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Home > Banking Division > Licensee Enforcement Activity
2011 Licensee Enforcement Activity
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December 2011

Consent Orders

Universal Mortgage Bankers, LLC
Consent Order #E07-1077, December 6, 2011. Licensee was in violation of bond requirements of the Licensed Lenders Act.  Licensee is no longer in business and has agreed to pay an administrative penalty.  Penalty: $2,500.

Merit Financial Corporation
Consent Order #E08-0091, December 6, 2011. Licensee agreed to maintain a surety bond in the appropriate amount at all times during licensure under the NJ Residential Mortgage Lending Act.  Licensee agreed to pay all claims that come into the Department for the timeframe that it did not have a surety bond in place.  Licensee shall provide accurate information on all annual reports and renewal applications.  Licensee agreed to pay an administrative penalty.  Penalty: $15,000.

Reliable Check Cashing Services, Inc.
Consent Order E11-011189, December 9, 2011.  Licensee agreed to maintain their recordkeeping system in accordance with the Check Casher’s Regulatory Act.  Licensee agreed to pay an administrative penalty.  Penalty:  $2,500.

JPay, Inc.
Consent order #E-11-011292, December 15, 2011.  Licensee agreed to obtain proper licensure and comply with all the requirements to conduct its money transmission business in New Jersey.  Licensee agreed to pay an administrative penalty.  Penalty:  $5,000.

 
November 2011

Orders to Show Cause

Merit Financial Corporation
Wolfgang Labendz
Order to Show Cause #E08-00091, November 1, 2011.  Licensees allegedly violated certain provisions of the Licensed Lenders Act. Licensees are ordered to show cause why their licenses should not be revoked and administrative penalties imposed. Licensees have the right to request a hearing within 20 calendar days from the date of service.

L & J Ordonez Brothers, Inc.
Juan Ordonez
Gladys C. Ordonez
Order to Show Cause #E11-011131, November 9, 2011.  Licensees allegedly violated certain provisions of the Check Cashers Regulatory Act of 1993.  Licensees are ordered to show cause why their licenses should not be revoked and administrative penalties imposed.  Licensees have the right to request a hearing within 20 calendar days from the date of service.

Inderpal Singh
Order to Show Cause #E07-0948, November 9, 2011.  Licensee allegedly violated certain provisions of the New Jersey Residential Mortgage Lending Act.  Licensee is ordered to show cause why his license should not be revoked and administrative penalties imposed.  Licensee has 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

Allied Home Mortgage Corporation
Jason Barry Baker
James C. Hodge
Order #E11-011308, November 9, 2011.  Licensees ordered to cease and desist from closing residential mortgage loans without available funding for NJ mortgage loan borrowers.  Licensees also ordered to cease and desist from originating any new mortgage loan applications from NJ borrowers to be secured by NJ residential real estate. Licensees are ordered to show cause why their licenses should not be revoked and administrative penalties imposed.  Licensees have the right to request a hearing within 20 calendar days from the date of service.

Consent Orders

Mortgage Research Center, LLC
Consent Order #E11-011204, November 4, 2011.  Licensee agreed to properly license all branch offices with the Department.  Licensee agreed to pay an administrative penalty.  Penalty: $4,000.

El Rodeo
Alfonso Arizmendi
Consent Order #E09-008158, November 7, 2010. Licensee agreed to provide the Department with required information if engaging in the check cashing business. Licensee agreed to pay an administrative penalty.  Penalty: $1,000.

Park Avenue Mortgage Group, Inc.
Consent Order #E08-0430, November 14, 2011.  Licensee violated certain provisions of the Licensed Lenders Act.  Licensee is no longer licensed or authorized to conduct mortgage brokering business in NJ.  Licensee has agreed to pay an administrative penalty.  Penalty: $3,000.

Passaic Check Cashing Service, Inc.
Consent Order #E11-011206, November 6, 2011.  Licensee agreed to ensure the records of all checks cashed are legible and that the recordkeeping system maintains all information for all specified checks as required.  Licensee has agreed to pay an administrative penalty.  Penalty: $3,500.

