DOB: Skyline Financial Corp. - CO

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IN THE MATTER OF:

SKYLINE FINANCIAL CORP.
d/b/a SKYLINE HOME LOANS
d/b/a NEWLEAF WHOLESALE
d/b/a NEWLEAF LENDING
NMLS # 12072

       ("Skyline Financial")

   
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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, Skyline Financial 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, as the result of an October 1, 2014 investigation conducted by the Commissioner, through the Consumer Credit Division of the Department of Banking, the Commissioner alleges that Skyline Financial removed three (3) “other trade names” 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 thirty (30) calendar days prior to such change, and, in connection with such removal, failed 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 removal of such “other trade names”, in violation of Section 36a-490(b) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Skyline Financial, which 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.  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, Skyline Financial, 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, voluntarily agrees to consent to the entry of the sanction imposed below without admitting or denying any allegation contained herein and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
 
WHEREAS, Skyline Financial acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable; 

AND WHEREAS, Skyline Financial herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Skyline Financial will file any change it makes to its name or any trade name or any address of any office specified on its most recent filing with NMLS, at least thirty (30) calendar days prior to such change and, in connection with such change, 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 such change.


CONSENT TO ENTRY OF SANCTION

WHEREAS, Skyline Financial, 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 Skyline Financial, Skyline Financial 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 Skyline Financial 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 Skyline Financial 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 Skyline Financial and reflected herein is subsequently discovered to be untrue;
3.So long as this Consent Order is promptly disclosed by Skyline Financial and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Skyline Financial 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 18th day of November 2014.      _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner

I, ___________________________________, state on behalf of Skyline Financial Corp. d/b/a Skyline Home Loans d/b/a NewLeaf Wholesale d/b/a NewLeaf Lending, 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 Skyline Financial Corp. d/b/a Skyline Home Loans d/b/a NewLeaf Wholesale d/b/a NewLeaf Lending; that Skyline Financial Corp. d/b/a Skyline Home Loans d/b/a NewLeaf Wholesale d/b/a NewLeaf Lending agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Skyline Financial Corp. d/b/a Skyline Home Loans d/b/a NewLeaf Wholesale d/b/a NewLeaf Lending 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:  Marti K. Tromley
                                                  Title:  Chief Risk Officer
                                                  Skyline Financial Corp.
                                                  d/b/a Skyline Home Loans
                                                  d/b/a NewLeaf Wholesale
                                                  d/b/a NewLeaf Lending

State of:  California

County of:  Los Angeles

On this the 13th day of November 2014, before me, Dawnielle Bouley, the undersigned officer, personally appeared Marti K. Tromley who acknowledged herself to be the Chief Risk Officer of Skyline Financial Corp. d/b/a Skyline Home Loans d/b/a NewLeaf Wholesale d/b/a NewLeaf Lending, a corporation, and that she as such Chief Risk Officer, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by herself as Chief Risk Officer.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  11-6-2015



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