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Head of the Mortgage Company, Inc.
HEADER MORTGAGE BANK, INC. CONSIDERING THAT, LEADER MORTGAGE BANK, INC. 2012, whereby Leader Mortgage, for the sole purposes of resolving this issue and without allegation or actual effect or breach of any state or state law or regulation concerning the behavior and operations of a mortgage creditor, consents to the issue of this CONTENT ORDER ("Notice of Consent") by the Commissioner of Banks ("Commissioner");
CONSIDERING that the audit report (the "Report") prepared in accordance with the audit of Leader Mortgage by the Department on August 3, 2010, asserted a significant number of breaches with respect to the correct licencing of lenders. Now, the above -mentioned Division and Leader Mortgage matters come before the notifying party and determine and arrange the following:
Forty-two thousand U.S. Dollar ($142,000.00) to satisfy an administration fine imposed in respect of the Company's operations with mortgage lenders who either did not have an operating mortgage lender licence or were not funded by the Company.
Thirty ( 30 ) working days after receiving the report, the Company shall provide the Commissioner with a reply in writing covering each of the infringements and problem areas identified in the report. Our reply describes the reviewed guidelines and processes adopted by Leader Mortgage to address all remedial action described in sections 1 and 2:
Leader Mortgage shall determine processes and guidelines to assure that all relevant employees are properly instructed and regularly and continuously trained to properly follow and execute the reviewed practice and processes that have been followed in accordance with this consent provision.
Leader Mortgage shall submit to the Department, on the thirtieth (30th) working day following the end of each consecutive quarterly period following the date of this consent order, the following information and updates in writing: Notification to the Division referred to in Section 3 of this consent clause shall continue in force and shall not be modified or revoked without the previous amendment, discontinuance or waiver in writing by the Commissioner of the relevant provisions of this consent clause.
No provision in this consent provision shall be interpreted to allow Leader Mortgage to breach any laws, rules, regulations or rules to which Leader Mortgage is bound. Considering the above consent provision, the Department undertakes not to take any procedural steps in this regard to suspending or revoking Leader Mortgage's mortgage lending licence under the general laws Section 255E, Section 6, as long as this consent provision is in force.
The present consent order shall enter into force immediately after its issue. Unless and until the terms of this consent provision are amended, ended, suspended or repealed by the Commissioner or a relevant tribunal, the terms of this consent provision shall continue to be valid and enforceable. However, the Commission may decide that the terms of this consent provision shall continue to be valid and binding.
These consent orders and the consent agreement are the full documentation constituting the solution to this issue. No further arrangements, commitments, assurances or guarantees exist between the Division and Leader Mortgage.