Consent Order Regarding Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage

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IN THE MATTER OF: *
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RUOFF MORTGAGE COMPANY, INC. * CONSENT ORDER d/b/a RUOFF HOME MORTGAGE * NMLS # 141868 * * (“Ruoff Mortgage”) * *

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WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of
Part I of Chapter 668, Sections 36a-485 to 36a-534b, inclusive, of the Connecticut General Statutes,
“Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”; WHEREAS, Ruoff Mortgage is an Indiana corporation that is currently licensed as a mortgage lender in Connecticut under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes; WHEREAS, Section 36a-490(b)(2) of the Connecticut General Statutes requires that a mortgage lender licensee file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of its fictitious name at least thirty (30) calendar days prior to such change, and provide directly to the Commissioner a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new name of the company; WHEREAS, Ruoff Mortgage failed to file with NMLS a change of its fictitious names, previously both Expedite Home Loans and Ruoff Home Mortgage, now solely Ruoff Home Mortgage, at least thirty (30) calendar days prior to such change, and, in connection with such change, failed to provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner;

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  WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Ruoff Mortgage, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes. Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law; WHEREAS, Ruoff Mortgage, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanctions imposed below and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order; WHEREAS, Ruoff Mortgage acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable; AND WHEREAS, Ruoff Mortgage herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Ruoff Mortgage will file any change it makes to its name or any trade name or any address of any office specified on its most recent filing with NMLS at least thirty (30) calendar days prior to such change and, in connection with such change, Ruoff Mortgage will provide directly to the Commissioner a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects such change. CONSENT TO ENTRY OF SANCTIONS WHEREAS, Ruoff Mortgage, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:

1. No later than the date this Consent Order is executed by Ruoff Mortgage, it shall remit to
   the Department of Banking by wire transfer, cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Five Hundred Dollars ($500) as a civil penalty; and
2. No later than the date this Consent Order is executed by Ruoff Mortgage, it shall provide
   directly to the Commissioner a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new name of the company.

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  CONSENT ORDER
  NOW THEREFORE, the Commissioner enters the following:

1. The Sanctions set forth above be and are hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the
   Commissioner will not take any future enforcement action against Ruoff Mortgage based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Ruoff Mortgage based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Ruoff Mortgage and reflected herein is subsequently discovered to be untrue;
3. Ruoff Mortgage shall not take any action or make or permit to be made any public statement,
   including in regulatory filings or otherwise, denying, directly or indirectly, any allegation referenced in this Consent Order or create the impression that this Consent Order is without factual basis;
4. Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Ruoff
   Mortgage and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Ruoff Mortgage to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, provided all applicable legal requirements for such license are satisfied and the terms of this Consent order are followed;
5. This Consent Order shall become binding upon Ruoff Mortgage and its successors and assigns;
   and
6. This Consent Order shall become final when issued.
   /s/_____________________________________
   Issued at Hartford, Connecticut Jorge L. Perez this 16th day of July 2019. Banking Commissioner

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  I, Diana L. Ringer, state on behalf of Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage; that Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein. By: /s/_____________________________ Name: Diana L. Ringer Title: CCO/VP Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage State of: Indiana County of: Allen On this the 11th day of July 2019, before me, Julia Porter, the undersigned officer, personally appeared Diana L. Ringer, who acknowledged himself/herself to be the CCO/VP of Ruoff Mortgage Company, Inc. d/b/a Ruoff Home Mortgage, a corporation, and that he/she as such CCO/VP, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as Diana L. Ringer. In witness whereof I hereunto set my hand. /s/_____________________________ Notary Public Date Commission Expires: