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TBI Mortgage Company - Settlement Agreement

State of New York Banking Department

In the Matter of

 TBI Mortgage Company

An applicant for licensing as a mortgage banker pursuant
to Article XII-D of the New York Banking Law




Whereas, TBI MORTGAGE COMPANY (“TBI Mortgage”) currently operates its headquarters at 250 Gibraltar Road, 1st Floor , West Wing, Horsham, PA 19044.

Whereas, during the period May 25, 2008 to September 30, 2008 TBI Mortgage originated 13 loans on 1-4 family residential property located in New York without a valid New York State mortgage bankers license.

Whereas, TBI Mortgage’s origination of 13 mortgage loans exceed the requirements for licensing and constitutes a violation of NYS Banking Law Section 590.2(a);  

Whereas, the Superintendent and TBI Mortgage mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $10,000 and payment of  consumer restitution of $10,284 (as detailed in Schedule  1);


THAT, TBI Mortgage agrees as follows:

  1. TBI Mortgage, 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. TBI Mortgage will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
  3. TBI Mortgage agrees to pay a fine of $10,000 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. TBI Mortgage agrees to issue refunds of $10,284 to consumers upon execution of this agreement;
  5. TBI Mortgage shall develop, and submit to the Banking Department, a formal written compliance manual designed to ensure compliance with all applicable federal and state laws, regulations, and supervisory requirements. Among other things, the written compliance manual shall include policies, procedures, and checklists. In addition, it shall indicate the persons who shall be responsible for preparing particular documents and taking other actions required by the applicable compliance laws.
  6. The manual shall, at a minimum, address:

    1. Designation of an individual responsible for monitoring compliance with applicable laws and regulations and supervisory requirements;
    2. Methodology for ensuring that TBI Mortgage and its employees are knowledgeable of regulatory and legislative changes and supervisory requirements;
    3. The handling, safeguarding and destruction of confidential customer information pursuant to privacy and credit reporting laws;
    4. Prohibited Conduct as described by Part 38.7 of the General Regulations of the Banking Board;
    5. Consumer credit disclosure requirements;
    6. Advertising;
    7. Additional branch requirements;
    8. Website authorizations;
    9. Reporting requirements.

  7. Within ninety (90) days of the execution of this Agreement, TBI Mortgage will submit a draft copy of its compliance manual to the Banking Department for review;
  8. Within one hundred and twenty (120) days of the execution of this Agreement, TBI Mortgage will submit final copies of its compliance manual, approved by an authorized officer, to the Banking Department for review;
  9. TBI Mortgage 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.
  10. All communications regarding this Settlement Agreement shall be sent to:
  11. Ms. Rholda L. Ricketts                                   Ms. Marge Topham
    Deputy Superintendent of Banks                     TBI Mortgage Company
    Mortgage Banking Division                              250 Gilbralter Road, 1st Fl. West Wing
    New York State Banking Department               Horsham, PA 19044
    New York, NY 10004

  12. 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 the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to the matters not relating to this Settlement Agreement or any criminal aspect of the concerned matters in this Settlement Agreement.
  13. 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.
  14. 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.
  15. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or his Deputy.
  16. The provisions of this Settlement Agreement are not confidential.

Agreed to and Accepted: 




By: ___________________________
Ms. Marge Topham





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


Department of Financial Services


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