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Mortgage Links Inc.- Statement of Agreement and Order

State of New York Banking Department


In the Matter of

Mortgage Links Inc.

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

Respondent.

 

STATEMENT OF AGREEMENT
AND ORDER


On April 23, I was appointed by the Superintendent of Banks of the State of New York (the “Superintendent”) to determine the facts and to make an appropriate recommendation in the matter of Mortgage Links Inc. (the “Respondent”), a licensed mortgage banker in the State of New York.  By a Statement of Charges date April 23, the Banking Department alleged that Respondent failed to (a) maintain a line of credit of not less than $1,000,000.00 in violation of Part 410.1(b)(2) of the Superintendent’s Regulations; and (b) file with the Banking Department a corporate surely bond of not less than $50,000.00 or more than $500,000.00 in violation of Banking Law §591; and, as a result, should have its license to engage in the business of a mortgage banker revoked pursuant to Banking Law §595(1).  The hearing was adjourned to June 3 on the consent of the Banking Department.

On June 3, Respondent appeared, by its 100% owner Henry Setaro, and represented by counsel, for the scheduled hearing.  Mr. Setaro, counsel for Respondent, and Banking Department representatives discussed, and agreed to, a resolution of this proceeding.

The parties agreed, and it is therefore ordered that:

1.      Respondent shall obtain a line of credit of not less than $1,000,000.00 from an approved credit line provider within 30 days of June 3.

2.      Respondent shall pay to the Banking Department a fine in the amount of $15,000.00.  The fine shall be paid in ten monthly installments of $1,500.00 due on the first business day of each month, with the first payment due on July 1, 2009.

3.       In the event that Respondent does not obtain a line of credit, Respondent may convert from a mortgage banker to a mortgage broker.  If Respondent wishes to seek such a conversion, the conversion application shall be filed within five days of the conclusion of the 30 day period specified in paragraph 1 above, and Respondent shall fulfill the following requirements:

  1. make all fine payments described in paragraph 2 above in a timely manner until such time as the $15,000.00 fine is paid in full;
  2. comply with all regulatory requirements within the time periods set forth in the regulations;
  3. supply updated fingerprint information for all officers and mortgage loan originators; and
  4. file with the Banking Department a broker’s bond in the amount of $50,000.00.
4.        In the event that Respondent does not obtain a line of credit from an approved credit line provider within the 30 day period set forth in paragraph 1 above, or fails to make each and every fine payment in a timely manner as set forth in paragraph 2 above, or fails to comply with the conversion requirements set forth in paragraph 3 above, then Respondent’s mortgage banker’s license shall be automatically revoked, unless Respondent has surrendered the license.

5.        The suspension of Respondent’s mortgage banker’s license shall remain in force until (1) Respondent’s line of credit from an approved credit line provider is in place or (2) Respondent has completed the conversion process set forth in paragraph 3 and that conversion has been approved by the Banking Department.

6.        In the event that Respondent has not obtained a line of credit from an approved credit line provider within the 30 day time period set forth in paragraph 1, Respondent may apply for a 14 day extension of time to obtain such line of credit by submitting a letter from an approved credit line provider stating that the provider will provide a line of credit to Respondent within 14 days of submission of the letter.

7.        In the event that Respondent does not obtain a line of credit, Respondent may voluntarily surrender its mortgage banker’s license and complete the mortgage broker application process.

Dated: June 3, 2009

 

                                                                        ____________________________________
                                                                                    Jean Marie Brescia, Esq.
                                                                                    Hearing Officer

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