Skip to Content

Translate | Disclaimer

Trinity Funding, Inc dba Susan J. Hayden - Settlement Agreement

State of New York Banking Department


In the Matter of

Trinity Funding, Inc dba Susan J. Hayden

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

(Registrant)

SETTLEMENT AGREEMENT


WHEREAS, Trinity Funding, Inc dba Susan J. Hayden (“Registrant”) a registered mortgage broker in the State of New York with principal location at 130 Third Avenue  Brentwood, NY, 11717 was granted a registration on August 10, 2004 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (“Banking Law”) by the Superintendent of Banks (the “Superintendent”) of the State of New York:

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 November 6, 2008, the Department received a letter from Hartford Fire Insurance Company indicating the cancellation of the Registrant’s $50,000 corporate surety bond effective December 6, 2008;

WHEREAS, on September 14, 2009 the Registrant provided to the Department with a $50,000replacement corporate surety bond issued by International Fidelity Insurance Co. with an effective date of June 18, 2009;

WHEREAS, on September 14, 2009, the Banking Department notified Registrant by certified mail with return receipt requested mail to immediately secure a surety bond retroactive to December 6, 2008, or obtain a deposit agreement of not less than $50,000 covering the lapse period December 6, 2008 to June 18, 2009 within 14 calendar days of September 14, 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 $5,000 in nine monthly installments, with the first installment of $1,000.00 due by the close of business October 30, 2009. The remaining 8 payments are due by the 30th 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. Transfers are to be made to:

    Bank: JPMorgan Chase Bank
    Account:  573801703
    Routing or ABA#: 021000021
    Account Title:  NYS Banking Department
    Branch Address:  12 Corporate Woods Road, 4th Floor
      Albany, NY 12211

  5. 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

Susan J. Hayden
Trinity Funding, Inc dba Susan J. Hayden
130 Third Avenue
Brentwood, NY 11717

  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:

Trinity Funding, Inc dba Susan J. Hayden

by:___________________________
     Susan J. Hayden
     CEO

Dated: ________________________

New York State Banking Department

by:___________________________
     Rholda L. Ricketts
     Deputy Superintendent of Banks

Dated: ________________________

 

 

 

 

About DFS

Contact DFS

Reports & Publications

Licensing

Connect With DFS

DFS Facebook page

Follow NYDFS on Twitter

AccessibilityContact UsDisclaimerPrivacy PolicySite MapPDF Reader Software