COMMONWEALTH OF PENNSYLVANIA FILEO

DEPARTMENT OF BANKING AND SECURITftJf~ JU 12· ] 11 . • •

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COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES, COMPLIANCE OFFICE

v.

MY MORTGAGE STORE, LLC Docket No.: 18 Oo'f i (BNK-ORD)

NOTICE OF RIGHT TO APPEAL AND HEARING

You have the right to appeal the attached Order within 30 days of the date of the Order, as provided in 1 Pa. Code § 35.37, by filing an Answer with the Docket Clerk as set 'forth below. If the Docket Clerk does not receive your Answer within '30 days, you will waive your right to a hearing and the Order will be deemed final.

Your Answer must be in writing, specifically admitting or denying the allegations in the Order and setting forth the facts and matters of law that you rely upon. Mere general denials are inadequate to raise an issue requiring a hearing or fmther proceedings.

The Answer or any other document relating to this matter may be filed by personal delivery or by mailing it to the Docket Clerk at the address below:

Li1mea Freeberg, Docket Clerk Depmtment of Banking and Securities 17 N. Second St., Ste. 1300 Harrisburg, PA 17101

Fmther, pursuant to 1 Pa. Code§§ 33.32- 33.37, you are required to serve the Answer on counsel for the person who signed the attached Order. Such service may be accomplished by personal delivery to Gerard M. Mackarevich, Assistant Counsel, or by mailing it to him, at the above address within 30 days ofthe date ofthe attached Order.

Upon filing of an Answer, you will be notified of pertinent information such as the name of the person who will preside at the hearing pursuant to 1 Pa. Code§§ 35.185 - 35.190. You have the right under 1 Pa. Code § 31.22 to be represented by an attorney. All procedural matters will be governed by the Pennsylvania Administrative Agency Law, 2 Pa. C.S. §§501-508, 701-704, and the General Rules of Administrative Practice and Procedure, 1 Pa. Code §§31.1.-35.251.

FIL_EO COMMONWEALTH OF PENNSYLVANIA zOifl JUN 2-, Ah S: 32 DEPARTMENT OF BANIGNG AND SECURITIES"

COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES, COMPLIANCE OFFICE

v.

MY MORTGAGE STORE, LLC

ORDER

Docket No. : 18 ooY 9 (BNK-ORD)

1. The Department of Banking and Securities ("Department") is the Commonwealth

of Pennsylvania's administrative agency authorized and empowered to administer and enforce the

Mortgage Licensing Act, 7 Pa. C.S. § 6101 et seq. ("MLA").

2.. The Department's Compliance Office is primarily responsible for administering

and enforcing the MLA for the Depmtment.

3. My Mmtgage Store, LLC ("MMS") is currently licensed as a mmigage lender,

license no. 49328, with Nationwide Multistate Licensing System & Registry ("NMLS") unique

identifier 1071846.

4. MMS is a limited liability company .

. 5. MMS maintains its principal place of business at 450 Interchange Road, Lehighton,

PA 18235.

BACKGROUND

6. The MLA at 7 Pa. C.S. § 6135 imposes ce1tain requirements on mortgage licensees

like MMS.

7. The MLA states in pertinent pmt as follows: "A mmtgage broker, mortgage lender

or mortgage loan correspondent, or a mmtgage originator that is required to obtain and maintain

its own bond coverage under section 6131(£)(4) (relating to application for license), on a date

determined by the department, shall file periodically, as determined by the depmtment, a repmt

with the department or the Nationwide Mortgage Licensing System and Registry, as determined

by the department, setting fmth such information as the department shall require concerning the

first or secondary mortgage loan business conducted by the licensee. Licensees who fail to file

the required repmt at the date required by the department may be subject to a penalty of $1 00 for

each day after the due date until the repmt is filed." 7 Pa. C.S. § 6135(a)(3).

8. The Depmtment determined that each mmtgage licensee was required to complete

a Mortgage Call Repmt ("MCR") for the first quarter of2018 through NMLS by May 15,2018.

9. MMS did not complete the MCR for the first qumter of 2018 by the deadline of

May 15, 2018.

10. By email dated May 17, 2018, the Compliance Office notified Pamela Fludgate,

president ofMMS, that the MCR was past due and that she may incur a penalty.

11. By letter dated May 29, 2018, the Compliance Office notified Ms. Fludgate that the

MCR has still not been received and that she may incur a penalty.

12. On June 7, 2018, the Compliance Office telephoned Ms. Fludgate, to inform her,

that the MCR was st1ll outstanding and that if it was not received by June 14, 2018, MMS would

be issued a fine. There was no answer and the voicemail box was full. An email was sent to Ms.

Fludgate providing this notice.

13. On June 14, 2018, the Compliance Office again telephoned Ms. Fludgate to notify

her that the MCR would need to be completed by the end of the day. There was no answer and the

voicemail box was full. An email on the same date was issued providing this notice.

14. MMS did not complete the MCR by the end of the day on June 14,2018.

VIOLATION

15. By not filing the MCR when it was due, MMS violated the MLA at 7 Pa. C.S. §

6135(a)(3).

AUTHORITY

16. The Depariment has the authority to issue orders to enforce the MLA. 7 Pa. C.S §

6138(a)(4).

17. Section 613 5( a)(3) of the MLA authorizes the Department to impose a penalty of

up to $100 for each day after the due date until the MCR is filed.

AND NOW THEREFORE, because MMS has failed to file the MCR for the first qumier

of 2018, the Compliance Office, pursuant to its authority referenced above, hereby imposes the

followmg Order:

18. Pursuant to the Department's authority in 7 Pa. C.S. § 6135(a)(3) of the MLA,

MMS is hereby fined $500 (five hundred dollars), which is payable within 30 days of the date of

this order.

19. An Agency Fee Invoice has been created in NMLS for th1s penalty. Payment shall

be remitted through NMLS by either ACHor credit card.

20. MMS is ordered to complete the 2018 first qumier MCR immediately.

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