Common use of SETTLEMENT TERMS AND CONDITIONS Clause in Contracts

SETTLEMENT TERMS AND CONDITIONS. WEM is willing to resolve the violations by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such violations. Therefore, in consideration of the promises and covenants set forth herein: 1. WEM shall correct the violations cited herein and take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying with the requirements of federal and state laws and regulations governing mortgage loan origination and credit extension activities; b. ensuring that all documents, books and records for loans secured by 1-4 four family residential property located in New York are accurately maintained and preserved for inspection in compliance with the provisions of applicable laws and regulations. For the purpose of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgers; and c. notify the Department of relevant changes and information when appropriate. 2. WEM agrees to develop and implement a Compliance Management Program (“CMP”), designed to ensure compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters. The CMP shall, at a minimum: (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iii) establish a training program to ensure that WEM employees are knowledgeable about applicable laws and regulations, supervisory requirements and guidance letters and WEM’s internal policies and procedures governing its mortgage loan origination activities. 3. XXX agrees to pay a fine of $7,500 upon execution of this Agreement. 4. WEM further agrees that such payment will be made by wire transfer in accordance with the Department’s payment instruction. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.

SETTLEMENT TERMS AND CONDITIONS. WEM ACEM is willing to resolve the violations cited herein by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such violations. Therefore, in consideration of the promises and covenants set forth herein: 1. WEM shall correct the violations cited herein and The Entity agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying Complying with the requirements of federal and state laws and regulations governing mortgage loan origination and credit extension activitiesArticle 12-D of the Banking Law; b. ensuring Obtaining the prior approval of the Superintendent for any action that all documents, books and records for loans secured by 1-4 four family residential property located will result in a change of control of the Entity; c. Not conducting or transacting business in this state under any assumed name without filing a Certificate of Assumed Name with the New York are accurately maintained and preserved for inspection in compliance with the provisions Secretary of applicable laws and regulations. For the purpose of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgersState; and c. notify d. Not conducting or transacting business in this state under any assumed name or designation using any website, domain, or other name that has not been approved by the Department of relevant changes and information when appropriateSuperintendent. 2. WEM The Entity agrees to develop appropriate written compliance policies and implement a Compliance Management Program (“CMP”), procedures designed to ensure compliance with all applicable federal and state laws, regulations, supervisory requirements requirements, and guidance lettersguidelines. The CMP policies and procedures shall, at a minimum: (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iiiii) establish a training program to ensure that WEM the Entity and its MLO and non- MLO employees are knowledgeable about understand all applicable laws federal and state laws, regulations, supervisory requirements and guidance letters and WEM’s internal letters. Within ninety (90) days from the effective date of this Agreement, the Entity agrees to submit a draft of its compliance policies and procedures governing its mortgage loan origination activitiesto the Department. 3. XXX Within one hundred twenty (120) days from the effective date of this Agreement, the Entity agrees to submit a copy of its final compliance policies and procedures to the Department together with a letter from an authorized officer of the Entity indicating his/her approval of such policies and procedures. 4. XXXX agrees to pay a fine of $ 5000 payable in six (6) monthly installments as follows:  $7,500 1,000 upon execution of this Agreement, and  $800 each on or before the 15th day of each consecutive month for the following five (5) months. 45. WEM The Entity further agrees that such payment will be made by wire transfer in immediately available funds in accordance with the Department’s payment instructioninstructions. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.

