Final Order Imposing Administrative Fine on Commodore Mortgage LLC and Corey Smith

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STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
In Re:
COMMODORE MORTGAGE LLC, and
COREY SMITH,
Case Number: 129473
Respondents.
FINAL ORDER
The State of Florida, Office of Financial Regulation ("Office"), being authorized and directed to administer and enforce chapter 494, Florida Statutes, hereby enters this Final Order with Notice of Rights ("Final Order") as authorized by the provisions of chapters 120 and 494, Florida Statutes, against COMMODORE MORTGAGE LLC and COREY SMITH, ("Respondents"). FINDINGS OF FACT

1. The Office has jurisdiction over the subject matter of this case and the parties
   hereto.
2. At all times material to this case, Respondents were and have been licensed in
   Florida as a mortgage broker with license number MBR6062.
3. The Office conducted an examination (No. 128562) to ascertain Respondents'
   compliance with chapter 494, Florida Statutes, and found that grounds existed to initiate a legal action. As such, on February 25, 2026, the Office issued an Administrative Complaint ("Complaint") (Exhibit A) seeking an administrative fine of $1,000.00.
4. Respondents were served the Complaint via U.S. Certified Mail on March 2, 2026,
   (Exhibit B). As such, a response was due no later than Monday, March 23, 2026.
5. The Complaint contained a Notice of Rights, which fully advised Respondents that

they had twenty-one (21) days after the receipt of the Complaint within which to petition the Office for an administrative hearing to contest the allegation set forth in the Complaint, in accordance with sections 120.59 and 120.57, Florida Statutes, including the following information:
TO PRESERVE THE RIGHT TO A HEARING, A WRITTEN
RESPONSE MUST BE FILED WITH THE OFFICE OF
FINANCIAL REGULATION WITHIN TWENTY-ONE (21)
DAYS AFTER THE RECEIPT OF THE ADMINISTRATIVE
COMPLAINT. SAID RESPONSE MUST BE RECEIVED BY
THE OFFICE NO LATER THAN 5:00 P.M. ON THE TWENTY￾FIRST DAY AFTER THE RECEIPT OF THE ADMINISTRATIVE COMPLAINT. A FAILURE TO TIMELY RESPOND IN WRITING WILL CONSTITUTE A W AIYER OF THE LICENSEE'S RIGHT TO REQUEST A HEARING AND A FINAL ORDER MAY BE ENTERED WITHOUT FURTHER NOTICE.
6. To date, the Office has neither received a written response to the Complaint nor
have Respondents made a claim of equitable tolling.
7. The Findings of Fact alleged in the Complaint are hereby incorporated by reference
and adopted as Findings of Fact in this Final Order.
CONCLUSIONS OF LAW
8. Pursuant to sections 494.0011 and 494.0012, Florida Statutes, the Office is charged
with administering and enforcing the provisions of chapter 494, Florida Statutes, and conducting examinations and investigations to determine whether any provision of chapter 494, Florida Statutes, has been violated. Thereby, the Office has jurisdiction over the subject matter of this case and of the parties hereto.
9. The Findings of Fact herein serve as the basis of the entry of this Final Order against
Respondents.
10. Section 120.569(2)(a), Florida Statutes, and Rule 28-106.111(2), Florida
Administrative Code, require, among other things, that a response or a petition to an action which 2

affects the substantial interests of a party be filed with the agency within 21 days of receipt of written notice of the action.
11. Pursuant to Rule 28-106.111 ( 4 ), Florida Administrative Code, the failure of
Respondent to timely respond to the Complaint constitutes a waiver of Respondent's right to an administrative proceeding.
12. The doctrine of equitable tolling can be applied in administrative cases when a party
has been misled or lulled into inaction, i.e., has in some extraordinary way, been prevented from asserting his rights, or has timely asserted his rights in the wrong forum. Machules, v. Department of Admin., 523 So. 2d 1132 (Florida 1988).
13. Without any evidence of equitable tolling, it is appropriate for the Office to conclude
there was none. Patz v. Dept. of Health, 864 So.2d 79, 80 (Fla. 3d DCA 2003).
14. Respondent failed to submit a response to the Complaint and failed to present a
claim, or evidence of equitable tolling. Therefore, it is appropriate for the Office to conclude there was no equitable tolling and Respondents waived its right to an administrative proceeding.
15. The Findings of Fact and Conclusions of Law that form the basis for the Complaint,
together with the waiver of a hearing by Respondents, constitute grounds for the Office to impose an administrative fine against COMMODORE MORTGAGE LLC and COREY SMITH. Based on the foregoing Findings of Fact and Conclusions of Law, it is hereby ORDERED:
A. Within thirty (30) days of the date of this Final Order, Commodore Mortgage LLC and Corey Smith shall pay an ADMINISTRATIVE FINE of One Thousand Dollars ($1,000.00). B. Respondents shall submit the administrative fine in the form of a money order, cashier's check, or wire transfer made payable to the "OFFICE OF FINANCIAL REGULATION". Such payment shall reference Case Number 129473 and shall be sent to the 3

attention of the Agency Clerk, c/o Carrie S. Franz, Post Office Box 8050, Tallahassee, Florida 32314-8050. DONE and ORDERED this __t± day of April, 2026, in Tallahassee, Leon County, Florida. Commissioner 4