National Future Mortgage Inc.
Consent Order #E11-011164, November 21, 2011.  Licensee agreed to remove and cease all advertisements that do not meet the legal requirements of the NJ Residential Mortgage Lending Act.  Licensee has agreed to pay an administrative penalty.  Penalty:  $1,000.

Abemort, Inc.
Abiola Majekodunmi
Consent order #E10-009887, November 28, 2011.  Licensees violated bond and records retention provisions of the NJ Licensed Lenders Act.  Licensees are no longer in business and have agreed to pay a civil administrative penalty.  Penalty:  $2,000.

M.A.T.T., Inc.
Consent Order #E11-010679, November, 29, 2011.  Licensee violated certain operational requirements of the Check Cashers Regulatory Act.  Licensee has agreed to comply with the regulations and avoid repeat violations being cited in the licensee’s next examination.  Licensee shall pay a civil administrative penalty.  Penalty:  $24,500.

 
October 2011

Consent Orders

JCLC Incorporated
Consent Order #E11-010388, October 19, 2011.  Licensee agreed to maintain the $50,000 in liquid assets required under the Check Cashers Regulatory Act.  Licensee agreed to pay an administrative penalty.  Penalty: $2,500.

Fast Funds, Inc.
Consent Order #E11-011178, October 20, 2011.  Licensee agreed to ensure that future annual reports are accurate and complete pursuant to the New Jersey Money Transmitters Act.  Licensee agreed to pay an administrative penalty.  Penalty: $1,500.

Fairview Check Cashing
Consent Order #E11-011181, October 25, 2011.  Licensee agreed to cease cashing checks made payable to “cash” in violation of the Check Cashers Regulatory Act.  Licensee agreed to pay an administrative penalty.  Penalty: $2,000.

Order to Cease and Desist and Order to Show Cause

Jonathan LaBella
Order to Cease and Desist and Order to Show Cause #E09-007112, October 21, 2011.  Mortgage licensee is ordered to cease and desist from engaging in unlicensed debt adjustment activities and from any activity as a mortgage loan solicitor or mortgage loan originator. Licensee also ordered to appear and show cause why he should not be liable for administrative penalties in violation of the Debt Adjuster Act and the Licensed Lenders Act.  Party has the right to request a hearing within 20 calendar days from the date of service.

Final Order

Lucky Line Check Cashing, Inc.
Genaro Fredes
Final Order #E07-1005, October 6, 2011; Order to Show Cause #E07-1005, December 21, 2010.  Licensees failed to fingerprint all of its employees in a timely manner, in violation of the Check Cashers Regulatory Act. Licensees failed to request a hearing within 20 calendar days from the date of service, thereby waiving their rights to a hearing. Licenses are suspended until the Commissioner receives penalty payment in full. Penalty: $5,000.

 
August 2011


Consent Orders

Antonio Tavares
Consent Order #E11-010793, August 8, 2011.  Licensee convicted of one count of conspiracy to commit mail fraud agreed to immediate revocation of mortgage solicitor registration.

Sunny’s Oil, Inc.
Consent Order #E11-010682, August 8, 2011.  Licensee agreed to provide the Attorney General of NJ with copies of currency transaction reports and other materials required by federal regulations in compliance with the Check Cashers Regulatory Act of 1993, and to improve oversight of its business.  Licensee shall pay an administrative penalty. Penalty: $10,000.

RGS Santos Associates, Inc.
Consent Order #E11-010945, August, 11, 2011.  Licensee shall cease cashing checks to a party other than the designated payee, in compliance with the Check Cashers Act of 1993.  Licensee shall pay an administrative penalty.  Penalty: $2,500.

Victoria Audio & Video
Miguel Victoria
Consent Order #E07-1177, August 12, 2011.  Named persons shall immediately cease cashing checks for a fee until the proper license is obtained from the Department in accordance with the Check Cashers Regulatory Act of 1993.  Licensee shall pay an administrative penalty.  Penalty: $8,000.

Chirimacha Health Funds
Consent Order #E11-010916, August 28, 2011.  Named person shall immediately cease and desist all check cashing activities until it obtains the proper license from the Department.  Licensee shall pay an administrative penalty. Penalty: $7,500.

The Pawn Shop, LLC
Consent Order #E10-008670, August 29, 2011.  Licensee has agreed to ensure all pawn tickets provided will note all the information required by law.  Licensee shall pay an administrative penalty.  Penalty: 250.

