Additional Information for US Mortgage Lenders LLC

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

As of May 08, 2019, the California Department of Business Oversight entered into a Settlement Agreement with US Mortgage Lenders, LLC (Respondent) of Hollywood, Florida regarding CFL License 60DBO-86879. In accordance with Financial Code section 22159, CFL licensees must file an annual report with the Commissioner by March 15 of each year (Annual Report).

I.
RECITALS
F. On January 2, 2019, the Commissioner notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address of each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification admonished licensees that the Commissioner could assess penalties and summarily revoke CFL license(s) for untimely filing or failing to file pursuant to Financial Code section 22715.
G. On February 1, 2019, the Commissioner again notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file pursuant to Financial Code section 22715.
H. On March 5, 2019, the Commissioner again notified CFL licensees of the March 15, 2019 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file pursuant to Financial Code section 22715.
I. As of March 15, 2019, Respondent had not filed its Annual Report with the Commissioner. As a result, the Commissioner issued a notice on March 18, 2019 to Respondent to Respondent's email address established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013, advising Respondent that it should file its annual report by or before March 29, 2019 or else its license would be summarily revoked pursuant to Financial Code section 22715 (Notice Email).
J. As of March 29, 2019, Respondent had not filed its Annual Report with the Commissioner as directed in the Notice Email. As a result, on April 3, 2019, the Commissioner issued Orders Summarily Revoking California Finance Lenders License Pursuant to Financial Code Section 22715 for CFL License Numbers 603K421, 603I223 and 60DBO-58019 (Summary Revocation Orders).
K. Upon receiving the Summary Revocation Orders, Respondent timely notified the Commissioner that Respondent was requesting a hearing on the Summary Revocation Orders.
L. On April 10, 2019, Respondent submitted its Annual Report, which was due on March 15, 2019, 17 business days late. Pursuant to Financial Code section 22715, the maximum penalty that may be imposed for filing 17 business days late is $6,500.00 ($100 per business day for the first five business days and $500 per business day thereafter up to a maximum of $25,000).
M. In connection with these proceedings, Respondent represented to the Commissioner that it had taken no new applications under its license.
N. The Commissioner finds that entering into this Settlement Agreement is in the public interest and consistent with the purposes fairly intended by the policies and provisions of the CFL.

II.
TERMS AND CONDITIONS
3. Order Rescinding Revocation Order(s). The Commissioner hereby rescinds the Summary Revocation Orders, which had been issued on April 3, 2019.
4. Administrative Penalty. Respondent shall pay an administrative penalty of $4,000.00 no later than 30 days after the effective date of this Settlement Agreement as defined in paragraph 18. The penalty must be made payable in the form of a cashier's check or Automated Clearing House deposit to the Department of Business Oversight and transmitted to the attention of Accounting - Litigation, at the Department of Business Oversight, 1515 K Street, Suite 200, Sacramento, California 95814. Notice of the payment must be concurrently sent to Sophia C. Kim, Senior Counsel, Department of Business Oversight, 320 West 4th Street, Suite 750, Los Angeles, California 90013.
5. Failure to Pay Administrative Penalty. If Respondent fails to comply with paragraph 4, the Commissioner may summarily suspend it from engaging in business under its license until it provides evidence of compliance to the Commissioner's satisfaction. Respondent hereby waives any notice or hearing rights afforded under the Administrative Procedure Act, including Government Code section 11415.60, subdivision (b); Code of Civil Procedure; or any other provision of law to contest the summary suspension contemplated by this paragraph.
5. Full and Final Resolution. Except as stated in paragraph 5, this Settlement Agreement is intended to constitute a full and final resolution of the matter described in it. The Commissioner will not bring any further action or proceeding concerning the matter unless he discovers violations by Respondent that do not form the basis for this Settlement Agreement, including violations knowingly concealed from the Commissioner.
12. Voluntary Agreement. Respondent hereby enters in this Settlement Agreement voluntarily and without coercion and acknowledges that no promises, threats, or assurances have been made by the Commissioner or any officer, or agent thereof, about this Settlement Agreement.


For further information please contact:

Department of Business Oversight
320 West 4th Street, Suite 750
Los Angeles, California 90013
Telephone: (213) 576-7594
Facsimile: (213) 576-7181

Link: https://dbo.ca.gov/wp-content/uploads/sites/296/2019/05/US-Mortgage-Lenders-LLC-5-9-19.pdf