THE 2018 ANNUAL REPORT OF THE BUREAU OF FINANCIAL …

[Pages:147]THE 2018 ANNUAL REPORT OF THE

BUREAU OF FINANCIAL INSTITUTIONS

MORTGAGE LENDER AND BROKER LICENSEES INDUSTRIAL LOAN ASSOCIATIONS MONEY TRANSMITTERS CREDIT COUNSELING AGENCIES

OPERATING IN VIRGINIA AT THE CLOSE OF BUSINESS DECEMBER 31, 2018

BUREAU OF FINANCIAL INSTITUTIONS STATE CORPORATION COMMISSION COMMONWEALTH OF VIRGINIA

STATE CORPORATION COMMISSION -- BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT Table of Contents

Letter of Transmittal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3. . . . . . . . . . . . Personnel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4. . . . . . . . . . . . Organizational Chart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5. . . . . . . . . . . . Organizational Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6. . . . . . . . . . . . MORTGAGE COMPANIES

Applications Received and/or Acted Upon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8. . . . . . . . . . . . List by Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.0. . . . . . . . . . . . INDUSTRIAL LOAN ASSOCIATIONS List by Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.3.3. . . . . . . . . . . . MONEY TRANSMITTERS Applications Received and/or Acted Upon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 3. 4. . . . . . . . . . . . Status Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.3.5. . . . . . . . . . . . Licenses Surrendered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.3.6. . . . . . . . . . . . List by Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.3.7. . . . . . . . . . . . CREDIT COUNSELING AGENCIES Applications Received and/or Acted Upon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1. 4. 1. . . . . . . . . . . . Status Changes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.4.2. . . . . . . . . . . . Licenses Surrendered . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.4.3. . . . . . . . . . . . List by Name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1.4.4. . . . . . . . . . . .

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STATE CORPORATION COMMISSION -- BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

STATE CORPORATION COMMISSION

MARK C. CHRISTIE, Chairman JUDITH WILLIAMS JAGDMANN JOEL H. PECK, Clerk of the Commission

Report of the Bureau of Financial Institutions

Richmond, Virginia, December 31, 2018 TO THE STATE CORPORATION COMMISSION Richmond, Virginia GREETINGS: I have the honor to submit herewith the 2018 Annual Report of the Bureau of Financial Institutions - Mortgage Lender and Broker Licensees, Industrial Loan Associations, Money Transmitters, and Credit Counseling Agencies.

Respectfully, E. J. FACE, JR. Commissioner of Financial Institutions

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STATE CORPORATION COMMISSION -- BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

BUREAU OF FINANCIAL INSTITUTIONS

E. J. FACE, JR. Commissioner of Financial Institutions

ADMINISTRATION & LICENSING

DUSTIN R. PHYSIOC Deputy Commissioner

DEPOSITORY SUPERVISION

ROBERT W. HUGHES Deputy Commissioner

NON-DEPOSITORY SUPERVISION

SUSAN E. HANCOCK Deputy Commissioner

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STATE CORPORATION COMMISSION ? BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

ORGANIZATIONAL CHART BUREAU OF FINANCIAL INSTITUTIONS

COMMISSIONER

OFFICE ADMINISTRATOR LEGISLATION

RULES AND REGULATIONS

ADMINISTRATION & LICENSING SECTION

New Institutions

Acquisitions

Mergers

Branch Applications

License Applications

Annual Reports

Economic Research

Public Information Budget and Fiscal

Management Data Resource and

Records Management

DEPOSITORY SUPERVISION

SECTION

Banks and

Bank Holding Companies

Credit Unions

Savings Institutions and

Holding Companies

Independent Trust Companies

Consumer Services Depository Institutions

NON-DEPOSITORY SUPERVISION SECTION

Consumer Finance Companies

Mortgage Lenders and

Mortgage Brokers

Mortgage Loan Originators

Industrial Loan Associations

Payday Lenders

Check Cashers

Motor Vehicle Title Lenders

Credit Counseling Agencies

Money Transmitters

Consumer Services Non-Depository Institutions

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STATE CORPORATION COMMISSION ? BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

THE STATE CORPORATION COMMISSION

The State Corporation Commission ("Commission") is an independent state agency established by the Constitution of Virginia. The Commission is organized as a fourth branch of government with its own legislative, administrative, and judicial powers. The Commission's authority encompasses utilities, insurance, financial institutions, securities, retail franchising, and railroad safety. It is the state's central filing office for corporations, limited partnerships, limited liability companies and Uniform Commercial Code liens. The Commission also assesses public service corporations for state and local taxation.

THE BUREAU OF FINANCIAL INSTITUTIONS

The State Corporation Commission's Bureau of Financial Institutions ("Bureau") is responsible under Title 6.2 of the Code of Virginia for the regulation and supervision of all depository and nondepository financial institutions. Depository institutions are comprised of state-chartered banks, savings institutions, and credit unions. Non-depository institutions consist of trust companies, industrial loan associations, consumer finance companies, mortgage lenders and brokers, mortgage loan originators, money transmitters, credit counseling agencies, check cashers, payday lenders and motor vehicle title lenders. Each is required to obtain a license from the Commission, with the exception of check cashers, which are required to register pursuant to Chapter 21 of Title 6.2 of the Code of Virginia.

Within the Bureau, the Administration & Licensing section is responsible for processing and investigating all applications filed by depository and non-depository financial institutions for certificates of authority and licenses, and for processing check casher registrations. The NonDepository Supervision section is responsible for the supervision (examination) of all nondepository institutions, with the exception of trust companies. The Depository Supervision section supervises banks, credit unions, savings institutions and trust companies.