Final Orders

Alta Financial, Inc.
Glenn Wallach
Final Order #E08-0365, August 12, 2011; Order to Show Cause #E08-0365, June 6, 2011. Licensees failed to furnish a written response to a report of examination of Alta Financial.  Licensee failed to file annual reports for 2007, 2008 and 2009.  Licensees failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thus waiving their rights to a hearing.  Licenses are suspended until Commissioner receives the administrative penalty.  Penalty:  $10,000.

A & S Enclosures and Home Improvement, Inc.
Myron Schiff
Final Order #E07-0791, August 12, 2011; Order to Show Cause #E07-0791, February 25, 2009. Licensees failed to file an annual report setting forth the information required concerning business conducted as a home repair contractor for the period ending December 31, 2006.  Licensees failed to demonstrate that A & S had required net worth, tangible net worth and/or liquid assets to conduct business as a motor vehicle seller for the period ending December 31, 2006.  Licensees failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thus waiving their rights to a hearing.  Licenses are suspended until Commissioner receives filing fees and administrative penalty.  Fees: $200.  Penalty:  $2,500.

 
July 2011

Consent Orders

Continental Check Cashing, Inc.
Consent Order #E11-010680, July 1, 2011.  Licensee has agreed to comply with regulations prohibiting a check casher from carrying uncollected checks for more than 90 days. Licensee shall pay an administrative penalty. Penalty: $2,500.

Budget Mortgage Bankers, Ltd.
d/b/a Home123 Corporation
Consent Order #E05-0869, July 5, 2011.  Licensee has agreed to ensure any individual acting as a mortgage loan originator is licensed as such with the Department under the NJ Residential Mortgage Lending Act, and that licensee will operate with a qualified individual licensee duly engaged. Licensee shall pay an administrative penalty. Penalty: $3,000.

L & J Ordonez Brothers, Inc.
Consent Order #E11-010759, July 19, 2011.  Licensee has agreed to provide the Attorney General of NJ with copies of currency transaction reports and other materials required by federal regulations in accordance with provisions of the Check Cashers Regulatory Act of 1993.  Licensee shall pay an administrative penalty. Penalty: $5,000.

 
June 2011


Order to Show Cause

Alta Financial, Inc.
t/a Alta Financial Mortgage
Glenn Wallach
Order to Show Cause #E08-0365, June 6, 2011.  Licensees failed to respond to a 2006 report of examination and failed to file annual reports for 2007, 2008 and 2009 setting forth required information.  Licensees ordered to show cause why their licenses should not be suspended until Commissioner has received the response and reports and associated filing fees, and why they should not be jointly and severally responsible for administrative penalties. Licensees have the right to request a hearing within 20 calendar days from the date of the order.

Consent Orders

Real Estate Mortgage Network, Inc.
Consent Order #E-7-0099, June 20, 2011.  To resolve issues arising in a 2006 examination, licensee agreed to ensure that all mortgage loan originators are properly licensed prior to originating NJ residential mortgage loans. Licensee agreed to pay an administrative penalty.  Penalty: $500.

Sevells Auto Body, Inc.
t/a Sevells Auto Sales
Consent Order #E10-009906, June 21, 2011.  To resolve pre-licensure activity issues, licensee obtained a Motor Vehicle Installment Seller license and has agreed to pay a civil administrative penalty.  Penalty: $500.

 
May 2011


Consent Orders

The Lending Source, Ltd.
Consent Order #E-4-0165, May 11, 2011.  Licensee agreed to ensure that all branches and mortgage loan originators are properly licensed prior to originating NJ residential mortgage loans and to also obtain formal Department authorization to conduct business under any alternate name.  Licensee agreed to pay an administrative penalty.  Penalty: $3,000.

MC Mortgage Services Corp.
Consent Order #E11-010399, May 13, 2011.  Licensee agreed to maintain the applicable tangible net worth requirement pursuant to the Residential Mortgage Lending Act.  Licensee agreed to pay an administrative penalty.  Penalty: $3,000.

