Consent Order - Sortis Financial, Inc.

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IN THE MATTER OF: * * SORTIS FINANCIAL, INC. * CONSENT ORDER NMLS # 3761 * * (“Sortis Financial”) * *

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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”, and Part XII of Chapter 669, Sections 36a-800 to 36a-814, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”, and Sections 36a-809-6 to 36a-809-17, inclusive, of the Regulations of Connecticut State Agencies; WHEREAS, Sortis Financial is a Delaware corporation that is currently licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, and as a consumer collection agency under Part XII of Chapter 669, Sections 36a-800 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 the address of its main office 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 address of the main office;

• 2 - WHEREAS, Section 36a-801(i) of the Connecticut General Statutes requires that a consumer collection agency licensee file with NMLS a change of address of the office specified on the most recent filing with the system at least thirty (30) calendar days prior to such change, and provide directly to the Commissioner a bond rider, endorsement, or addendum, as applicable to the surety bond on file with the Commissioner that reflects the new address; WHEREAS, Sortis Financial failed to file with NMLS a change of address of its main office, previously at 18451 North Dallas Parkway, Suite 100, Dallas, Texas, now located at 5445 Legacy Drive, Suite 410, Plano, Texas, at least thirty (30) calendar days prior to such change, and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner; WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Sortis Financial, 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, Sortis Financial, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a notice and an opportunity for a hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanction imposed below and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order; WHEREAS, Sortis Financial acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable; AND WHEREAS, Sortis Financial herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Sortis Financial will file any change it makes to its 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, Sortis Financial will

• 3 - 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 SANCTION WHEREAS, Sortis Financial, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction: No later than the date this Consent Order is executed by Sortis Financial, 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. CONSENT ORDER NOW THEREFORE, the Commissioner enters the following:

1. The Sanction set forth above be and is 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 Sortis Financial 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 Sortis Financial 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 Sortis Financial and reflected herein is subsequently discovered to be untrue;
3. Sortis Financial 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 Sortis Financial and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Sortis Financial 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, and Part XII of Chapter 669, Sections 36a-800 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 be binding upon Sortis Financial and its successors and assigns; and

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6. This Consent Order shall become final when issued. /s/_____________________________________ Issued at Hartford, Connecticut Jorge L. Perez this 5th day of August 2019. Banking Commissioner

• 5 - I, Christian Wolf, state on behalf of Sortis Financial, Inc. 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 Sortis Financial, Inc.; that Sortis Financial, Inc. agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Sortis Financial, Inc. 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: Christian Wolf Title: President & General Counsel Sortis Financial, Inc. State of: Texas County of: Collin County On this the 30th day of July 2019, before me, Erica D. Cato, the undersigned officer, personally appeared Christian Wolf, who acknowledged himself/herself to be the President of Sortis Financial, Inc., a corporation, and that he/she as such President, 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 President. In witness whereof I hereunto set my hand. /s/_______________________________ Notary Public Date Commission Expires: 3/14/2021