DOB: Woodbridge Mortgage, LLC - CO

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IN THE MATTER OF:

WOODBRIDGE MORTGAGE, LLC
NMLS # 72664

       ("Woodbridge 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, Woodbridge 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 Woodbridge 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 May 5, 2014, 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 Woodbridge Mortgage, which Notice is incorporated herein by reference;
 
WHEREAS, the Commissioner alleged in the Notice that Woodbridge Mortgage failed to file its mortgage call report that was due on March 31, 2014 (“2013 Financial Condition MCR”), which conduct constituted:  (1) a violation of Section 36a-534b(c)(3) of Connecticut General Statutes; (2) a violation of an order of the Commissioner contained in a Consent Order dated June 10, 2013 (“Consent Order”); and (3) a basis to revive allegations previously made by the Commissioner that Woodbridge Mortgage had failed to timely file other MCRs due in 2012 on their respective due dates, which allegations were admitted by Woodbridge Mortgage in connection with the Consent Order.  All of the foregoing violations form the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and/or 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Sections 36a-494(b) and/or 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, on May 6, 2014, the Notice was sent by certified mail, return receipt requested, to Woodbridge Mortgage (Certified Mail No. 70121010000172646660);
 
WHEREAS, on May 13, 2014, Woodbridge 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 Woodbridge Mortgage now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, Woodbridge Mortgage admits that the 2013 Financial Condition MCR 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 Nationwide Mortgage Licensing System and Registry (“NMLS”), as applicable;
 
WHEREAS, Woodbridge Mortgage voluntarily agrees to consent to the entry of the sanction imposed 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, Woodbridge 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, Woodbridge 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, Woodbridge 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, Woodbridge 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 Woodbridge Mortgage, Woodbridge 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 Four Thousand Five Hundred Dollars ($4,500) 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 Woodbridge Mortgage, Woodbridge Mortgage shall have satisfactorily filed on NMLS all MCRs required to date, expressly including but not limited to its 2014 Q1 due on May 15, 2015.  In the future, Woodbridge 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 Woodbridge 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 Woodbridge Mortgage based upon the allegations set forth in the Notice or contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Woodbridge 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 Woodbridge Mortgage and reflected herein is subsequently discovered to be untrue.  It is expressly understood and agreed that the subsequent failure by Woodbridge Mortgage to timely file any required MCR within the balance of the 2014 licensing period, or any required MCR in any of the next three (3) licensing periods during which time Woodbridge Mortgage is licensed, shall, in addition to any other remedy available to the Commissioner, form a basis for the Commissioner to fail to find that Woodbridge Mortgage demonstrates the requisite financial responsibility, character and general fitness set forth in Section 36a-489(a) of the Connecticut General Statutes for such licensure which constitutes grounds for the Commissioner to revoke or refuse to renew the license of Woodbridge Mortgage in Connecticut;
4.Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Woodbridge Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Woodbridge 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 1st day of August 2014.             _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner


I, Lionel Kim, state on behalf of Woodbridge 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 Woodbridge Mortgage LLC, that Woodbridge 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 Woodbridge 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:  Lionel Kim
                                                  Title:  President
                                                  Woodbridge Mortgage LLC

State of:  Massachusetts

County of:  Suffolk


On this the 8th day of July 2014, before me, Jibreil Graham, the undersigned officer, personally appeared Lionel Kim who acknowledged himself/herself to be the President of Woodbridge Mortgage LLC, a member managed/manager managed limited liability company, and that he/she as such Officer, 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 President.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  January 30, 2020



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