SETTLEMENT TERMS AND CONDITIONS. WEM 1. Guidance is willing to resolve the violations cited herein by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such with respect to the cited violations. Therefore, in consideration of the promises and covenants set forth herein: 12. WEM shall correct the violations cited herein and The Entity agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying with the requirements of federal and state laws and regulations governing mortgage loan origination and credit extension activities; b. ensuring that all documents, books and records for loans secured by 1Article 12-4 four family residential property located in New York are accurately maintained and preserved for inspection in compliance with D of the provisions of applicable laws and regulations. For the purpose of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgersBanking Law; and c. notify b. not conducting or transacting business in this state under any name, assumed name or designation using any website, domain, or other name that has not been approved by the Department of relevant changes and information when appropriateSuperintendent. 23. WEM The Entity agrees to develop review and implement a Compliance Management Program (“CMP”), designed enhance where advisable its written advertising policies and procedures in order to ensure compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters. The CMP policies and procedures shall, at a minimum: (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iiiii) establish a training program to ensure that WEM the Entity and its MLO and non-MLO employees are knowledgeable about understand all applicable laws federal and state laws, regulations, supervisory requirements and guidance letters and WEM’s internal letters. 4. Within ninety (90) days from the effective date of this Agreement, the Entity agrees to submit a draft of its advertisement policies and procedures governing its mortgage loan origination activitiesto the Department. 35. XXX Within thirty (30) days of receipt of non-objection or any comments from the Department, and after incorporation and adoption of all comments, the Entity agrees to submit a copy of its final advertisement policies and procedures to the Department together with a letter from an authorized officer of the Entity indicating his/her approval of such advertisement policies and procedures.  The Entity agrees to pay a fine of $7,500 upon execution of this Agreement. 4. WEM 7,500.00  The Entity further agrees that such payment will be made by wire transfer in immediately available funds in accordance with the Department’s payment instructioninstructions. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.

SETTLEMENT TERMS AND CONDITIONS. WEM The Entity is willing to resolve the violations cited herein by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such violations. Therefore, in consideration of the promises and covenants set forth herein: 1. WEM shall correct the violations cited herein and The Entity agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying with the requirements of federal Article 12-D and state laws 12-E of the Banking Law, and regulations governing mortgage loan origination and credit extension activitiestheir implementing regulations; b. not conducting or transacting Mortgage Loan Activities at any location that has not been approved by the Superintendent; c. ensuring that all documents, books and records it assigns MLOs to locations licensed or registered by the Superintendent; d. ensuring that its staff does not engage in origination activities at unauthorized locations; and e. ensuring that it will provide appropriate training for loans secured by 1-4 four family residential property located in New York are accurately maintained and preserved for inspection in compliance with its employees regarding the provisions establishment of applicable laws and regulationsor the change of branch locations. 2. For Within ninety (90) days from the purpose effective date of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgers; and c. notify the Department of relevant changes and information when appropriate. 2. WEM Entity agrees to develop and implement submit a Compliance Management Program (“CMP”), designed to ensure draft of its compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters. The CMP shall, at a minimum: (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iii) establish a training program to ensure that WEM employees are knowledgeable about applicable laws and regulations, supervisory requirements and guidance letters and WEM’s internal policies and procedures governing its mortgage loan origination activitiesto the Department. 3. XXX Within thirty (30) days from receipt of non-objection or any comments from the Department, and after incorporation and adoption of all comments, the Entity agrees to submit a copy of its final compliance policies and procedures to the Department together with a letter from an authorized officer of the Entity indicating his/her approval of such policies and procedures. 4. The Entity agrees to pay a fine of $7,500 upon execution of this Agreement10,000. 45. WEM The Entity further agrees that such payment will be made by wire transfer in immediately available funds in accordance with the Department’s payment instructioninstructions. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.

