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IN THE MATTER OF:
NMLS # 1155
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WHEREAS, Americay Mortgage is a Connecticut corporation that is currently licensed in Connecticut as a mortgage broker 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, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to the authority granted by Sections 36a-17 and 36a-498f of the Connecticut General Statutes into the activities of Americay 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 September 4, 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 Americay Mortgage, which Notice is incorporated herein by reference;
WHEREAS, the Commissioner alleged in the Notice that Americay Mortgage failed to timely file a mortgage call report (“MCR”) that was due on May 15, 2015 (“Standard – RMLA – 2015 (Q1)”), and further alleged that Americay Mortgage failed to file an MCR that was due on August 14, 2015 (“Standard – RMLA – 2015 (Q2)”). The Commissioner alleged that such failures constituted: (1) violations of Section 36a-534b(c)(3) of Connecticut General Statutes; (2) violations of an order of the Commissioner contained in a Consent Order dated August 16, 2012 (“2012 Consent Order”); and (3) a basis to revive allegations previously made by the Commissioner in the 2012 Consent Order relating to the failure to timely file various prior MCRs, which such allegations were admitted in the 2012 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 September 8, 2015, the Notice was sent by certified mail, return receipt requested, to Americay Mortgage (Certified Mail No. 70143490000235345312);
WHEREAS, on September 10, 2015, Americay Mortgage received the Notice and on September 16, 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 Americay Mortgage now desire to resolve the matters alleged in the Notice and set forth herein;
WHEREAS, Americay Mortgage admits that the Standard – RMLA – 2015 (Q1) and the Standard – RMLA – 2015 (Q2) MCRs described in the Notice and set forth herein were not filed on their respective due dates;
WHEREAS, Americay Mortgage 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, Americay 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, Americay 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, Americay 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, Americay 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, Americay 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 Americay Mortgage, 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 Three Thousand Dollars ($3,000) as a civil penalty.
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 Americay Mortgage, they shall have satisfactorily filed on NMLS all MCRs required to date. In the future, Americay 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, as may be required in connection with its current and any future license issued to Americay 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 Americay Mortgage based upon the allegations set forth in the Notice and contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Americay 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 Americay Mortgage and reflected herein is subsequently discovered to be untrue. It is expressly understood and agreed that the subsequent failure by Americay Mortgage to timely file any required MCR within the balance of the 2015 licensing period, or any required MCR in any of the next three (3) licensing periods during which time Americay Mortgage is licensed, shall, in addition to any other remedy available to the Commissioner, form a basis for the Commissioner to revoke or refuse to renew the license of Americay Mortgage in Connecticut;|
|4.||Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Americay Mortgage and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Americay Mortgage to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., provided that all applicable legal requirements for such license are satisfied; and|
|5.||This Consent Order shall become final when issued.|
Issued at Hartford, Connecticut
this 10th day of March 2016. _______/s/_________
Jorge L. Perez
I, Christopher Gilnack, state on behalf of Americay Mortgage Corporation, 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 Americay Mortgage Corporation; that Americay Mortgage Corporation agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that Americay Mortgage Corporation voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
Name: Christopher Gilnack
Americay Mortgage Corporation
State of: Connecticut
County of: Tolland
On this the 2 day of February 2016, before me, Cheryl Ross, the undersigned officer, personally appeared Christopher Gilnack who acknowledged himself/herself to be the President of Americay Mortgage Corporation, a corporation, and that he/she as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as President.
In witness whereof I hereunto set my hand.
Date Commission Expires: Feb. 28, 2018
Administrative Orders and Settlements