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QuoteMatch, LLC.

Order
Thursday, July 15, 2010
Docket No. 10-043-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-043-B_20150312085613.pdf
Docket No. 10-043-B

ln Re: QuoteMatch, LLC, Respondent

 

ORDER REFUSING RENEWAL OF MORTGAGE BROKER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") and pursuant to 8 V.S.A. §2210 issues this Determination and Order Refusing Renewal of QuoteMatch, LLC's (the "Respondent") mortgage broker license.

Findings Of Fact

1. Respondent currently holds mortgage broker license no. 0677MB for a location at 9950 Summers Ridge Road, Suite 160, San Diego, California 92121

2. 8 V.S.A. § 2204(c) provides in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its mortgage broker license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V.S.A. § 2209. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V.S.A. §2210.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A. § 2210 and Regulation B-82-1. The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December 1, 2009 as required by 8 V.S.A. § 2209. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. § 2210 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V .S.A. § 2210 and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's mortgage broker license is hereby not renewed for calendar year 2010.


Mortgage Capital, Inc. d/b/a JRL Mortgage Capital

Order
Thursday, July 15, 2010
Docket No. 10-044-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-044-B_20150312085705.pdf

Docket No. 10-044-B

In Re: Mortgage Capital, Inc. d/b/a JRL Mortgage Capital, Respondent

 

ORDER REFUSING RENEWAL OF MORTGAGE BROKER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") and pursuant to 8 V .S.A. §2210 issues this Determination and Order Refusing Renewal of Mortgage Capital, Inc. d/b/a JRL Mortgage Capital's (the "Respondent") mortgage broker license.

Findings Of Fact

1. Respondent currently holds mortgage broker license no. 0689MB for a location at 271 Main Street, Suite 303, Stoneham, Massachusetts 02180.

2. 8 V.S .A. § 2204(c) provides in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its mortgage broker license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V.S.A. § 2209. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V.S.A. §2210.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A.

§ 221 0 and Regulation B-82-1. The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December I, 2009 as required by 8 V.S.A. § 2209. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. § 2210 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V.S .A. § 2210 and Regulation B-82-1. Respondent f;:tiled to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V .S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's mortgage broker license is hereby not renewed for calendar year 2010.

Redwood Financial Partners, LLC.

Order
Thursday, July 15, 2010
Docket No. 10-045-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-045-B_20150312085757.pdf
Docket No. 10-045-B

In Re: Redwood Financial Partners, LLC, Respondent

ORDER REFUSING RENEWAL OF MORTGAGE BROKER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") and pursuant to 8 V.S.A. §2210 issues this Determination and Order Refusing Renewal of Redwood Financial Partners, LLC's (the "Respondent") mortgage broker license.

Findings Of Fact

1. Respondent currently holds mortgage broker license no. 0739MB for a location at 222 Bartholomew Street, Peabody, Massachusetts 01960

2. 8 V.S.A. § 2204(c) provides in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its mortgage broker license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V.S.A. § 2209. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V.S.A. §2210.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A. § 2210 and Regulation B-82-1 . The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December 1, 2009 as required by 8 V.S.A . § 2209. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. § 2210 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V.S.A. § 2210 and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's mortgage broker license is hereby not renewed for calendar year 2010.

Academy Mortgage Corporation

Order
Friday, July 23, 2010
Docket No. 10-063-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-063-B_20150312085840.pdf
Docket No. 10 -063-B
 
In Re: Academy Mortgage Corporation, Respondent

STIPULATION AND CONSENT ORDER

Background

1. Pursuant to 8 V.S.A., Chapters 1 and 73, the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") is charged with administering and enforcing Vermont law as it pertains to licensed lenders in the State of Vermont.

2. Academy Mortgage Corporation ("Academy") is a Utah corporation with a principal place of business at 1218 East 7800 South, Suite 100, Sandy, Utah 84094.

3. At all relevant times Academy held license no. 6125 to act as a licensed lender in the State of Vermont and held mortgage broker license no. 0961MB to act as a mortgage broker in the State of Vermont, both from a location at 1218 East 7800 South, Suite 100, Sandy, Utah 84094. Academy does not, and did not, hold any other Vermont lender or mortgage broker licenses.

