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Home > Banking Division > Licensee Enforcement Activity
2010 Licensee Enforcement Activity
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November 2010


Consent Orders

Sphinx Trading Company, Inc.
Consent Order #E10-009628, November 1, 2010. Licensee agreed to cease cashing postdated checks and checks made payable to “cash”, and to maintain legible copies of all statutorily required business records. Licensee agreed to pay an administrative penalty. Penalty: $15,000.

Citizens Mortgage Corporation
Consent Order #E10-009646, November 4, 2010. Licensee agreed to ensure that future mortgage loan commitments for which a commitment fee may be charged will not be conditioned on the later review of an appraisal. Licensee agreed to pay an administrative penalty. Penalty: $1,000.

First Prestige Mortgage Services, Inc.
Consent Order #E08-0465, November 8, 2010. Licensee agreed not to engage in secondary mortgage lending activity without the required authority to do so. Licensee agreed to pay an administrative penalty. Penalty: $1,500.

Marathon Mortgage Services, Inc.
Consent Order #E10-009629, November 9, 2010. Licensee agreed to obtain licensure for a branch office before conducting any further licensed activity there. Licensee agreed to pay an administrative penalty. Penalty: $2,500.

First Consumer Mortgage Inc.
Consent Order #E10-009762, November 17, 2010. Licensee failed to file a timely change of control application. Licensee agreed to pay an administrative penalty. Penalty: $250.

Residential Home Funding Corp.
Consent Order #E10-009761, November 18, 2010. Licensee cured unlicensed branch office activities and agreed to cease taking NJ residential mortgage loan applications from brokers or other entities not duly licensed. Licensee agreed to pay an administrative penalty. Penalty: $7,500.

Spectrum Mortgage Services, Inc.
Consent Order #E10-009727, November 23, 2010. Licensee agreed to obtain a residential correspondent mortgage banker license before conducting the related business. Licensee agreed to pay an administrative penalty. Penalty: $3,000.

 
October 2010

Orders to Show Cause

Tikal Enterprises, LLC
Gabriel O. Aguirre
Order to Show Cause #E10-009601, October 19, 2010.  Licensees are alleged to have an office located less then 2,500 feet from an existing office, in violation of N.J.S.A. 17:15A-41e.  Licensees ordered to show cause why their licenses should not be suspended or revoked, and why they should not be jointly responsible for administrative penalties. Licensees have the right to request a hearing within 20 calendar days from the date of service.

Mexicana Travel Agency, Inc.
Eloy Rosas
Order to Show Cause #E09-006551, October 22, 2010.  Licensee’s annual report allegedly did not contain all required information. Licensee is alleged to have continued to operate without an agency agreement with four agents it utilized as authorized delegates and failed to respond to an examination report. Licensee ordered to show cause why license should not be suspended or revoked, and why licensee and sole proprietor should not be jointly responsible for administrative penalties. Parties have the right to request a hearing within 20 calendar days from the date of service. 

Order to Cease and Desist and Order to Show Cause

Donald S. Chapman, Cranford, NJ
Danielle Vareltzis, Cranford, NJ
Danrik Group, LLC, Cranford, NJ
Order to Cease and Desist and Order to Show Cause #E-10-009159, October 5, 2010.  Licensees are ordered to cease and desist from engaging in any debt adjustment activities and from any activity as a mortgage loan solicitor or mortgage loan originator. Licensees are also ordered to appear and show cause why they should not be jointly or severally liable for administrative penalties.  Parties have the right to request a hearing within 20 calendar days from the date of service.

Consent Orders

Camille A. Marotta
Consent Order #E10-009535, October 4, 2010.   Licensee agreed to comply with federal and state laws and regulations applicable to any future activity in the mortgage lending industry.  Licensee has paid a settlement amount.  Settlement: $500.

Jersey Mortgage Company of New Jersey, Inc.
Consent Order #E10-009345, October 6, 2010.  For alleged use of one unregistered mortgage solicitor, later duly registered. Licensee agreed to pay an administrative penalty.  Penalty: $1,000.

