DOB: Mortgage Solutions of Colorado, LLC - CO

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IN THE MATTER OF:

MORTGAGE SOLUTIONS
OF COLORADO, LLC
d/b/a MORTGAGE SOLUTIONS
FINANCIAL

d/b/a AG-AMERICA
NMLS # 61602

       ("Mortgage Solutions")

   
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CONSENT ORDER        

WHEREAS, Mortgage Solutions is a Colorado limited liability company 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, 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, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage lender licensees file with the Nationwide Mortgage Licensing System and Registry (“NMLS”) a change of address of a branch office at least 30 calendar days prior to such change, and 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 office;
 
WHEREAS, Mortgage Solutions failed to file with NMLS a change of address of a branch office at least 30 calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner;

WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Mortgage Solutions, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes.  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, Mortgage Solutions, 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, Mortgage Solutions acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;

AND WHEREAS, Mortgage Solutions herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Mortgage Solutions will file any change it makes to its 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, Mortgage Solutions will 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, 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 Mortgage Solutions, they 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 Mortgage Solutions 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 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 Mortgage Solutions and reflected herein is subsequently discovered to be untrue;
3.So long as this Consent Order is promptly disclosed by Mortgage Solutions and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of 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, 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 October 2015.         _______/s/_________
                                                     Jorge L. Perez
                                                     Banking Commissioner

I, Connie Caldwell, state on behalf of Mortgage Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial d/b/a Ag-America, 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 Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial d/b/a Ag-America; that Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial d/b/a Ag-America agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial d/b/a Ag-America 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:  Connie Caldwell
                                                     Title:  CAO
                                                     Solutions of Colorado, LLC
                                                     d/b/a Mortgage Solutions Financial
                                                     d/b/a Ag-America

State of:  Colorado

County of:  El Paso

On this the 15th day of October 2015, before me, Joshua D. Collins, the undersigned officer, personally appeared Connie Caldwell who acknowledged himself/herself to be the CAO of Solutions of Colorado, LLC d/b/a Mortgage Solutions Financial d/b/a Ag-America, a member managed/manager managed limited liability company, and that he/she as such CAO, 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 CAO.

In witness whereof I hereunto set my hand.


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



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