4. The Department has alleged that between May 5, 2009 and January 31, 2010:

a. On one or more occasions Academy originated loans from unlicensed locations in violation of 8 VSA §§ 2206, 2208, and 2228.

b. On one or more occasions Academy did not issue a commitment letter in the form and content or within the time frame required by 9 VSA §103 and Department Regulation B-98-1.

c. On one or more occasions Academy issued a privacy notice that did not comply with the requirements of Department Regulation B-200 1-01.

d. On one or more occasions Academy imposed a cushion on home loan escrow accounts in excess of the one-month limit permitted by 8 VSA §10404.

e. Academy failed to properly maintain its segregated applicant escrow account in violation of 8 VSA §2218.

5 Academy has denied any intentional wrongdoing on its part.

6. The parties wish to resolve this matter without administrative or judicial proceedings .

7. Academy and the Department expressly agree to enter into this Stipulation and Consent Order in full and complete resolution of the alleged violations described in paragraph 4

Stipulation and Agreement

Academy and the Department hereby stipulate and agree as follows:

8. Academy does not dispute that there is a factual basis for the allegations.

9. Academy shall pay an administrative penalty to the Department in the amount of

$10,000.00, which payment shall be made on or before August 15, 2010.

10. Academy shall:

a. License the locations from which loans officers work with Vermont borrowers and shall not conduct any business with Vermont borrowers from unlicensed locations.

b. Issue commitment letters in the form and at the time required by 9 VSA §103 and Department Regulation B-98-1.

c. Revise its Vermont privacy notice and policies so that they are in compliance with Department Regulation B-2001-01 and shall only issue to Vermont borrows privacy notices that are in compliance with Vermont law.

d. Limit its home loan escrow account cushion to not more that one-month, as permitted by 8 VSA §10404.

e. Maintain its applicant escrow account so that funds are not commingled or overdrawn, as required by 8 VSA §2218.

11. Academy shall adopt policies and procedures to insure that Academy complies with paragraph 10 and shall provide the Department with a copy of such policies and procedures by August 15, 2010.

12. Academy shall send the Department complete loan files of Academy's next three Vermont loans so that the Department may review for compliance with Vermont law and with this Stipulation and Consent Order

13. In the event Academy fails to pay the administrative penalty or fails to provide the Department with a copy of its policies and procedures, both on or before August 15, 2010, or

fails to provide the Department with copies of its next three Vermont loan files, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending any or all of Academy's licenses and imposing additional administrative penalties.

The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

14. The Department shall retain continuing jurisdiction in this matter until Academy has complied with the terms and conditions of this Stipulation and Order.

15. This Stipulation and Order shall not prevent any person from pursuing any claim he or she may have against Academy, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

16. Nothing contained in this Stipulation and Order shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving Academy and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

17. Academy knowingly and voluntarily waives any right it may have to judicial review by any court of these matters by way of suit, appeal, or extraordinary relief resulting from entry or enforcement ofthis Stipulation and Order.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

18. Academy shall comply with all agreements, stipulations, and undertakings as recited above.

19. Academy shall pay an administrative penalty to the Department in the amount of $10,000.00, which payment shall be made on or before August 15, 2010.

20. On or before August 15, 2010 Academy shall provide the Department with a copy of its policies and procedures as required by paragraph 11.

21. Academy shall send the Department complete loan files of Academy's next three Vermont loans so that the Department may review for compliance with Vermont law and with this Stipulation and Consent Order.

22. In the event Academy fails to pay the administrative penalty or fails to provide the Department with a copy of its policies and procedures, both on or before August 15, 2010, or fails to provide the Department with copies of its next three Vermont loan files, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending any or all of Academy's licenses and imposing additional administrative penalties. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

23. This Order shall not prevent any person from pursuing any claim he or she may have against Academy.

24. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving Academy filed with the Department or shall preclude

the Department from pursuing any other violation of law.

25. This Order shall not be construed as an adjudication of any violation of any Vermont law or federal law, except as specifically set forth herein.