As of December 31, 2018, the Bureau of Financial Institutions regulated 375 mortgage brokers with 443 offices, 178 mortgage lenders with 577 offices, 262 mortgage lenders and brokers with 1,993 offices, 2 industrial loan associations, 108 money transmitters, 34 credit counseling agencies with 61 offices and 19,319 mortgage loan originators.

During 2018, the Bureau received 28 applications for money transmitter licenses or for permission to acquire control of existing money transmitter licensees and 6 applications for licenses, additional offices and relocations of existing offices of credit counseling agencies. In the mortgage area, the Bureau received 844 applications for mortgage lender/broker licenses, additional mortgage lender/broker offices, and for permission to acquire control of existing mortgage lender/broker licensees; 4,419 applications for mortgage loan originator licenses; 31 applications for transitional mortgage loan originator licenses; 4 exempt mortgage lender/broker registrations; and 9 applications for determination of a bona fide nonprofit status.

The following table illustrates status changes for all mortgage-related licensees and registrants during 2018:

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STATE CORPORATION COMMISSION ? BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

Status Changes ? Mortgage Related Licensees and Registrants

License Type Mortgage Broker

Approvals

Withdrawn/ Abandoned

Denials

Surrendered/ Expired

Revocations

65

32

1

46

4

Mortgage Lender

43

24

0

34

1

Exempt Mortgage

2

0

0

0

0

Lender/Broker

Registration

Mortgage Branch

638

11

0

648

0

Mortgage Loan

4,164

569

1

3,682

0

Originator

Transitional

1

37

0

0

0

Mortgage Loan

Originator

Additional licensing records for all mortgage licensees can be found on the Nationwide Mortgage Licensing System ("NMLS") Consumer Access webpage ().

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STATE CORPORATION COMMISSION -- BUREAU OF FINANCIAL INSTITUTIONS 2018 ANNUAL REPORT

Mortgage Companies -- Applications Received and/or Acted Upon

Acquisitions of Mortgage Companies

Received 03/25/16 05/22/17 08/02/17 10/03/17 12/04/17 01/10/18 01/10/18 01/17/18 02/22/18 02/27/18 02/28/18 03/21/18 04/02/18 04/04/18 04/18/18 05/03/18 05/15/18 06/01/18 06/01/18 06/08/18 06/21/18

Description

Activity

FirstSource Group USA, Inc to acquire 100% ownership of ISGN Solutions, Inc., MC-5506

Approved 04/13/18

Interlaken Mortgage Corp. to acquire 50% ownership of Belem Servicing LLC, d/b/a Patriot Home Approved

Mortgage, MC-5644

05/01/18

Nishith R. Parikh to acquire 99% ownership of KWIK MORTGAGE CORPORATION, d/b/a HOMELEND MORTGAGE, MC-5650

Approved 03/08/18

William E. Taylor, Jr to acquire 100% ownership of Hometown Lenders, Inc., MC-5803

Approved 04/10/18

ECN Platinum LLC to acquire 100% ownership of Triad Financial Services, Inc., MC-2497

Approved 02/13/18

NRM Acquisition LLC to acquire 100% ownership of Shelter Mortgage Company, L.L.C., MC-5685 Approved 03/14/18

NRM Acquisition LLC to acquire 100% ownership of New Penn Financial, LLC, d/b/a Shellpoint Mortgage Servicing, MC-5119

Approved 03/14/18

Tien Shin Chang to acquire 100% ownership of The Rate Factory, LLC, d/b/a United Mortgage Plus, Approved

MC-5720

03/06/18

Michael A. Casasnovas to acquire 100% ownership of Liberty Mortgage Corporation, MC-1065

Approved 04/05/18

OMH Holdings, L.P. to acquire 41% ownership of OneMain Mortgage Services, Inc., MC-5702

Approved 05/21/18

LL Capital Partners I, LP to acquire [unspecified] % ownership of Tammac Holdings Corporation, MC-3407

Withdrawn 08/28/18

WMIH Corp. to acquire 100% ownership of Nationstar Mortgage LLC, d/b/a Nationstar Mortgage, Approved

MC-2075

06/19/18

The Capital Corps, LLC to acquire 100% ownership of Commerce Home Mortgage, Inc., MC-6713 Approved 05/21/18

Mukesh and Anita Bajaj to acquire 70% ownership of Mason McDuffie Mortgage Corporation, MC-5579

Approved 05/23/18

Ocwen Financial Corporation to acquire 100% ownership of PHH Mortgage Corporation, d/b/a Mortgage Service Center, MC-469

Approved 10/02/18

Christian Duncan to acquire 50% ownership of Frontline Financial, LLC, MC-2577

Approved 10/22/18

Samir Dedhia to acquire 0% ownership of SD Capital Funding Corp., MC-6641

Approved 10/10/18

ECP Helios Partners IV, L.P. to acquire 42% ownership of Residential Mortgage Services, Inc., MC-5816

Approved 08/29/18

Pearl Business Trust to acquire 100% ownership of SIRVA Mortgage, Inc., MC-310

Approved 07/27/18

Celebrity Financial, Inc. to acquire 100% ownership of Midwest Equity Mortgage, LLC, d/b/a eClick Approved

Lending, MC-5920

11/08/18

Billie Edward Phillips, Jr. to acquire 70% ownership of Associated Mortgage Bankers, Inc., MC-5518 Pending

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