On November 8, 2006 The Connecticut Dept of Banking issued a Notice to Issue a cease and Desist Order against Raymond L. Patrice who was registered as a loan originator with VIP Mortgage Corporation (“VIP”).
The Dept allege that on February 9, 2006, Respondent took two loan applications from a borrower for the purchase of two different properties, each of which indicated that the property was going to be the borrower’s primary residence. Based on one of the applications, Credit Suisse Financial Corporation, a first and secondary mortgage lender/broker licensee, made a first mortgage loan and a secondary mortgage loan, both of which closed February 23, 2006. Based on the other application, IndyMac Bank, F.S.B. made a first mortgage loan and a secondary mortgage loan, both of which closed on February 27, 2006