Upper Valley Mortgage, LLC

Order
Tuesday, March 22, 2011
Docket No. 11-001-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/11-001-B_20150312090723.pdf

Docket No. 11-001-B

In Re: Upper Valley Mortgage, LLC Respondent

 

DEFAULT JUDGMENT AND ORDER

This matter came before the Commissioner (the "Commissioner") of the Vermont Department of Banking, Insurance, Securities and Health Care Administration (the "Department") on the Department's Motion for Default.

Based upon the Department's Motion for Default Judgment and Administrative Charges filed in this matter, the Commissioner hereby issues the following findings of fact, conclusions of law, and order against Upper Valley Mortgage, LLC ("Respondent").

Jurisdiction And Authority

1. The Commissioner is charged with administering and enforcing the lending laws of the State of Vermont pursuant to 8 VSA §§ 11 and 12.

2. The Commissioner is charged with administering and enforcing 8 VSA Chapter 73 and Regulation B-96-1, which govern the conduct of mortgage brokers in the State of Vermont.

Respondent

3. Respondent is a New Hampshire corporation that currently holds mortgage broker license no. 0562 MB for a location at 85 Mechanic Street, Suite 200, Lebanon, New Hampshire.

Findings of Fact

4. The Respondent failed to file an annual license renewal with the Commissioner for calendar year 2011 on or before December 1, 2010 as required by 8 VSA § 2209. Respondent has not filed its annual license renewal for calendar year 2011.

5. On or about December 17, 2010 the State of New Hampshire, Respondent's state of domicile, revoked Respondent's New Hampshire Mortgage Broker License.

6. The Department filed Administrative Charges in this matter on January 6, 2011.

7. The Department properly served the Respondent with the Administrative Charges and Notice of Hearing Rights (the "Administrative Charges"). On January 6, 2011 the Administrative Charges were sent to the Respondent by regular mail and by certified mail, return receipt requested, to the current address as stated on its license as specified in 8 VSA §2210(b). On January 13, 2011 the Administrative Charges were sent to the Respondent by regular mail and by certified mail, return receipt requested, to an address reasonably believed to be Respondent's current address.

8. Respondent received the Administrative Charges on January 21, 2011 as evidenced by the signed certified mail return receipt.

9. Respondent failed to file an answer, enter an appearance, or otherwise respond to the Department's Administrative Charges within the 30-day time period set forth in Regulation No. 82-1 (Revised) §5(a).

Conclusions Of Law

10. Respondent failed to file its annual license renewal for 2011 on or before December 1, 201 0, and still has not filed its annual license renewal, in violation of 8 VSA §2209.

11. Respondent failed to remain licensed and in good standing in its state of domicile in violation of 8 VSA §§2210 and 2204.

12. Pursuant to 8 VSA § 2210(a), the Commissioner may suspend, revoke, terminate, or refuse to renew a license if the Commissioner finds that the licensee has failed to pay the annual renewal of license fee, has failed to maintain the required bond, has failed to comply with any lawful demand, ruling, or requirement of the Commissioner, or has violated any provisions of Chapter 73 of Title 8, VSA

13. Pursuant to 8 VSA §§2210(a) and 2204, the Commissioner may suspend, revoke, terminate, or refuse to renew a license if the license is not licensed and in good standing in its state of domicile, or if the licensee has ever had a mortgage broker license, lender license, mortgage loan originator license, or similar license revoked in any governmental jurisdiction.

ORDER

NOW THEREFORE, it is hereby ordered as follows:

14. Respondent's license is hereby terminated and the Commissioner refuses to renew Respondent's license, effective immediately.

15. Respondent and any and all employees or agents of Respondent, and any successors or assigns, shall immediately cease engaging in mortgage broker activities in the State of Vermont.

16. Nothing in this Order shall affect any party's right to recover damages or restitution from Respondent and this Order shall not constitute a waiver by the Department to seek restitution or administrative penalties for any additional violations of law as discovered by the Department.

NOTICE OF RIGHT TO APPEAL

Pursuant to 8 VSA §2213, you may appeal this order directly to the Washington Superior Court provided you make the appeal within fifteen days after receipt of this order.

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