NOTICE OF RIGHTS
A PARTY WHO IS ADVERSELY AFFECTED BY THIS FINAL ORDER IS ENTITLED TO JUDICIAL REVIEW PURSUANT TO SECTION 120.68, FLORIDA STATUTES. REVIEW PROCEEDINGS ARE GOVERNED BY THE FLORIDA RULES OF APPELLATE PROCEDURE. SUCH PROCEEDINGS ARE COMMENCED BY FILING THE ORIGINAL NOTICE OF APPEAL WITH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AS FOLLOWS:
By Mail, Facsimile or Email
Agency Clerk
Office of Financial Regulation
Office of General Counsel
P .0. Box 8050
Tallahassee, FL 32314-8050
Phone: (850) 410-9889
Fax: (850) 410-9663
Email: Agency.Clerk@flofr.gov
OR By Hand Delivery
Agency Clerk
Office of Financial Regulation
Office of General Counsel
The Fletcher Building
101 East Gaines Street
Tallahassee, FL 32399
Phone: (850) 410-9889
A COPY OF THE NOTICE OF APPEAL, ACCOMPANIED BY THE FILING FEES AS REQUIRED BY LAW, MUST ALSO BE FILED WITH THE DISTRICT COURT OF APPEAL, FIRST DISTRICT, 2000 DRAYTON DRIVE, TALLAHASSEE, FLORIDA 32399-0950, OR WITH THE DISTRICT COURT OF APPEAL IN THE APPELLATE DISTRICT WHERE THE PARTY RESIDES. THE NOTICE OF APPEAL MUST BE FILED WITH BOTH THE AGENCY CLERK FOR THE OFFICE OF FINANCIAL REGULATION AND THE DISTRICT COURT OF APPEAL WITHIN 30 DAYS OF THE RENDITION OF THE ORDER TO BE REVIEWED. 5

CERTIFICATE OF SERVICE
I HEREBY CERTIFY that a true and correct copy of the foregoing Final Order has been sent for service via U.S. Certified Mail to Commodore Mortgage LLC Register Agent, Sunshine Corporate Filings at 7901 4th Street N Ste. 300, St. Petersburg, Florida 33702 on this (-- day of April, 2026. 91 7199 9991 7039 5466 1715 6 ge y r Office of Financial Regulation Post Office Box 8050 Tallahassee, FL 32314-8050 Email: Agency.Clerk@flofr.gov Tel: (850) 410-9889

STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
In Re:
COMMODORE MORTGAGE LLC and
COREY SMITH,
Respondents.
ADMINISTRATIVE COMPLAINT
Exhibit A
Case Number: 129473
The State of Florida, Office of Financial Regulation, ("Office") files this Administrative Complaint against COMMODORE MORTGAGE LLC and COREY SMITH ("Respondents"), alleging:
GENERAL ALLEGATIONS

1. Pursuant to section 494.0011, Florida Statutes, the Office is charged with
   administering and enforcing the provisions of chapter 494, Florida Statutes.
2. Pursuant to section 494.00255(1)(u), Florida Statutes, failure to comply with any
   provision of chapter 494, Florida Statutes, or its corresponding rules constitutes grounds for disciplinary action.
3. Pursuant to section 494.001(23), Florida Statutes, a "mortgage broker" means a
   person conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker.
4. Pursuant to section 494.001(30), Florida Statutes, a "principal loan originator" is
   the licensed loan originator in charge of, and responsible for, the operations of a mortgage broker.
5. The Nationwide Multistate Licensing System and/or Registry (''NMLS") is the
   mortgage licensing system and data repository of record which is statutorily mandated to be used

