26-39-C_Signature Lending Consent Order

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Signature Lending LLC Order No. 26-39-C ORDER IMPOSING CIVIL PENALTIES AND CONSENT TO ORDER Page 1 of 5 AKSALA FO ETATS TNEMPOLEVED CIMONOCE DNA ,YTINUMMOC ,ECREMMOC FO TNEMTRAPED SEITIRUCES DNA GNIKNAB FO NOISIVID 0581 ETIUS ,EUNEVA HTNEVES TSEW 055 10599 AKSALA ,EGAROHCNA 0418-962)709( STATE OF ALASKA DEPARTMENT OF COMMERCE, COMMUNITY, AND ECONOMIC DEVELOPMENT DIVISION OF BANKING AND SECURITIES In the matter of: ) ) ) ORDER NO. 26-39-C Signature Lending LLC NMLS ) #1938889 ) ORDER IMPOSING CIVIL PENALTIES ) AND ) CONSENT TO ORDER Respondent. ) ) ) The Department of Commerce, Community, and Economic Development, Division of Banking and Securities (“Department”), has conducted an investigation of the business activities of Signature Lending LLC, (“Respondent”) and has determined that Respondent violated certain provisions of Alaska Statute (“AS”) 06.60 et seq. (the Alaska Secure and Fair Enforcement for Mortgage Licensing Act of 2010 – the “Alaska SAFE Act”). Respondent agrees that the Department has jurisdiction over Respondent and these matters pursuant to the Alaska SAFE Act. Respondent wishes to resolve and settle this matter with the Department. As evidenced by the authorized signature on this Order, the Respondent consents to the entry of this Order to assess civil penalties based on the Conclusions of Law and Order. Respondent waives its right to a hearing under AS 44.62 et seq. (the Alaska Administrative Procedure Act) and the Alaska SAFE Act. I. FINDINGS OF FACT 1. Respondent is a limited liability company, organized under the laws of the State of Missouri, and has a physical address of 1666 E Sunshine Street, Springfield, Missouri 65804. Respondent does not have a business license in the State of Alaska. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Signature Lending LLC Order No. 26-39-C ORDER IMPOSING CIVIL PENALTIES AND CONSENT TO ORDER Page 2 of 5 AKSALA FO ETATS TNEMPOLEVED CIMONOCE DNA ,YTINUMMOC ,ECREMMOC FO TNEMTRAPED SEITIRUCES DNA GNIKNAB FO NOISIVID 0581 ETIUS ,EUNEVA HTNEVES TSEW 055 10599 AKSALA ,EGAROHCNA 0418-962)709( 2. Respondent did not have an Alaska Mortgage Broker/Lender License from October 19, 2023 to January 8, 2024 (“the relevant period”) and does not currently have an Alaska Mortgage Broker/Lender License through the Nationwide Multistate Licensing System (NMLS). 3. Respondent employed Michael D. Lindsay as a mortgage loan originator (“MLO”) during the relevant period and Respondent compensated Mr. Lindsay for originating mortgage loans. Mr. Lindsay provided cost estimates and two letters of preapproval to Alaska residents for residential real estate in Alaska during this period. Mr. Lindsay did not have a license to conduct mortgage origination activities in Alaska. This activity also requires approved sponsorship by the Department and the Respondent did not submit a request to sponsor Mr. Lindsay in Alaska to the Department. 4. On October 3, 2024, the Division sent a letter to Respondent requesting information regarding mortgage transactions involving Mr. Lindsay in the state of Alaska. Respondent cooperated with the Department. 5. Respondent acknowledged the unlicensed activity conducted by Mr. Lindsay in a written response on January 26, 2025. 6. Respondent is liable for Mr. Lindsay’s conduct under AS 06.60.159 and for sponsoring the MLO under 3 AAC 14.062. 7. Respondent shall supervise all operations and personnel to ensure compliance with AS 06.60 and 3 AAC 14.415(a) and (b). II. CONCLUSIONS OF LAW 1. Respondent violated AS 06.60.010 by conducting business as a mortgage lender in the state without a license as required and allowing Mr. Lindsay to provide cost estimates and pre-approval letters for dwellings located in Alaska with the expectation of compensation. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Signature Lending LLC Order No. 26-39-C ORDER IMPOSING CIVIL PENALTIES AND CONSENT TO ORDER Page 3 of 5 AKSALA FO ETATS TNEMPOLEVED CIMONOCE DNA ,YTINUMMOC ,ECREMMOC FO TNEMTRAPED SEITIRUCES DNA GNIKNAB FO NOISIVID 0581 ETIUS ,EUNEVA HTNEVES TSEW 055 10599 AKSALA ,EGAROHCNA 0418-962)709( This activity constitutes work performed as a “mortgage loan originator” as defined in AS 06.60.990(24) and requires a license. 