Bulletin # 3116 - Week Ending November 10, 2023

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 business days from the date of this bulletin.

CONSUMER CREDIT ACTIVITY 

Order Revoking Mortgage Broker License, Order to Cease and Desist and Order Imposing Civil Penalty

On October 27, 2023, the Commissioner issued an Order Revoking Mortgage Broker License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of: Loan X Mortgage LLC (NMLS # 1879263), Birmingham, Michigan (“Respondent”). The basis of the Order was that: (1) Respondent failed to provide records requested during an examination or to otherwise cooperate with the Commissioner, in violation of Section 36a-17(e) of the Connecticut General Statutes, which constitutes sufficient grounds to revoke Respondent’s license to act as a mortgage broker in Connecticut pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms the basis to issue an order to cease and desist against Respondent pursuant to Section 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty against Respondent pursuant to Section 36a-50(a) of the Connecticut General Statutes; and (2) Respondent’s conduct renders the Commissioner unable to determine that the financial responsibility, character and general fitness of Respondent are such as to command the confidence of the community and to warrant that Respondent will operate honestly, fairly and efficiently within the purposes of Sections 36a-485 to 36a-498e, inclusive, 36a-498h, 36a-534a and 36a-534b, as required pursuant to Section 36a 489(a)(1) of the Connecticut General Statutes, which constitutes sufficient grounds for the Commissioner to deny an application for such license and, in turn, constitutes sufficient grounds for the Commissioner to revoke Respondent’s license to act as a mortgage broker in Connecticut pursuant to Section 36a-494(a)(1) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes. The Order revokes Respondent’s license to act as a mortgage broker in Connecticut, orders Respondent to cease and desist from violating Section 36a-17(e) of the Connecticut General Statutes and imposes a civil penalty in the amount of $100,000 upon Respondent. 

Consent Order

On October 30, 2023, the Commissioner entered into a Consent Order with ABLE Mortgage, Inc. (NMLS # 1273216) (“ABLE Mortgage”), West Brookfield, Massachusetts. The Commissioner alleged that ABLE Mortgage failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least thirty (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, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, ABLE Mortgage paid $500 as a civil penalty.

Consent Order

On November 1, 2023, the Commissioner entered into a Consent Order with Bankrate, LLC (NMLS # 1427381) (“Bankrate”), West Palm Beach, Florida. The Commissioner alleged that Bankrate failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least thirty (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, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, Bankrate paid $500 as a civil penalty.