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. . . . . . . . . . . .
2
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
3
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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