2. Respondent violated AS 06.60.012(b)(3) which requires a licensee to sponsor the MLO in the registry prior to origination activity occurring. Mr. Lindsay did not have approved sponsorship from the state of Alaska during the relevant period. 3. Respondent violated AS 06.60.159(a) and (b) and 3 AAC 14.062 by employing Mr. Lindsay as an MLO who conducted origination activities in Alaska while the Respondent and MLO were not licensed in the state. 4. Respondent violated AS 06.60.340(22) by allowing Mr. Lindsay to make false or misleading statements in a mortgage loan commitment or pre-qualification letter. 5. Respondent violated 3 AAC 14.415 by failing to supervise Mr. Lindsay when he conducted origination activities in Alaska without a license. 6. Under AS 06.60.420(a), a person who violates a provision of this chapter, or a regulation adopted or an order issued under this chapter, is liable for a civil penalty not to exceed $10,000 for each violation. III. ORDER Pursuant to the Alaska SAFE Act and based on the Findings of Fact, Conclusions of Law, and Respondent’s consent to entry of this Order, the Department ORDERS Respondent to: 1. Pay a $2,500 civil penalty calculated at $1,000 for unlicensed activity and $1,500 for failure to supervise. 2. Comply with all provisions of the Alaska SAFE Act and associated regulations. This Order shall be publicly disclosed and is reportable to the NMLS. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Signature Lending LLC Order No. 26-39-C ORDER IMPOSING CIVIL PENALTIES AND CONSENT TO ORDER Page 4 of 5 AKSALA FO ETATS TNEMPOLEVED CIMONOCE DNA ,YTINUMMOC ,ECREMMOC FO TNEMTRAPED SEITIRUCES DNA GNIKNAB FO NOISIVID 0581 ETIUS ,EUNEVA HTNEVES TSEW 055 10599 AKSALA ,EGAROHCNA 0418-962)709( IT IS SO ORDERED. JULIE SANDE, Commissioner Department of Commerce, Community and Economic Development /s/ Tracy Reno ___0_6_/1_5_/_2_0_2_6__________ ________________________________________ Date Tracy Reno, Director Division of Banking and Securities 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Signature Lending LLC Order No. 26-39-C ORDER IMPOSING CIVIL PENALTIES AND CONSENT TO ORDER Page 5 of 5 AKSALA FO ETATS TNEMPOLEVED CIMONOCE DNA ,YTINUMMOC ,ECREMMOC FO TNEMTRAPED SEITIRUCES DNA GNIKNAB FO NOISIVID 0581 ETIUS ,EUNEVA HTNEVES TSEW 055 10599 AKSALA ,EGAROHCNA 0418-962)709( Consent to Entry of Order Signature Lending LLC I, ___A__n_d_re_w__ C__h_av_e_z_ _______, state that I am the ___P_r_e_si_d_e_n_t____________ of Signature Lending LLC (“Respondent”); that I am authorized to act on its behalf; that I have read the foregoing Order; and that I am aware of the right to a hearing and appeal in this matter, and have waived the same. Respondent admits to the jurisdiction of the Department of Commerce, Community, and Economic Development, Division of Banking and Securities (“Department”) and further consents to entry of this Order by the Department as settlement of the issues contained in this Order. Respondent admits violation of the Alaska SAFE Act. Respondent understands that the Department reserves the right to take further actions to enforce this Order or to take appropriate action upon discovery of other violations of the Alaska SAFE Act, and that Respondent will fully comply with the terms and conditions of this Order, the Alaska SAFE Act and associated regulations. Respondent enters into this Order voluntarily and understand this Order is a public document and is reportable to the NMLS. Date: ___ _0_6_/0_5_/_2_0_2_6__________ ___/s_/_ A__n_d_re_w__ C_h_a_v_e_z_ _____________ Name - Andrew Chavez Title - President Company Name - Signature Lending LLC SUBSCRIBED AND SWORN TO before me this __5_th_ _ day of ___J_u_n_e________, 2026. ___/_s_/ _K_r_i_st_in_a_ _B_o_r_is_h_k_e_v_i_ch_________ (Signature of Notary Public) ___Kristina Borishkevich__________ Notary Printed Name State of:___Missouri__________________ Commission Expires:_01/22/2027__