Great American Mortgage Corp. - Order of Revocation
State of New York Banking Department
In the Matter of
A Licensed Mortgage Banker Pursuant
- Respondent -
ORDER OF REVOCATION
AFTER, due and proper notice and hearing; and
AFTER, review of the transcript of the January 12, 2010 hearing in this matter and the Findings of Fact and Recommended Decision of Jean Marie Brescia, Esq., the duly designated Hearing Officer, a copy of which is annexed hereto, I find that substantial evidence has been adduced that Great American Mortgage Corp. (“Respondent”), a mortgage banker licensed pursuant to Article 12-D of the New York State Banking Law (the “Banking Law”), violated the provisions of Section 597 of the Banking Law and Part 410.8(b) of the Superintendent’s Regulations in that Respondent has not submitted a Volume of Operations Report for the 2008 calendar year. Additionally, Respondent failed to maintain an existing line of credit as required under Part 410.1(b)(2) of the Superintendent’s Regulations and failed to acquire an active corporate surety bond or make a deposit in the amount and form as required under Section 591 of the Banking Law and Section 410.9 of the Superintendent’s Regulations.
NOW THEREFORE,under the authority granted to me pursuant to Sections 595(1) and 44-a of the Banking Law:
IT IS HEREBY ORDERED,
- That Respondent’s name as a mortgage banker should be deleted from the roll of mortgage bankers licensed pursuant to Article 12-D of the Banking Law; and
- That Respondent immediately returns the mortgage banker license issued by this Department upon the date of this order.
Director of Non-Depository Institutions
and Consumer Protection