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IN THE MATTER OF:

LMB MORTGAGE SERVICES. INC.
d/b/a lowermybills.com
NMLS # 167283

       ("lowermybills.com")

   
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CONSENT ORDER        

WHEREAS, lowermybills.com is a Delaware 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 Section 36a-17 and 36a-498f of the Connecticut General Statutes, into the activities of lowermybills.com 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 lowermybills.com, which Notice is incorporated herein by reference;

WHEREAS, the Commissioner alleged in the Notice that lowermybills.com failed to timely file its Standard Financial Condition 2014 mortgage call report that was due on March 31, 2015, in violation of Section 36a-534b(c)(3) of Connecticut General Statutes, which such violation forms 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 lowermybills.com (Certified Mail No. 70133020000042269388);

WHEREAS, on September 11, 2015, lowermybills.com received the Notice and on September 18, 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 lowermybills.com now desire to resolve the matters alleged in the Notice and set forth herein;

WHEREAS, lowermybills.com admits that the 2014 Financial Condition mortgage call report described in the Notice and set forth herein was not filed on its due date;

WHEREAS, lowermybills.com 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, lowermybills.com 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 allegation contained in the Notice and set forth herein;

WHEREAS, lowermybills.com herein represents to the Commissioner that it has reviewed and updated, and will continue to review and update 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, lowermybills.com 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, lowermybills.com, 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 allegation 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, lowermybills.com, 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 lowermybills.com, 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 lowermybills.com, they shall have satisfactorily filed on NMLS all mortgage call reports required in Connecticut to date.  In the future, lowermybills.com 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 lowermybills.com;
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 lowermybills.com based upon the allegation 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 lowermybills.com 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 lowermybills.com 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 lowermybills.com and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of lowermybills.com 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 7th day of March 2016.              _______/s/_________
                                                     Jorge L. Perez
                                                     Banking Commissioner

I, Mitch Viner, state on behalf of LMB Mortgage Services, Inc. d/b/a lowermybills.com 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 LMB Mortgage Services, Inc. d/b/a lowermybills.com, that  LMB Mortgage Services, Inc. d/b/a lowermybills.com agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that LMB Mortgage Services, Inc. d/b/a lowermybills.com 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:  Mitch Viner
                                                     Title:  General Counsel
                                                     LMB Mortgage Services, Inc.
                                                     d/b/a lowermybills.com
                                                    

State of:  California

County of:  Los Angeles

On this the 5th day of February 2016, before me, Zoe C. Morgan, the undersigned officer, personally appeared Mitch Viner who acknowledged himself/herself to be the General Counsel of LMB Mortgage Services, Inc. d/b/a lowermybills.com, a corporation, and that he/she as such General Counsel, 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 General Counsel.

In witness whereof I hereunto set my hand.


                                                    _________/s/_________
                                                    Notary Public  
                                                    Date Commission Expires:  August 14, 2019



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