DOB: Customized Mortgage Solutions, LLC - CO

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IN THE MATTER OF:

CUSTOMIZED MORTGAGE
SOLUTIONS, LLC
NMLS # 214882

       ("Customized Mortgage Solutions")

   
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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, Customized Mortgage Solutions is a New Jersey limited liability company that is currently licensed in Connecticut 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 Section 36a-17 of the Connecticut General Statutes, as amended by Public Acts 14-7 and 14-89, and Section 36a-498f of the Connecticut General Statutes, into the activities of Customized Mortgage Solutions 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 January 13, 2015, 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 Customized Mortgage Solutions, which Notice is incorporated herein by reference;

WHEREAS, the Commissioner alleged in the Notice that Customized Mortgage Solutions failed to timely file its mortgage call report (“MCR”) that was due on November 14, 2014 (“Q3”), in violation of Section 36a-534b(c)(3) of Connecticut General Statutes, as amended by Public Act 14-89, 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 January 14, 2014, the Notice was sent by certified mail, return receipt requested, to Customized Mortgage Solutions (Certified Mail No. 70120470000147903676);

WHEREAS, on January 22, 2015, Customized Mortgage Solutions received the Notice and on February 4, 2015, 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 Customized Mortgage Solutions now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, Customized Mortgage Solutions admits that the Q3 MCR described in the Notice and set forth herein was not filed on its due date; 
 
WHEREAS, Customized Mortgage Solutions 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, Customized Mortgage Solutions 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 allegation contained in the Notice and set forth herein;
 
WHEREAS, Customized Mortgage Solutions 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, Customized Mortgage Solutions 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, Customized Mortgage Solutions, 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 allegation 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, Customized Mortgage Solutions, 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 Customized Mortgage Solutions, Customized Mortgage Solutions 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.No later than the date this Consent Order is executed by Customized Mortgage Solutions, Customized Mortgage Solutions shall have satisfactorily filed on NMLS all MCRs required to date.  In the future, Customized Mortgage Solutions 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 Customized Mortgage Solutions;
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 Customized Mortgage Solutions based upon the allegation 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 Customized Mortgage Solutions 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 Customized Mortgage Solutions and reflected herein is subsequently discovered to be untrue;
4.Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Customized Mortgage Solutions and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Customized Mortgage Solutions 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 19 day of March 2015.               _______/s/_________
                                                     Jorge L. Perez
                                                     Banking Commissioner Designate

I, Frank J. Dippold, state on behalf of Customized Mortgage Solutions, 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 Customized Mortgage Solutions, LLC; that Customized Mortgage Solutions, 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 Customized Mortgage Solutions, 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:  Frank J. Dippold
                                                     Title:  Chief Operating Officer
                                                     Customized Mortgage Solutions, LLC

State of:  New Jersey

County of:  Morris

On this the 12th day of March 2015, before me, Kim Luyke, the undersigned officer, personally appeared Frank J. Dippold who acknowledged himself/herself to be the Chief Operating Officer of Customized Mortgage Solutions, LLC, a member managed/manager managed limited liability company, and that he/she as such Chief Operating 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 Chief Operating Officer.

In witness whereof I hereunto set my hand.


                                                    _________/s/_________
                                                    Notary Public  
                                                    Date Commission Expires:  August 20, 2019



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