J & H International Money Transfers, LLC
Consent Order #E09-006488, October 12, 2010.  Licensee agreed to obtain a bank account with a financial institution as required by the New Jersey Money Transmitter Act, and to pay a civil administrative penalty.  Penalty: $2,000.

Certified Funding Capital Corp.
Consent Order #E10-009373, October 19, 2010.  Licensee agreed not to engage in secondary loan business without first being granted the authority to do so by the Department, and to pay civil administrative penalties.  Penalty: $6,000.

A& S Check Cashing, Inc.
Consent order #E06-0807, October 22, 2010.  Licensee agreed to ensure that employees are fingerprinted and consent to the performance of background checks, and to pay civil administrative penalties.   Penalty: $2,000.

 
August 2010


Consent Order

Equity Source Home Loans, LLC
Consent Order #E-10-009257, August 31, 2010.  Licensee has agreed to cure advertising compliance issues and to pay an administrative penalty. Fine: $5,000.

 
July 2010

Consent Orders

Acre Mortgage & Financial One D/B/A Choice One Mortgage
Joseph DiCriscio
Consent Order #E09-007751, July 6, 2010.  Licensee shall ensure that its web site contains the phrase “licensed by New Jersey Department of Banking and Insurance,” and shall ensure that its direct mail advertising include its address.  Licensee shall pay an administrative penalty. Fine:  $5,000.

Equifirst Corporation
William E. Betit, III
Consent Order #E09-007408, July 8, 2010.  Licensee shall not accept mortgage loan applications from an unlicensed or not exempt entity, and shall submit information relative to an address change within 10 days of the change to the Department.  Licensee shall pay an administrative penalty. Fine: $3,000.

Progressive Mortgage Services Inc.
Consent Order #E10-009184, July 15, 2010.  Licensee shall replace its licensed individual, and shall pay an administrative penalty. Fine: $2,000.

First United Mortgage Company, Inc.
Jose R. Cruz
Joseph D. Natale
Consent Order #E09-006986, July 22, 2010.  Licensee shall surrender the license of Joseph D. Natale to the Department, and shall ensure that all broker agreements are in compliance with N.J.A.C. 3:1-16.10(b).  Licensee shall pay an administrative penalty. Fine: $5,000.

 
June 2010


Consent Orders

Amity Mortgage Corporation
John Burke
Anne Marie Burke
Consent Order #E09-006529, June 1, 2010.  Licensees shall not engage in secondary mortgage loan business without obtaining authority from the Department to do so, and shall pay an administrative penalty. Fine:  $4,000.

First Residential Mortgage Network, Inc. D/B/A Surepoint Lending
Brian Conboy
Consent Order #E08-0359, June 4, 2010.  Licensees shall not make a high-cost home loan unless the creditor has provided the required notice to the borrower.  Licensee shall not make a high-cost home loan to a borrower who finances points and fees in connection with a high-cost home loan without first receiving the required certification from a third party nonprofit credit counselor.  Licensee shall pay an administrative penalty. Fine: $10,000.

Community Check Cashing II, LLC t/a Check Cashing Station
Consent Order #E08-0358, June 8, 2010.  Licensee shall cease cashing checks made payable to “cash,” and shall pay an administrative penalty. Fine: $5,000.

Kuranda Financial Mortgage, Inc.
Thomas Kuranda
Consent Order #E09-007457, June 8, 2010.  Licensees shall cease engaging in secondary mortgage lending activity without obtaining authority from the Department to do so, and shall pay an administrative penalty. Fine: $1,000.

Hawthorne Capital Corp.
Consent Order #E10-008869, June 8, 2010.  Licensee shall obtain prior authorization from the Department for any mortgage solicitors who provide NJ residential mortgage loans, and shall pay an administrative penalty. Fine: $41,000.00

Commercial Realty Ventures, Inc.
Consent Order #E10-009049, June 9, 2010.  Licensee shall submit an out-of-state agreement for Department approval, in order to store records at its Huntington Valley, PA, branch office, and shall pay an administrative penalty.  Fine: $7,000.