by the Office to manage licensing of all mortgage loan originators and mortgage entities in Florida. §494.001(33), Florida Statutes.
6. Commodore Mortgage LLC ("Commodore") has been licensed with the Office as
a mortgage broker (License No. MBR6062) since February 3, 2023.
7. Corey Smith ("Smith") is the President and Sole Owner of Commodore Mortgage
LLC.
8. As such, pursuant to section 494.001(30), Florida Statutes, Smith is responsible for
the daily operations of Commodore Mortgage LLC.
9. The Office conducted an examination (No. 128562) to ascertain Respondents'
compliance with chapter 494, Florida Statutes.
10. Rule 69V-40.111 (1 ), Florida Administratrive Code, provides that the penalties that
are applicable to each ground for disciplinary action that may be imposed by the Office against a person for a violation of chapter 494, Florida Statutes, are set forth in the "Office of Financial Regulation, Division of Consumer Finance, Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities, Form OFR-494-14".
11. Pursuant to Rule 69V-40.111(5), Florida Administrative Code, the range for an
"A" level administrative fine is between $1,000.00 to $3,500.00.
COUNTI
12. The above general allegations are hereby re-alleged and incorporated by reference
as if fully stated herein.
13. Pursuant to 494.004(2), Florida Statutes, a mortgage broker must submit to the
Office on a quarterly basis a report of condition, also known as a Mortgage Call Report ("MCR") viaNMLS. 2

14. Pursuant to Rule 69V-40.l 76(3), Florida Administrative Code, mortgage brokers
    are required to submit the Residential Mortgage Loan Activity component of the MCR to the Office via NMLS within 45 days of the end of each calendar quarter.
15. During the examination, the Office found the following with regards to
    Respondents' MCR submissions:
    i. MCR for quarter ending March 31, 2024, which was due on May 15, 2024,
    filed on January 2, 2025;
    ii. MCR for quarter ending June 30, 2024, which was due on August 14, 2024,
    filed on January 2, 2025;
    iii. MCR for quarter ending September 30, 2024, which was due on November 14,
    2024, filed on January 2, 2025;
    iv. MCR for quarter ending December 31. 2024. which was due on February 14,
    2025, filed on December 31, 2025.
16. By failing to timely submit or failing to submit quarterly MCRs, Respondents
    violated Rule 69V-40. l 76(3), Florida Administrative Code, and thereby violated section 494.004(2), Florida Statutes.
17. Pursuant to the Disciplinary Guidelines for Mortgage Loan Originators and
    Mortgage Entities Fonn OFR-494-14, incorporated by reference in Rule 69V-40.l l 1, Florida Administrative Code, a licensee found to have violated section 494.004(2), Florida Statutes, for the second time is subject to an "A" level administrative fine.
18. Therefore, the Office is seeking to impose an administrative fine of One Thousand
    Dollars ($1,000.00).
    WHEREFORE, Respondents, Commodore Mortgage LLC, and Corey Smith, are hereby notified that the Office intends to enter an Order imposing an administrative fine of One Thousand Dollars ($1,000.00). 3

NOTICE OF RIGHTS
The licensee is entitled to be represented by counsel or other qualified representative. The licensee also has the right to request a hearing pursuant to sections 120.569 and 120.57, Florida Statutes. Such request must comply with Rules 28-106.2015 and 28-106.104, Florida Administrative Code. An Election of Proceeding form is attached for your convenience. Any such request must be filed as follows:
Bv Mail. Facsimile or Email
Agency Clerk
Office of Financial Regulation
Office of General Counsel
P.O. Box 8050
Tallahassee, FL 32314-8050
Phone: (850) 410-9889
Fax: (850) 410-9663
Email: Agency.Clerk@flofr.gov
OR Bv Hand Deliven
Agency Clerk
Office of Financial Regulation
Office of General Counsel
The Fletcher Building, Suite 504
101 East Gaines Street
Tallahassee, FL 32399
Phone: (850) 410-9889
TO PRESERVE THE RIGHT TO A HEARING, A WRITTEN RESPONSE MUST BE FILED WITH THE OFFICE OF FINANCIAL REGULATION WITHIN TWENTY-ONE (21) DAYS AFTER THE RECEIPT OF THE ADMINISTRATIVE COMPLAINT. SAID RESPONSE MUST BE RECEIVED BY THE OFFICE NO LATER THAN 5:00 P.M. ON THE TWENTY-FIRST DAY AFTER THE RECEIPT OF THE ADMINISTRATIVE COMPLAINT. A FAILURE TO TIMELY RESPOND IN WRITING WILL CONSTITUTE A WAIVER OF THE LICENSEE'S RIGHT TO REQUEST A HEARING AND A FINAL ORDER MAY BE ENTERED WITHOUT FURTHER NOTICE. You may not make an oral request for an administrative hearing. With regard to a written request, if you fail to follow the outlined procedure, your request may be dismissed. Any request for an administrative proceeding received prior to the date of this notice is deemed abandoned and to be considered, must be timely renewed in compliance with the procedure set forth above. Mediation of this matter pursuant to section 120.573, Florida Statutes, is not available. 4