Park Avenue Mortgage Group, Inc.
Consent Order #E-8-0430, May 19, 2011.  Former licensee agreed for purposes of settlement to pay a civil administrative penalty to resolve alleged failures to register mortgage solicitors under the Licensed Lenders Act. Penalty: $2,000.

Cash N Carry, LLC
Consent Order #E08-0189, May 20, 2011.  Licensed check casher agreed to file currency transaction reports, suspicious activity reports and use Office of Foreign Asset Controls as required by law. Licensee agreed to pay an administrative penalty.  Penalty: $4,000.

Lend Mor Mortgage Bankers Corp
Consent Order #E11-010430, May 25, 2011.  Former licensee agreed for purposes of settlement to pay a civil administrative penalty to resolve improper fee and records retention violations. Penalty: $2,000.

Mortgage Access Corp.
Consent Order #E11-010570, May 27, 2011.  Licensee agreed to ensure that all mortgage loans are originated by mortgage loan originators licensed in the states in which they conduct business.  Licensee shall engage an independent auditor and take other steps to assure ongoing compliance.  Licensee agreed to pay a civil penalty.  Penalty: $3 Million, applied to 10 states; NJ’s share: $300,000.

Final Order

Madison First Financial Inc.
Timothy Adam Clark
Final Order #E07-1088, May 25, 2011; Order to Show Cause #E07-1088, September 14, 2009. Licensees failed to correct application disclosure and broker agreement forms after repeated Department directives, Licensees failed to request a hearing within 20 calendar days from the date of service of the Order to Show Cause, thus waiving their rights to a hearing.  Licenses are suspended until Commissioner receives penalty.  Fine: $10,000.

 
April 2011

Consent Orders

CLO Funding Corporation
d/b/a Mill Mortgage Corporation
Consent Order #E11-010313, April 1, 2011.  Licensee agreed to ensure any individual has been licensed by the Department as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in licensed activities.  Licensee agreed to pay an administrative penalty.  Penalty: $1,000.
 
Guardian First Funding Group, LLC
Consent Order #E11-010243, April 5, 2011.  Licensee agreed to ensure that any individual is properly licensed as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in such licensed activity.  Licensee agreed to pay an administrative penalty.  Penalty: $6,000.

First Laridian Mortgage Company, Inc.

Consent Order #E-7-0157, April 5, 2011.  Licensee agreed to ensure that any individual is properly licensed as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in such licensed activity.  Licensee agreed to pay an administrative penalty.  Penalty: $3,000.

Shailesh R. Doshi

d/b/a Greater NJ Mortgage Co.
Consent Order #E09-007442, April 5, 2011.  Licensee agreed to ensure that any individual is properly licensed as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in such licensed activity.  Licensee agreed to pay an administrative penalty.  Penalty: $3,000.

Integrated Financial Group, Inc.

Consent Order #E11-010328, April 5, 2011.  Licensee agreed to provide its assigned NMLS&R number in all of its future solicitations and advertisements to New Jersey residents.  Licensee agreed to pay an administrative penalty.  Penalty: $500.

Dollar Funding, Inc.
Consent Order #E11-010353, April 28, 2011.  Licensee agreed to issue proper application disclosure to New Jersey borrowers prior to accepting payment for any fee.  Licensee agreed to pay an administrative penalty.  Penalty: $1,000.

 
March 2011


Consent Orders

University Islamic Financial Corporation
Consent Order #E11-010229, March 15, 2011. Licensee agreed to ensure that all individuals as well as branch offices originating NJ residential mortgage loans are properly licensed prior to accepting mortgage loan applications. Licensee agreed to pay an administrative penalty. Penalty: $8,500.

Consumer Funding, Inc.

Consent Order #E10-009937, March 21, 2011. Licensee agreed that future mortgage broker disclosures address all of the provisions set forth in N.J.A.C. 3:1-16.10. Licensee agreed to pay an administrative penalty. Penalty: $5,000.

United Capital Lenders, LLC

Consent Order #E10-008591, March 18, 2011. Licensee agreed to ensure that any individual has been duly licensed by the Department under the Residential Mortgage Lending Act prior to engaging in licensed activities; and that no person shall misrepresent, circumvent, or conceal the nature of any material particular of transactions. Licensee agreed to pay an administrative penalty. Penalty: $57,000.

