 Infinity Home 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 June 24, 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 Infinity Home Mortgage, which Notice is incorporated herein by reference;

WHEREAS, the Commissioner alleged in the Notice that Infinity Home Mortgage failed to file its MCR – Standard – Financial Condition (2012) report that was due on March 31, 2013, in violation of Section 36a-534b(c)(3) of the 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 June 25, 2013, the Notice was sent by certified mail, return receipt requested, to Infinity Home Mortgage (Certified Mail No. 70020860000215459595);

WHEREAS, the Notice provided Infinity Home Mortgage 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 that Infinity Home Mortgage cease and desist from violating Section 36a-534b(c)(3) of the Connecticut General Statutes, and may order a civil penalty in an amount not to exceed One Hundred Thousand Dollars ($100,000) per violation be imposed upon Infinity Home Mortgage;

WHEREAS, on June 25, 2013, Infinity Home Mortgage requested surrender of its license on the Nationwide Mortgage Licensing System and Registry (“NMLS”) in accordance with Sections 36a-51(c) and 36a-490(a)(1) of the Connecticut General Statutes;

WHEREAS, Section 36a-490(a)(1) provides, in pertinent part, that “[n]o surrender shall be effective until accepted by the commissioner”;
 
WHEREAS, the surrender request filed by Infinity Home Mortgage has not yet been accepted by the Commissioner; 

WHEREAS, Section 36a-51(c) provides, in pertinent part, that “[s]urrender of a license shall not affect the licensee’s civil . . . liability, or affect the commissioner’s ability to impose an administrative penalty on the licensee pursuant to section 36a-50 for acts committed prior to the surrender”;

WHEREAS, on June 27, 2013, Infinity Home Mortgage received the Notice;
 
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”;

WHEREAS,
Section 36a-50(a)(2) of the Connecticut General Statutes provides, in pertinent part, that “[i]f such person does not request a hearing within the time specified in the notice . . . the commissioner may . . . order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person”;

WHEREAS, no request for a hearing has been received by the Commissioner;
 
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 Infinity Home Mortgage now desire to resolve the matters alleged in the Notice and set forth herein;

WHEREAS, Infinity Home Mortgage admits that the report described in the Notice and set forth herein was not filed on its 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 NMLS, as applicable;

WHEREAS, Infinity Home 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 action concerning the allegations contained in the Notice and set forth herein;

WHEREAS, Infinity Home 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, Infinity Home Mortgage, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights 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, Infinity Home 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 Infinity Home Mortgage, Infinity Home Mortgage or any other company with Michael Jaconelli as a control person shall not be eligible to apply for licensure as a mortgage lender, mortgage correspondent lender or mortgage broker before April 1, 2014.


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 Infinity Home 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 Infinity Home 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 Infinity Home Mortgage and reflected herein is subsequently discovered to be untrue;
3. So long as this Consent Order is promptly disclosed by Infinity Home Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Infinity Home Mortgage or any other company with Michael Jaconelli as a control person 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 April 1, 2014, 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 12th day of November 2013.        ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Michael Jaconelli,state on behalf of Infinity Home Mortgage Company, Inc., 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 Infinity Home Mortgage Company, Inc.; that Infinity Home Mortgage Company, Inc., agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Infinity Home Mortgage Company, Inc., 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:  Michael Jaconelli
                                                 Title:  President and Chief Executive Officer
                                                 Infinity Home Mortgage Company, Inc.

State of:  New Jersey

County of:  Burlington


On this the 7 day of November 2013, before me, ______________________________, the undersigned officer, personally appeared Michael Jaconelli, who acknowledged himself to be the President and Chief Executive Officer of Infinity Home Mortgage Company, Inc., a corporation, and that he as such President and Chief Executive Officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as President and Chief Executive Officer.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  Aug. 20, 2017 



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