Connecticut officials terminated the license of a mortgage brokerage and two originators this month following allegations of a series of infractions that violated state statutes and the federal Truth in Lending Act.
State banking commissioner Jorge Perez revoked the lending license of Woodbridge Mortgage, located in Glastonbury, effectively resolving the case against it and two leaders, Lionel Kim and George Guorang Wang. The nature of the alleged violations ranged from unfair or deceptive practices, failure to maintain complete loan files and accurate mortgage call reports to false or misleading statements.
Kim served as president of Woodbridge and was licensed to lend in Connecticut beginning in 2014, according to legal documents. Wang, meanwhile, obtained a state originations license in 2011. Woodbridge began operating as a licensed mortgage broker in late 2000.
Without admitting or denying fault, Woodbridge agreed to a consent order, which ends the brokerage’s ability to issue mortgage loans. Both Kim and Wang also signed the order, prohibiting them to serve as mortgage originators.
What are the alleged violations?
Among the allegations cited by Connecticut officials were a failure to maintain minimum capital net worth at least $50,000 required to be a licensed mortgage broker. Kim also made statements, “which were, at the time and in the light of the circumstances under which they were made, false or misleading in a material respect,” legal documents stated.
Following an initial examination period in April, Connecticut’s banking division found Woodbridge “engaged in an unfair or deceptive practice,” whereby it received compensation off of rebate checks in at least seven different instances where they were not disclosed in closing documents. Woodbridge also failed to maintain complete loan files of at least 27 transactions, the state claimed.
The brokerage also failed to file call reports on the Nationwide Multistate Licensing System or provide notice and maintenance records of adverse action or withdrawn applications on loans as required.
Elsewhere, business cards for Kim and Wang did not list their unique NMLS identification numbers, and the originators were said to have made misleading claims to borrowers about rates, points or other financing terms. In some instances, the filing claims, Woodbridge also asked consumers to submit documents to verify information before issuing any loan estimate.
A civil penalty of $100,000 was imposed on Woodbridge but stayed for three years following the consent order agreement. Both Kim and Wang also incurred $25,000 in civil penalties, with a stay also issued to the former. Stays were given to Woodbridge Mortgage and Kim after they cited inability to pay.
The latest resolution in Connecticut comes as the focus on lending regulation increasingly turns toward state guidelines and enforcement during the second Trump term. In 2025, the federal Consumer Financial Protection Bureau has so far reversed several Biden-era regulatory guidelines and dropped previously announced enforcement actions against multiple mortgage lenders.
