FI LJ~C COMMONWEALTH OF PENNSYLVANIA

DEPARTMENT OF BANIGNG AND SECURITim o JUN 27 n 8: 33

COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANIGNG AND SECURITIES, COMPLIANCE OFFICE

v.

MONEY QUEST LENDING CORP. Docket No. : 18 Oo'l'f (BNK-ORD)

NOTICE OF RIGHT TO APPEAL AND HEARING

You have the right to appeal the attached Order within 30 days of the date of the Order, as provided in 1 Pa. Code§ 35.37, by filing an Answer with the Docket Clerk as set f01th below. If the Docket Clerk does not receive your Answer within 30 days, you will waive your right to a hearing and the Order will be deemed final.

Yom Answer must be in writing, specifically admitting or denying the allegations in the Order and setting forth the facts and matters of iaw that you rely upon. Mere general denials are inadequate to raise an issue requiring a hearing or further proceedings.

The Answer or any other document relating to this matter may be filed by personal delivery or by mailing it to the Docket Clerk at the address below:

Linnea Freeberg, Docket Clerk Department of Banking and Securities 17 N. Second St., Ste. 1300 Ranis bmg, P A 1 71 0 1

Fmther, pursuant to 1 Pa. Code§§ 33.32- 33.37, you are required to serve the Answer on counsel for the person who signed the attached Order. Such service may be accomplished by personal delivery to Gerard M. Mackarevich, Assistant Counsel, or by mailing it to him, at the above address within 30 days ofthe date ofthe attached Order.

Upon filing of an Answet, you will be notified of pe1tinent information such as the name of the person who will preside at the hearing pursuant to 1 Pa. Code § § 3 5.18 5 - 3 5.190. You have the right under 1 Pa. Code § 31.22 to be represented by an attorney. All procedural matters will be governed by the Pennsylvania Administrative Agency Law, 2 Pa. C.S. §§501-508, 701-704, and the General Rules of Administrative Practice and Procedure, 1 Pa. Code §§31.1.-35.251.

COMMONWEALTH OF PENNSYLVANIA FIL -D

DEPARTMENT OF BANKING AND SECURITWfcl JUN 27 At# S: JJ

COMMONWEALTH OF PENNSYLVANIA DEPARTMENT OF BANKING AND SECURITIES, COMPLIANCE OFFICE

v.

PA DEPARl ' ;ENT OF B/\141\IHG ,c.: ·D ~Ecunrr u:· ::·

MONEY QUEST LENDING CORP. Docket No.: 18 Oo'19 (BNK-ORD)

ORDER

1. The Department of Banking and Securities ("Department") is the Commonwealth

of Pennsylvania's administrative agency authorized and empowered to administer and enforce the

Mortgage Licensing Act, 7 Pa. C.S. § 6101 et seq. ("MLA").

2. The Department's Compliance Office is primarily responsible for administering

and enforcing the MLA for the Department.

3. Money Quest Lending Corp. ("MQLC") is currently licensed as a Mortgage

Correspondent license no. 22318, with Nationwide Multistate Licensing System & Registry

("NMLS") unique identifier 132483.

4. MQLC is a corporation.

5. MQLC maintains its principal place of business at 17 Mystic Lane, Malvern, P A

19355.

BACKGROUND

6. The MLA at 7 Pa. C.S. § 6135 imposes ce1iain requirements on mmigage licensees

like MQLC.

7. The MLA states in pertinent part as follows: "A mortgage broker, mortgage lender

or mmigage loan correspondent, or a mortgage originator that is required to obtain and maintain

its own bond coverage under section 6131(f)(4) (relating to application for license), on a date

determined by the depmiment, shall file periodically, as determined by the depmiment, a repmi

with the depmiment or the Nationwide Mortgage Licensing System and Registry, as determined

by the depmiment, setting fmih such information as the depmiment shall require concerning the

first or secondary motigage loan business conducted by the licensee. Licensees who fail to file

the required repmi at the date required by the depmiment may be subject to a penalty of $1 00 for

each day after the due date until the report is filed." 7 Pa. C.S. § 6135(a)(3)

8 The Depmiment determined that each mmigage licensee was reqmred to complete

a Mmigage Call Repoti ("MCR") for the first quarter of 2018 through NMLS by May 15, 2018.

9. MQLC did not complete the MCR for the first quarter of2018 by the deadline of

May 15,2018.

10. By email dated May 17, 2018, the Compliance Office notified Brent Wong,

president of MQLC that the MCR was past due and that he may incur a penalty

11. By letter dated May 29, 2018, the Compliance Office notified Mr. Wong that the

MCR has still not been received and that he may incur a penalty.

12. On June 7, 2018, the Compliance Office telephoned Mr. Wong, to inform him, that

the MCR was still outstanding and that if it was not received by June 14, 2018, MQLC would be

issued a fine. A voicemail was left for Mr. Wong to return the call.

13. On June 14,2018, the Compliance Office again telephoned Mr. Wong to notify him

that the MCR would need to be completed by the end of the day. A voicemail was left stating that

a fine would be issued on June 15, 2018, if thE- MCR was not completed. An email on the same

date was issued stating this same message.

14. MQLC did not complete the MCR by the end of the day on June 14, 2018.

VIOLATION

15. By not filing the MCR when it was due, MQLC violated the MLA at 7 Pa. C.S. §

6135(a)(3).

AUTHORITY

16. The Department has the authority to issue orders to enforce the MLA. 7 Pa C.S. §

6138(a)(4).

17. Section 6135(a)(3) of the MLA authorizes the Department to impose a penalty of

up to $100 for each day after the due date until the MCR is filed.

AND NOW THEREFORE, because MQLC has failed to file the MCR for the first quarter

of 2018, the Compliance Office, pursuant to its authority referenced above, hereby imposes the

following Order:

18. Pursuant to the Depmiment's authority in 7 Pa. C.S. § 6135(a)(3) of the MLA,

MQLC is hereby fined $500 (five hundred dollms), which is payable within 30 days of the date of

this order

19. An Agency Fee Invoice has been created in NMLS for this penalty. Payment shall

be remitted through NMLS by either ACH or credit card.

20. MQLC is ordered to complete the 2018 first quarter MCR immediately.

21. Failure to pay the penalty within 30 days and file the MCR may result in additional

enforcement action, including, but not limited to, the suspension, revocation or refusal to renew

MQLC's license.

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