Wall Street Financial Corporation
Consent Order #E05-0140, March 24, 2011. Licensee agreed to ensure any individual has been licensed by the Department as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in licensed activities. Licensee did not admit to any liability in this matter, but agreed to pay an administrative penalty. Penalty: $1,000.

Guidance Residential, LLC
Consent Order #E8-0419, March 24, 2011. Licensee agreed to ensure that it maintains a qualified individual in the NMLS system as required by the NJ Residential Mortgage Lending Act. Licensee will ensure future commitments issued by it will be in full compliance. Licensee agreed to pay an administrative penalty. Penalty: $5,500.

Capital Lending Corp.
Consent Order #E8-0191, March 24, 2011.  Licensee agreed to ensure that any individual is properly licensed as a mortgage loan originator under the Residential Mortgage Lending Act prior to engaging in such licensed activity. Licensee agreed to pay an administrative penalty. Penalty: $2,000.

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February 2011


Consent Orders

Globe Mortgage America, LLC
John Ennis, Jr.
Consent Order #E09-006552, February 4, 2011. Licensee agreed to ensure that any individual acting as a mortgage loan originator has been licensed by the Department under the Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty. Penalty: $2,000.

Citifinancial Services, Inc.
Cheryl D. Masalonis
Consent Order #E10-009352, February 9, 2011. Licensee agreed that they will not maintain records at an unlicensed site out-of-state or in-state prior to receiving the approval from the Department. Licensee agreed to pay an administrative penalty.  Penalty: $2,000.

First Interstate Financial Corp.
Ben DiGregorio
Kenneth F. Gunther
Lawrence L. Montani
Edward G. Pascocello
Consent Order #E09-006535, February 9, 2011. Licensee agreed to ensure any individual acting as a mortgage loan originator has been licensed by the Department under the Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty. Penalty: $1,000.

Heritage Financial Corp.
Consent Order #E-8-0321, February 17, 2011. Licensee agreed to follow all requirements as set forth in the New Jersey Residential Mortgage Lending Act and corresponding regulations applicable to secondary mortgage loan business. Licensee agreed to pay an administrative penalty. Penalty: $2,500.

Sussman, Stracher & Ganz
Consent Order #E10-009565, February 23, 2011. Licensee allowed for a web site to operate in its name that identified services that are illegal for a licensed casher of checks. Licensee has since removed the subject web site. Licensee agreed to pay an administrative penalty. Penalty: $2,500.

Contour Mortgage Corporation
Consent Order #E11-010197, February 23, 2011. Licensee agreed to ensure that all individuals originating mortgage loans are properly licensed prior to accepting mortgage loan applications. Licensee agreed to pay a civil administrative penalty. Penalty: $1,000.

American Eagle Mortgage Corporation
Consent Order #E-8-0334, February 24, 2011. Licensee is no longer in business and has agreed for purposes of settlement to pay a civil administrative penalty to resolve records location violations. Penalty: $250.

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January 2011


Consent Orders

Cornick Inc. t/a Deptford Honda Yamaha
Consent Order #E08-0585, January 8, 2011.  Licensee agreed to stop engaging in the business of motor vehicle installment seller in this State until a license is obtained from the commissioner. Licensee agreed to pay an administrative penalty.  Penalty: $2,700.

PHH Mortgage Corporation
d/b/a Coldwell Banker Mortgage
Instmortgage.com
PHH Mortgage Services
James Clement
Robert Heindel
Consent Order #E09-008393, January 28, 2011.   Licensee agreed to ensure any individual acting as a mortgage loan originator has been licensed by the Department under the Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty.  Penalty: $9,000.

Express Mortgage Funding
Donna Staley
Consent Order #E09-006532, January 28, 2011.  Licensee agreed to retain its records at a licensed branch office outside of this state, provided that the licensee secures the prior approval of the Department. Licensee agreed to pay an administrative penalty.  Penalty: $1,000.

Normandy Corporation
Consent Order #E11-010042, January 28, 2011.  Licensee agreed to obtain proper out of state record keeping agreement, ensure all individuals originating loans are licensed as mortgage loan originators and ensure the licensure of all branches that originate mortgage loans for NJ residential properties. Licensee agreed to pay an administrative penalty.  Penalty: $4,000.

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