Skip to Content

Translate | Disclaimer

Par-Rate Mortgage Services, Inc. - Settlement Agreement

State of New York Banking Department


In the Matter of

 Par-Rate Mortgage Services, Inc.

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

-Respondent-

 

SETTLEMENT AGREEMENT


Whereas, Par-Rate Mortgage Services, Inc. (“Par-Rate”), was granted a registration on  June 11, 2002 to engage in business as a mortgage broker pursuant to Article XII-D of the New York Banking Law (“Banking Law”) and currently maintains a principal office at 4300 Hylan Boulevard - Upper Level,  Staten Island, New York 10312; and

Whereas, Section 591-a of the New York Banking Law specifies that as a condition for the issuance and retention of a mortgage broker’s registration, and subject to such regulations as the superintendent shall prescribe, applicants for a registration shall file with the Superintendent a surety bond or make a deposit in an amount and form prescribed by regulations of the Superintendent

Whereas, Section 410.14 of Part 410 of the Superintendent’s Regulations specifies that every mortgage broker registered pursuant to Banking Law Section 591-a shall file with the Superintendent a corporate surety bond in a principal amount of not less than $10,000 or more than $100,000 based on its number of applications;

Whereas, in accordance with the requirements of Section 410.14 of Part 410 of the Superintendent’s Regulations, Par-Rate was required to maintain a corporate surety bond in the amount of $50,000 based on its number of New York State applications;

Whereas, the Banking Department received a letter from Hartford Fire Insurance Company indicating the cancellation of Par-Rate’s $50,000 corporate surety bond effective August 24, 2008;

Whereas, on August 1, 2008, the Banking Department sent a letter to Par-Rate informing Par-Rate of the requirements that it obtain a replacement bond, or have the cancelled bond reinstated, or place assets on deposit with the Superintendent;

Whereas, on October 10, 2008, the Banking Department sent a letter to Par-Rate by certified mail requiring that Par-Rate demonstrate that it had obtained a replacement bond, or had the cancelled bond reinstated, or placed assets on deposit with the Superintendent;  

Whereas, as of the date of this Agreement, Par-Rate has not obtained a replacement bond, or had the cancelled bond reinstated, or placed assets on deposit with the Superintendent;

Whereas, based on the foregoing, Par-Rate is in violation of Section 591-a (3) of the Banking Law and Section 410.14 of Part 410 of the Superintendent’s Regulations;

Whereas, the Superintendent and the Respondent mutually agree to resolve such violation by the imposition of a fine in the amount of $750.00 in lieu of commencing a hearing seeking revocation of Par-Rate’s registration.

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

THAT, the Par-Rate agrees as follows:

  1. Par-Rate, fully understanding the terms and conditions of the Settlement Agreement (the “Agreement”), freely and voluntarily waives its right to a hearing on the violations cited and any and all appeals relating to this matter;
  2. Par-Rate will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
  3. Par-Rate agrees to pay a fine of $750.00 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. Par-Rate fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department scheduling a hearing for revocation.
  5. All communications regarding this Settlement Agreement shall be sent to:
  6. Ms. Rholda L. Ricketts
    Deputy Superintendent of Banks
    Mortgage Banking Division
    State of New York Banking Department
    One State Street,
    New York, NY 10004

    Ms.  Tracie Bonilla-Concepcion
    Owner
    Par-Rate Mortgage Services, Inc.
    11 Rockspray Court 
    Howell, NJ 07731

  7. The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting Par-Rate, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to matters not relating to this Settlement Agreement or any criminal aspect of the concerned matters in this Settlement Agreement.
  8. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department except if in writing, signed by the Superintendent.
  9. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated, or suspended in writing by the Superintendent, or his designee.
  10. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or his Deputy.
  11. The provisions of this Settlement Agreement are not confidential.

Agreed to and Accepted:

By: ___________________________
Tracie Bonilla-Concepcion
Owner
Par-Rate Mortgage Services, Inc.
Dated: _________________________

By: ___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks
State of New York Banking Department
Dated: _________________________

About DFS

Contact DFS

Reports & Publications

Licensing

Connect With DFS

DFS Facebook page

Follow NYDFS on Twitter

AccessibilityContact UsDisclaimerPrivacy PolicySite MapPDF Reader Software