DOB: PMAC Lending Services, Inc. - CO

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IN THE MATTER OF:

PMAC LENDING SERVICES, INC.
NMLS # 167441

       ("PMAC Lending")

   
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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, PMAC Lending is a California corporation that is currently licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
 
WHEREAS, on June 12, 2014, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes, as amended by Public Act 14-7, and Section 36a-498f of the Connecticut General Statutes into the activities of PMAC Lending 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, as a result of such investigation, the Commissioner alleges that PMAC Lending,
changed the address of its branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change, in violation of Section 36a-490(b) of the Connecticut General Statutes;

WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against PMAC Lending, including proceedings to revoke PMAC Lending’s license pursuant to Section 36a-494(a) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, issue a cease and desist order against PMAC Lending pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on PMAC Lending pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes, as amended by Public Act 14-187;
 
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, both the Commissioner and PMAC Lending acknowledge the possible consequences of formal administrative proceedings, and PMAC Lending voluntarily agrees to consent to the entry of the sanction imposed below without admitting or denying any allegation contained herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained herein;

WHEREAS, PMAC Lending acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
 
WHEREAS, PMAC Lending herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for assessing whether a potential change to the address of the branch specified on its most recent filing with NMLS will require it to file such change with NMLS at least 30 calendar days prior to such change, and, in connection with such address of the branch, to provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new address of the branch;
 
AND WHEREAS, PMAC Lending, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for hearing as it pertains to the allegation 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, PMAC Lending, 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 PMAC Lending, PMAC Lending 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 Five Hundred Dollars ($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.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 PMAC Lending 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 PMAC Lending 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 PMAC Lending and reflected herein is subsequently discovered to be untrue;
3.So long as this Consent Order is promptly disclosed by PMAC Lending and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of PMAC Lending 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, and for its mortgage loan originators to apply for or obtain licensure from the Commissioner, 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 28th day of July 2014.               _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner


I, Daniel Kim, state on behalf of PMAC Lending Services, 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 PMAC Lending Services, Inc.; that PMAC Lending Services, 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 PMAC Lending Services, 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:  Daniel Kim
                                                  Title:  General Counsel
                                                  PMAC Lending Services, Inc.

State of:  California

County of:  San Bernardino

On this the 22nd day of July 2014, before me, Alecia Broughton, the undersigned officer, personally appeared Daniel Kim who acknowledged himself to be the General Counsel of PMAC Lending Services, Inc., a corporation, and that he as such 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 General Counsel.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  9/29/2017



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