NOTICE TO RESPONDENTS
In accordance with the Americans with Disabilities Act, persons with disabilities needing special accommodation to participate in this proceeding should contact the Agency Clerk no later than seven (7) days prior to the filing deadline or proceeding, at the Office of Financial Regulation, The Fletcher Building, I 01 East Gaines Street, Suite 504, Tallahassee, Florida 32399, Phone: (850) 410-9889, or by Email: Agency.C1erk@flofr.gov. By: ()&l ~-~ -~- Carrie S. Franz :.J Chief Counsel Office of Financial Regulation Office of General Counsel Fla. Bar No. 0659274 200 E Gaines Street Tallahassee, FL 32399-0370 Tel: 850-410-9834 Email:Carrie.Franz@flofr.gov CERTIFICATE OF SERVICE I HEREBY CERTIFY that a true and correct copy of the foregoing Administrative Complaint has been sent for service via U.S. Certified Mail to Commodore Mortgage LLC, and Corey Smith at 18935 North Freeway Springs, Texas, 77388; Commodore Mortgage LLC, Register Agent: Sunshine Corporate Filings at 7901 4th Street N Ste. 300, St. Petersburg, Florida 33702, on this 25th day of February, 2026. (1 /I , • : C 1.., ,..-- lJ,(,(Nt ~- C -------- Carrie S. Franz J Chief Counsel

• 948~g 90 0027 bb20 8164 9
  5

STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
Case No: 129473
Commodore Mortgage LLC and Corey Smith
18935 North Freeway
Spring, Texas 77388
ELECTION OF PROCEEDING
I have received and read the Administrative Complaint, including the Notice of Rights, filed by the Office of Financial Regulation ("Office") regarding the above-referenced Respondent, and I am requesting disposition as indicated below. PLEASE SELECT ONLY ONE OF THE OPTIONS:
OPTION #1: D I do not request a hearing in this matter. I do not dispute any of the Office's factual allegations and conclusions of law as stated in the Administrative Complaint. I understand that upon my waiving the right to a hearing, the Office may enter a final order adopting the findings of fact and conclusions of law in the Administrative Com laint and im osin the enalties sou ht in the Administrative Com lalnt. OPTION #2: D I do not dispute any of the Office's factual allegations but~ the Office's conclusions of law to those factual allegations, and request disposition of this matter by informal hearing pursuant to section 120.57(2), Florida Statutes. I request to (CHECK ONLY ONE OF THE FOLLOWING 2 OPTIONS):
a. D Attend a hearing by video teleconference before a Hearing Officer appointed by the Office; OR b. D Submit a written statement with supporting documentation to a Hearing Officer appointed by the Office. OPTION #3: D I do dispute one or more of the Office's factual allegations. I request a formal hearing before the Division of Administrative Hearings (DOAH) pursuant to section 120.57(1), Florida Statutes. In accordance with Rule 28-106.2015(5)(c), FAC, I am attaching a copy of the material facts that I dispute. TO PRESERVE YOUR RIGHT TO A HEARING, A RESPONSE MUST BE FILED WITH THE OFFICE OF FINANCIAL REGULATION AGENCY CLERK NO LATER THAN 5:00 P.M. ON OR BEFORE THE TWENTY-FIRST DAY AFTER RECEIPT OF THE ADMINISTRATIVE COMPLAINT, SY ANY OF THE FOLLOWING METHODS:

1. By email: Agency.Clerk@flofr.gov; or
2. By U.S. Mail: P.O. Box 8050, Tallahassee, Florida 32314-8050; or
3. By hand delivery: Office of General Counsel, Suite 504, Fletcher Bldg., 101 E. Gaines Street, Tallahassee, FL 32399.
   Signature of Respondent or Mailing Address
   Authorized Representative of Respondent
   ------------ ~
   Printed Name & litle City State Zip
   Date E-mail Address Telephone Number
   Form: OFR-GC-13 (rev. 1/28/2026)
   Page 1 of 2

STATE OF FLORIDA
OFFICE OF FINANCIAL REGULATION
Case No: 129473
Commodore Mortgage LLC and Corey Smith
18935 North Freeway
Spring, Texas 77388
**YOU ARE TO COMPLETE THE FOLLOWING ONLY IF YOU HAVE CHECKED OPTION #3 ON THE PRECEDING PAGE. If you need more space, you may provide additional pages. As Respondent or the authorized representative of Respondent, I am disputing the following material facts:
Signature of Respondent or Authorized Representative Date Form: OFR-GC-13 (rev. 1/28/2026)
Page 2 of 2

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