WHEREAS, American Federal Mortgage is a New Jersey corporation that is currently licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes;

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;

WHEREAS, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage lender licensees file with the Nationwide Mortgage Licensing System and Registry (“NMLS”) a change of address of a main office at least 30 calendar days prior to such change, and provide directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the address of the main office;

WHEREAS, American Federal Mortgage failed to file with NMLS a change of address of its main office at least 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;

WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against American Federal Mortgage, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes.  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, American Federal Mortgage, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanction imposed below without admitting or denying any allegation contained herein and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;

WHEREAS, American Federal Mortgage acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;

AND WHEREAS, American Federal Mortgage herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that American Federal Mortgage will file any change it makes to its name or any address of any office specified on its most recent filing with NMLS at least thirty (30) calendar days prior to such change and, in connection with such change, American Federal Mortgage will provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects such change.

CONSENT TO ENTRY OF SANCTION 

WHEREAS, American Federal Mortgage, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:

CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

Issued at Hartford, Connecticut
this 31st day of December 2015.          ________/s/_________
                                                     Jorge L. Perez
                                                     Banking Commissioner

I, Mark Young, state on behalf of American Federal Mortgage 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 American Federal Mortgage Corporation; that American Federal Mortgage 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 American Federal Mortgage 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:  
                                                   Title:  
                                                   American Federal Mortgage Corporation
                                                   
                                                   

State of:  New Jersey
                                   
County of:  Morris

On this the 17 day of December 2015, before me, Andrew McElroy, the undersigned officer, personally appeared Mark Young who acknowledged himself/herself to be the President of American Federal Mortgage Corporation, a corporation, and that he/she as such President, 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 President.

In witness whereof I hereunto set my hand.

Administrative Orders and Settlements