| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: OMEGA FINANCIAL | * * * * * * * * * * * * * | CONSENT ORDER |
WHEREAS, Omega Funding Capital is a New Jersey corporation that is currently licensed in Connecticut 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, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to the authority granted by Section 36a-17 and 36a-498f of the Connecticut General Statutes, into the activities of Omega Funding Capital 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 8, 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 Omega Funding Capital, which Notice is incorporated herein by reference;
WHEREAS, the Commissioner alleged in the Notice that Omega Funding Capital failed to timely file two mortgage call reports (“MCRs”), one that was due on March 31, 2015 (“2014 Financial Condition”), and one that was due on May 15, 2015 (“Standard – RMLA – 2015 (Q1)”), in violation of Section 36a-534b(c)(3) of Connecticut General Statutes, which such violations form the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
WHEREAS, on September 8, 2015 the Notice was sent by certified mail, return receipt requested, to Omega Funding Capital (Certified Mail No. 70143490000235259657);
WHEREAS, on September 10, 2015, Omega Funding Capital 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 Omega Funding Capital now desire to resolve the matters alleged in the Notice and set forth herein;
WHEREAS, Omega Funding Capital admits that the 2014 Financial Condition and the Standard –
RMLA – 2015 (Q1) MCRs described in the Notice and set forth herein were not filed on their respective due dates;
WHEREAS, Omega Funding Capital 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, Omega Funding Capital 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, Omega Funding Capital 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, Omega Funding Capital 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, Omega Funding Capital, 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, Omega Funding Capital, 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 Omega Funding Capital, 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 Two Thousand Five Hundred Dollars ($2,500) 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. | No later than the date this Consent Order is executed by Omega Funding Capital, they shall have satisfactorily filed on NMLS all MCRs required to date. In the future, Omega Funding Capital 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 in connection with its current and any future license issued to Omega Funding Capital; |
| 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 Omega Funding Capital based upon the allegations set forth in the Notice or contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Omega Funding Capital 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 Omega Funding Capital and reflected herein is subsequently discovered to be untrue; |
| 4. | Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Omega Funding Capital and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Omega Funding Capital 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, provided all applicable legal requirements for such license are satisfied; and |
| 5. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 30th day of October 2015. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Adel Michael, state on behalf of Omega Financial Services, Inc. d/b/a Omega Funding Capital 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 Omega Financial Services, Inc. d/b/a Omega Funding Capital Corporation, that Omega Financial Services, Inc. d/b/a Omega Funding Capital Corporation agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Omega Financial Services, Inc. d/b/a Omega Funding Capital Corporation 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: Adel Michael
Title: President
Omega Financial Services, Inc.
d/b/a Omega Funding Capital Corporation
State of: New Jersey
County of: Union
On this the 15 day of October 2015, before me, Phoebe Santurio, the undersigned officer, personally appeared Adel Michael who acknowledged himself/herself to be the President of Omega Financial Services, Inc. d/b/a Omega Funding Capital Corporation, a corporation, and that he/she as such _______________, 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 ________________.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: June 22, 2016