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DYNAMIC MORTGAGE BANKERS, LTD - SETTLEMENT AGREEMENT

State of New York Banking Department


In the Matter of

DYNAMIC MORTGAGE BANKERS, LTD

A Licensed Mortgage Banker pursuant
to Article 12-D of the New York Banking Law

- Respondent -

SETTLEMENT AGREEMENT

 


Whereas, DYNAMIC MORTGAGE BANKERS, LTD (“Dynamic” or the “Licensee”) was granted a license on December 12, 1997, to engage in business as a mortgage banker pursuant to Article 12-D of the New York Banking Law (the “Banking Law”) and currently maintains a principal office at 1025 Old Country Road, Suite 304, Westbury, NY 11590.

Whereas, Section 590.2(c) of the Banking Law requires a licensee 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, an examination of Dynamic conducted by the State of New York Banking Department, as of August 21, 2006, disclosed that the licensee operated from 2800 Middle Country Road, Lake Grove, NY 11755, in violation of the above captioned Regulation.

Whereas, the Superintendent and the licensee mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $5,000.00, in lieu of commencing a hearing seeking revocation of Dynamic’s mortgage banker license;

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

THAT, the licensee agrees as follows:

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

Mr. Robert J. Flower
Dynamic Mortgage Bankers, Ltd.
1025 Old Country Road, Suite 304
Westbury, NY 11590

 

Agreed to and Accepted:

Dated:_________________________

By:____________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

Dated:_________________________

By: ___________________________
Robert J. Flower, President
Dynamic Mortgage Bankers, Ltd.

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