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Marita Valenti, Inc. DBA MVI Mortgage - Settlement Agreement

State of New York Banking Department


In the Matter of

 Marita Valenti, Inc. D/B/A MVI Mortgage

A Mortgage Broker registered pursuant to
Article XII-D of the Banking Law

(Respondent)

Settlement Agreement


WHEREAS , Marita Valenti, Inc. D/B/A MVI Mortgage ("MVI Mortgage"), with headquarters at 25 Rosemere Street, Rye, NY 10580, was granted a registration on February 12, 2002 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (the "Banking Law") by the Superintendent of Banks (the "Superintendent") of the State of New York;

WHEREAS, Section 590.2(c) of the Banking Law requires a registrant to apply for authority to open and maintain one or more branch offices;

WHEREAS, Section 38.1(u) of the General Regulations of the Banking Board defines a full service branch office as any location at which loan processing takes place, whether or not loan solicitation also occurs thereat, and the licensee or registrant owns or pays rent or any other form of consideration for the use thereof;

WHEREAS, Section 38.1(v) of the General Regulations of the Banking Board defines a loan solicitation branch as any location at which only loan solicitation takes place and the licensee or registrant owns or pays rent or any other form of consideration for the use thereof;

WHEREAS, the Banking Department issued an industry letter dated August 12, 2003, which stated that any registrant found operating an unlicensed location will be subjected to a fine of no less than $5,000 and will be required to refund to consumers all fees from loans generated at each unlicensed location;

WHEREAS, an examination of MVI Mortgage by the New York State Banking Department as of July 13, 2005 found that the registrant operated an unlicensed location at 500 Summer Street, Stamford, CT 06901 in violation of the provisions of the Banking Law, General Regulations of the Banking Board and the industry letter;

WHEREAS, the Superintendent and the MVI Mortgage mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $5,000 and the required consumer restitution of $22,620 (as listed in Schedule 1), in lieu of commencing a hearing seeking revocation of Respondent’s registration;

NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:

THAT, MVI Mortgage agrees as follows:

  1. MVI Mortgage, fully understanding the terms and conditions of the Settlement Agreement ( the “Agreement”), freely and voluntarily waives its right to a hearing on the violation cited and any and all appeal relating to this matter;
  2. MVI Mortgage will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
  3. MVI Mortgage agrees to pay a fine in the amount of $5,000 payable upon execution of this Agreement. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department;
  4. MVI Mortgage agrees to issue refunds of $22,620 to consumers upon execution of this agreement;
  5. MVI Mortgage will develop a formal written compliance manual designed to ensure compliance with all applicable federal and state laws, regulations and supervisory requirements. The manual shall, at a minimum, address:
    1. The designation of an individual responsible for monitoring compliance with all applicable laws, regulations and supervisory requirements;
    2. The handling, safeguarding and destruction of confidential customer information pursuant to privacy and credit reporting laws;
    3. Consumer credit disclosure requirements;
    4. Net branching restrictions; and
    5. A compliance training program for employees and independent contractors.
  6. MVI Mortgage will develop a comprehensive operations manual governing the day-to-day operations of its branch office(s), which shall, at a minimum, address, maintenance of books and records, segregation of duties and supervision of employees;
  7. MVI Mortgage will submit to semi-annual examinations during the 24 months period following the execution of this Memorandum;
  8. Within one hundred and twenty (120) days of the execution of this Agreement, MVI Mortgage will submit draft copies of its compliance and operations manual to the Banking Department;
  9. Within one hundred and eighty (180) days of the execution of this Agreement, MVI Mortgage will submit final copies of its compliance and operations manuals, approved by an authorized officer, to the Banking Department;
  10. MVI Mortgage fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department suspending its mortgage broker registration and scheduling a hearing for revocation;
  11. All communication regarding this Agreement shall be sent to:

Rholda L. Ricketts
Deputy Superintendent of Banks
Mortgage Banking Division
New York State Banking Department
One State Street
New York , NY 10004

Ms. Marita Valenti
Marita Valenti Inc.
DBA MVI Mortgage
25 Rosemere Street
Rye , NY 10580

  1. The provisions of this Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Registrant, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to the matters relating to this Agreement or other matters not relating to this Agreement;
  2. No extension or waiver of the terms of this Agreement shall be binding on the Banking Department except if in writing, signed by the Superintendent;
  3. Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent;
  4. The effective date of this Agreement is the date on which it is executed by the Superintendent, or her Deputy; and
  5. The provisions of this Agreement are not confidential.

Agreed to and accepted by:

New York State
Banking Department

by: ___________________________
Rholda L. Ricketts
Deputy Superintendent
Dated: ________________________

MVI Mortgage

by:___________________________
Marita Valenti,
President/Owner
Dated: ________________________

 

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