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Own-A-Home Mortgage Corp. - Settlement Agreement

State of New York Banking Department


In the Matter of

Own-A-Home Mortgage Corp.

A Mortgage Broker registered
pursuant to Article 12-D of the Banking Law

(Registrant)

SETTLEMENT AGREEMENT


WHEREAS, Own-A-Home Mortgage Corp.  (“Registrant”) is a registered mortgage broker in the State of New York with principal location at 260 Christopher Lane  Staten Island, NY 10314; and

WHEREAS, pursuant to Section 591-a(3) of the Banking Law and Part 410.14 of the Superintendent’s Regulations, Registrant is required to obtain a corporate surety bond or enter into a deposit agreement and maintain such surety bond or deposit agreement as a condition for retention of the mortgage broker registration.

WHEREAS, on May 11, 2009, the Department received a letter from Hartford Fire Insurance Company indicating the cancellation of the Registrant’s $50,000 corporate surety bond effective May 3, 2009;

WHEREAS, on August 27, 2009 the Registrant provided to the Department with a $50,000replacement corporate surety bond issued by NGM Insurance Company  with an effective date of July 1, 2009;

WHEREAS, on August 27, 2009, the Banking Department notified Registrant by certified mail with return receipt requested mail to immediately secure a surety bond retroactive to May 3, 2009, or obtain a deposit agreement of not less than $50,000 covering the lapse period May 3, 2009 to July 1, 2009 within 14 calendar days of August 27, 2009 .

WHEREAS, the Superintendent and the Registrant mutually agree to resolve the aforementioned violation as stipulated below.

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

THAT, Registrant agrees as follows:

  1. Registrant understands the terms and conditions of the Settlement Agreement, freely and voluntarily waives its right to a hearing on the charges made and any and all appeal relating to this matter.
  2. Registrant will take all necessary steps to ensure compliance with all applicable laws and regulations.
  3. Registrant agrees to the payment of a fine in the amount of $1,000 in ten monthly installments, with the first installment of $500.00 due by the close of business October 15, 2009. The remaining 9 payments are due by the 15th of each month until the fine is fully paid. The installments shall be made in electronic transfers, in immediately available funds, pursuant to transfer instructions received from the Banking Department.  Failure to make timely payment on any of the installments shall result in immediate revocation of Registrant’s registration.
  4. All communication regarding this Settlement Agreement shall be sent to:

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

Ms.  Adrienne Setbon
Own-A-Home Mortgage Corp.
260 Christopher Lane
Staten Island, NY 10314

  1. 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 Respondent, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matter relating to this Settlement Agreement. Nor shall this Agreement bar, estop or otherwise prevent the Superintendent from entering any other action affecting Respondent, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matters not covered by this Agreement.
  2. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent and or the Deputy Superintendent of Banks.
  3. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent and or the Deputy Superintendent of Banks.
  4. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent and or the Deputy Superintendent of Banks.
  5. The provisions of this Settlement Agreement are not confidential.

           Agreed to and accepted:

Own-A-Home Mortgage Corp.

by:___________________________
     Adrienne Setbon
     CEO

Dated: ________________________

New York State Banking Department

by:___________________________
     Rholda L. Ricketts
     Deputy Superintendent of Banks

Dated: ________________________

 

 

 

 

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