Bulletin # 2724 - Week Ending May 6, 2016

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY

Amended and Restated Temporary Order to Cease and Desist, Amended and Restated Order of Summary Suspension, Amended and Restated Notice of Intent to Revoke Mortgage Broker License, Amended and Restated Notice of Intent to Revoke Mortgage Loan Originator Licenses, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, and Amended and Restated Notice of Intent to Impose Civil Penalty

On May 2, 2016, the Commissioner issued an Amended and Restated Temporary Order to Cease and Desist, Amended and Restated Order of Summary Suspension, Amended and Restated Notice of Intent to Revoke Mortgage Broker License, Amended and Restated Notice of Intent to Revoke Mortgage Loan Originator Licenses, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, and Amended and Restated Notice of Intent to Impose Civil Penalty (collectively, “Amended and Restated Order and Notice”), in the Matter of:  Falcon Funding LLC (NMLS # 842865) (“Falcon Funding”), Hamden, Connecticut, Deborah Ann Moxam (NMLS # 74194), and Ian M. Williams (NMLS # 93397) (“Williams”) (collectively, “Respondents”).  The Amended and Restated Order and Notice was a result of additional investigation by the Consumer Credit Division, and amends and supersedes a prior order of the Commissioner dated March 7, 2016 (“March 7 Order”).  In the Amended and Restated Order and Notice, the Commissioner alleges in greater detail than the March 7 Order that Respondents, among other things, withheld books, records and other information, in violation of Section 36a-498f(f) of the Connecticut General Statutes; altered loan documents constituting violations of Sections 36a-498e(1), 36a-498e(2), 36a-53b(1) and 36a-53b(3) of the Connecticut General Statutes; and failed to cooperate with the Commissioner, in violation of Section 36a-17(d) of the Connecticut General Statutes.  Such violations constitute grounds to revoke Falcon Funding’s mortgage broker license and Moxam and Williams’ mortgage loan originator licenses, and form the basis to issue a cease and desist order and order imposing civil penalty against each Respondent.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist and that public safety and welfare imperatively required the issuance of an Order of Summary Suspension.  Respondents had previously requested a hearing in response to the March 7 Order.