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August 30, 2019

1st Alliance revocation hearing set

Photo | CT Mirror John DiIorio and some of his remaining employees. The chart shows his workforce at its height and its present 17 workers.
By Gregory Seay

State banking regulators will hold a public hearing Tuesday on suspension of a license for East Hartford’s 1st Alliance Lending LLC to originate mortgages in Connecticut.

The 10 a.m. hearing is scheduled for the banking department’s downtown Hartford offices at 260 Constitution Plaza.

The banking department said it moved Aug. 1 to suspend 1st Alliance’s license after it was notified that the lender was no longer bonded. The hearing will determine whether the suspension should be lifted, or other action taken, up to or including license revocation, an agency spokesman said Friday.

But 1st Alliance founder/CEO John DiIorio claims regulators slammed him over their insistence that the firm’s mortgage underwriters be licensed, and said he was voluntarily shutting his firm in protest.

A hearing officer appointed by state banking Commissioner Jorge Perez will hear the case and recommend a decision to the commissioner.

 

CLARIFICATION: An earlier post mischaracterized the purpose of the hearing.

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