Bulletin 2825 - April 13, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2825 - Week Ending April 13, 2018

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On April 5, 2018, the Commissioner entered into a Consent Order with Bridgepoint Mortgage LLC , (NMLS # 1009871) (“Bridgepoint”), Douglas Joseph Huhn, Jr. (NMLS # 324192) (“Doug Huhn”), and Sabrina A. Huhn (NMLS # 1375242) (“Sabrina Huhn”). The Consent Order was based on an examination and investigation by the Consumer Credit Division. As a result of such examination and investigation, the Commissioner alleged that: (1) Bridgepoint altered loan file documents, in violation of Sections 36a-498e(1), 36a-498e(2), 36a-53b(1) and 36a-53b(3) of the Connecticut General Statutes; engaged the services of at least one mortgage loan originator who was not licensed by the Commissioner, in violation of Section 36a-486(b)(1) of the Connecticut General Statutes; assisted or aided and abetted at least one person in the conduct of business as a mortgage loan originator without a valid license, in violation of Section 36a-498e(6) of the Connecticut General Statutes; failed to maintain adequate records of each residential mortgage loan transaction, in violation of Section 36a-493(a) of the Connecticut General Statutes; failed to provide statutorily-sufficient refundability of advance fee agreements to consumers, in violation of Section 36a-498 of the Connecticut General Statutes; failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least 30 calendar days prior to such change, in violation of Section 36a-490(b) of the Connecticut General Statutes; and failed to produce loan files during an examination, in violation of Section 36a-498f(f) of the Connecticut General Statutes; and (2) Doug Huhn, as an owner, control person, qualified individual and as a mortgage loan originator failed to produce loan files, in violation of Section 36a-498f(f) of the Connecticut General Statutes. To resolve the matter, Bridgepoint agreed, among other items, to pay $5,000 as a civil penalty and not seek licensure as a mortgage broker in Connecticut for a period of three years. The Consent Order also bars Doug Huhn from acting as a manager, owner, supervisor or any other control person or qualified individual for any mortgage lender, mortgage correspondent lender or mortgage broker acting in Connecticut for a period of six years, and bars Sabrina Huhn from acting as a manager, owner, supervisor or any other control person or qualified individual for any mortgage lender, mortgage correspondent lender or mortgage broker acting in Connecticut for a period of three years.

Dated: Tuesday, April 17, 2018

Jorge L. Perez
Banking Commissioner