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May 2010


Consent Orders

Loremar Financial Services, LLC
Consent Order #E08-0190, May 11, 2010.  Licensee has undertaken to cease using an improper form of advertisement, and shall pay an administrative penalty. Fine: $500.

Sapphire Ponds, LLC
Consent Order #E10-008670, May 14, 2010.  Licensee will remove and cease all advertisements under the name “Sapphire Builders,” or any other name that is not properly licensed with the Department.  Licensee will also remove any current advertisements and cease and desist from any future advertising that states or implies that it provides mortgage loan products, including reverse mortgages. Licensee shall pay its assessment balance due to the Department, and an administrative penalty. Fine: $1,000; Assessment Balance: $385.79

Ameritrust Mortgage Bankers, Inc.
Consent Order #E10-008906, May 18, 2010.  Licensee is to obtain proper authorization from the Department for an employee to act as a mortgage solicitor before such employee may perform such work, and shall pay an administrative penalty.  Fine: $2,000.

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April 2010


Final Orders

Vintage Mortgage Corporation, Pennsauken, NJ
Lawrence D. Lewis, Pennsauken, NJ
Final Order #E06-0887, April 15, 2010; Order to Show Cause #E06-0455, December 24, 2009. Licensees charged borrowers impermissible fees. Licensees failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thereby waiving their rights to a hearing.  Licenses are suspended until Commissioner receives penalty amount.  Fine: $11,000.

Discount Mortgages of America, Inc., Willston Park, NY
Rajiv Mody, Willston Park, NY
Final Order #E06-0431, April 29, 2010; Order to Show Cause #E06-0431, December 24, 2009. Licensees failed to file an annual report for 2005 setting forth information required concerning business.  Licensees failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thereby waiving their rights to a hearing.  Licenses are suspended until Commissioner receives the annual report, and the penalty and fee amounts.  Fine: $2,500; Fee: $100.

Jack DaSilva, Newark, NJ
Final Order #E08-0062, April 29, 2010; Order to Show Cause #E08-0062, January 14, 2010.  Registered Solicitor failed to replace a dishonored check in the amount of $2,000.  Registered Solicitor failed to request a hearing within 20 calendar days from the date of the service of the Order to Show Cause, thereby waiving his rights to a hearing.  Registration is suspended until Commissioner receives penalty and replacement check amount. Fine: $2,500; Replacement Check Amount and Fee: $2,010.

Order to Show Cause

Contemporary Mortgage Corporation, Philadelphia, PA
Joseph Mesi, Sewell, NJ
Order to Show Cause #E09-007679, April 28, 2010.  Licensees operated without a licensed individual.  Licensees ordered to show cause why their licenses should not be suspended or revoked, and why they should not be jointly responsible for administrative penalties. Licensees have the right to request a hearing within 20 calendar days from the date of service.  

Consent Orders

Pacific NJ Corporation
Consent Order #E09-006539, April, 21, 2010.  Licensee shall cease cashing checks made payable to “cash,” and shall pay an administrative penalty. Fine: $5,000.

WCS Lending, LLC
Evan Klein
Consent Order #E10-008689, April 28, 2010.  Licensee shall not engage in secondary mortgage loans without obtaining authority from the Department to do so, and shall pay an administrative penalty.  Fine: $6,500.

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March 2010


Consent Orders

National Mortgage Service Consultants, Inc.
Lawrence Sam
Consent Order #E09-006561, March 25, 2010.  Licensee shall not engage in the secondary mortgage loan business without obtaining authority from the Department to do so, and shall pay an administrative penalty. Fine: $1,000.

Nationstar Mortgage, LLC D/B/A Champion Mortgage
Stephen Murphy
Consent Order #E07-1133, March 29, 2010.  Licensees shall not charge in excess of three points on secondary mortgages, and shall pay an administrative penalty. Fine: $2,000.

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February 2010


Consent Order

Pinnacle Mortgage, Inc.
Consent Order #E10-008662, February 5, 2010.  Licensee has cured its failure to register a mortgage solicitor, and shall pay an administrative penalty.  Fine: $2,000.

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