SETTLEMENT TERMS AND CONDITIONS. WEM BMC is willing to resolve the violations by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such violations. Therefore, in consideration of the promises and covenants set forth herein: 1. WEM shall correct the violations cited herein and BMC agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying with the requirements of federal Article 12-D of the Banking Law, and state laws and regulations governing mortgage loan origination and credit extension activities; b. ensuring that all documents, books and records for loans secured by 1-4 four family residential property located in New York are accurately maintained and preserved for inspection in compliance with Part 38 of the provisions of applicable laws and regulations. For the purpose of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgersGeneral Regulations; and c. notify b. not conducting or transacting business in this state under any name, assumed name or designation using any website, domain, or other name that has not been approved by the Department of relevant changes and information when appropriate.Superintendent; and 2. WEM BMC agrees to develop appropriate written advertisement policies and implement a Compliance Management Program (“CMP”), designed procedures in order to ensure compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters. The CMP advertisement policies and procedures shall, at a minimum: minimum (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iiiii) establish a training program to ensure that WEM BMC and its employees are knowledgeable about involved in loan origination understand all applicable laws federal and state laws, regulations, supervisory requirements and guidance letters and WEM’s internal policies and procedures governing its mortgage loan origination activitiesletters. 3. XXX Within ninety (90) days from the effective date of this Agreement, BMC agrees to submit a draft of its advertisement policies and procedures to the Department for review. 4. Within thirty (30) days of receipt of non-objection or any comments from the Department, and after incorporation and adoption of all comments, BMC agrees to submit a copy of its final advertisement policies and procedures to the Department together with a letter from an authorized officer of BMC indicating his/her approval of such advertisement policies and procedures. 5. BMC agrees to pay a fine of $7,500 5,000 payable in ten (10) installments as follows:  $500 upon execution of this Agreement; and  $500 on or before the 15th day of each of the immediately following nine (9) months. 46. WEM BMC further agrees that such payment will be made by wire transfer in immediately available funds in accordance with the Department’s payment instructioninstructions. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.

SETTLEMENT TERMS AND CONDITIONS. WEM GRI is willing to resolve the violations herein by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Sections 44 and 598 on such violations. Therefore, in consideration of the promises and covenants set forth herein: 1. WEM shall correct the violations cited herein and GRI agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business, including, but not limited to: a. complying with the requirements of federal Article 12-D of the Banking Law, and state laws and regulations governing mortgage loan origination and credit extension activitiesPart 38 of the General Regulations of the Banking Board; b. not conducting or transacting New York regulated mortgage business at any location that has not been approved by the Superintendent; c. not conducting or transacting business in this state under any assumed name or designation using any website, domain, or other name that has not been approved by the Superintendent; d. ensuring that all documents, books and records for loans secured by 1-4 four family residential property located its staff does not engage in New York are accurately maintained and preserved for inspection in compliance with the provisions of applicable laws and regulations. For the purpose of this Agreement, books and records include without limitation paper and electronic records, financial statements and account ledgersorigination activities at unauthorized locations; and c. notify e. ensuring that it will provide appropriate training for its employees regarding the Department establishment of relevant changes and information when appropriateor the change of branch locations. 2. WEM agrees to develop GRI has previously provided the Department with its written compliance policies and implement a Compliance Management Program (“CMP”), procedures designed to ensure compliance with all applicable federal and state laws, regulations, supervisory requirements requirements, and guidance lettersguidelines. The CMP shall, at a minimum: (i) include an enterprise wide risk assessment that adequately identify the inherent risks throughout WEM’s operations; (ii) designate an individual responsible for monitoring compliance with all applicable federal and state laws, regulations, supervisory requirements and guidance letters; and (iii) establish a training program to ensure that WEM employees are knowledgeable about applicable laws and regulations, supervisory requirements and guidance letters and WEM’s internal Department will review these policies and procedures governing its mortgage loan origination activitiesand provide any comments or a letter of non-objection to GRI within 60 days from the Effective Date of this Agreement. 3. XXX Within thirty (30) days from receipt of non-objection or any comments from the Department, and after incorporation and adoption of all comments, GRI agrees to submit a copy of its final compliance policies and procedures to the Department together with a letter from an authorized officer of GRI indicating his/her approval of such policies and procedures. 4. GRI agrees to pay a fine of $7,500 upon execution of this Agreement$ 15,000. 45. WEM GRI further agrees that such payment will be made by wire transfer in immediately available funds in accordance with the Department’s payment instructioninstructions. 5. Neither WEM, nor any of its parents, subsidiaries, or affiliates shall, collectively or individually, seek or accept, directly or indirectly, reimbursement or indemnification, including but not limited, to payment made pursuant to any insurance policy, or from any of its parents, subsidiaries, or affiliates, with regard to any or all of the amount payable pursuant to this Agreement. 6. WEM agrees that it will not claim, assert, or apply for a tax deduction or tax credit with regard to any U.S. federal, state or local tax, directly or indirectly, for any portion of the penalty paid pursuant to this Agreement.