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Eastern American Mortgage Co., Inc. - Settlement Agreement

State of New York Banking Department


In the Matter of

Eastern American Mortgage Co., Inc.

A Mortgage Banker Licensed
pursuant to Article XII-D of the Banking Law

(Respondent)

SETTLEMENT AGREEMENT


WHEREAS , Eastern American Mortgage Co., Inc. ("Eastern" "Licensee"), with headquarters at 201 Lower Notch Road, Little Falls, New Jersey 07424, was granted a license on August 27, 2003 to engage in business as a licensed mortgage banker 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, Respondent has violated Part 38.2(e) of the General Regulations of the Banking Board in that no mortgage broker, mortgage banker or exempt organization shall fraudulently or deceitfully advertise or misrepresent the terms, conditions or charges incidental to a mortgage loan in any advertisement; and

WHEREAS, after being informed of the above mentioned violation, Respondent expressed the wish to dispose of the violation without recourse to a hearing and to enter into a Settlement Agreement on the terms and conditions hereafter set forth:

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

THAT, the licensee agrees as follows:

  1. Eastern, 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. Eastern will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business, including but not limited to Article XII-D of the Banking Law; General Regulations of the Banking Board Parts 38, 39 and 41; and the Superintendent’s Regulations Part 410.
  3. Eastern agrees to pay a fine in the amount of $1,500.00. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department.
  4. Eastern will develop a formal written advertisement policies and procedures designed to ensure compliance with all applicable federal and state laws, regulations and supervisory requirements. The policies and procedures shall, at a minimum, address:
    1. The designation of an individual responsible for monitoring compliance with all applicable laws, regulations and supervisory requirements;
    2. A develop a program designed to keep Eastern current on any changes or revision to with all applicable laws, regulations and supervisory requirements.
  5. Within ninety (90) days of the execution of this Agreement, Eastern will submit draft copies of its advertisement policies and procedures to the Banking Department;
  6. Within one hundred twenty (120) days of the execution of this Agreement, Eastern will submit final copies of its advertisement policies and procedures, approved by an authorized officer, to the Banking Department;
  7. 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

    Mr. Robert C. Veech, Jr.
    Eastern American Mortgage Co., Inc.
    201 Lower Notch Road
    Little Falls. NJ 07424

  8. 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 Licensee, 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.
  9. No extension or waiver of the terms of this Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or her Deputy.
  10. Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent or her Deputy.
  11. The effective date of this Agreement is the date on which it is executed by the Superintendent or her Deputy.
  12. The provisions of this Agreement are not confidential.

Agreed to and accepted by:

Eastern American Mortgage Co., Inc.

by: ___________________________
Robert C. Veech, Jr.
President/Owner

Dated: ________________________

New York State Banking Department

by:___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

Dated: ________________________

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