BFI Transcript 1

COMMONWEALTH OF VIRGINIA, ex rel . vs . SECURITY TRUST MORTGAGE, LLC
Proceedings on 09/11/2013 Page 40
1 So, I would like to entertain opening statements . I
2 probably have a good, after all those preliminary
3 matters, I have a good understanding of, you know,
4 what your positions are ; but let's proceed with
5 opening statements . Ms . Johnston .
6 MS . JOHNSTON : Yes . As you're aware, Your
7 Honor, we are here today in regard to two cases .
8 The first is the State Corporation Commission versus
9 Security Trust Mortgage, LLC, in which the Bureau of
10 Financial Institutions is seeking a revocation of
11 Security Trust's mortgage broker license .
12 The second case is Daniel McDonald's
13 appeal of the Commissioner of Financial
14 Institution's denial of his November 23rd, 2012,
0
15 application for a mortgage loan originator license .
16 Both cases relate back to a proceeding
17 from last year that involved McDonald that I have
18 previously mentioned, the BFI 2012-0003, which I'm
19 going to refer to as McDonald 1 for convenience .
20 That action arose because Mr . McDonald had
21 applied for an MLO license in 2011, which is when,
22 about the time that MLOs were first required to be
23 licensed in Virginia . That application was denied
24 by the Commissioner in 2011 via his delegated
25 authority from the Commission . And McDonald
Huseby, Inc.
www.huseby.com
4860 Cox Road, Suite 200, Glen Allen, VA 23060 (804) 755-4200
0