MLOLA License Revoked - Derek Shamo, Enforcement Case No. 25-18668

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Before the Director of the Department of Insurance and Financial Services In the matter of: Derek Shamo NMLS ID: 784282 Enforcement Case No. 25-18668 Respondent. _____________________________/ Issued and entered on March 16, 2026 by Aaron Luetzow Senior Deputy Director ORDER ACCEPTING STIPULATION Based upon the Stipulation to Entry of Order and the files and records of the Department of Insurance and Financial Services (DIFS) in this matter, the Senior Deputy Director finds and concludes that:

1. The Senior Deputy Director has jurisdiction and authority to adopt and issue this Order Accepting
   Stipulation in this proceeding pursuant to the Mortgage Loan Originator Licensing Act (MLOLA), MCL 493.131 et seq., the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA), MCL 445.1651 et seq., and the Michigan Administrative Procedures Act (APA), MCL 24.201 et seq.

2. All applicable provisions of the MLOLA, the MBLSLA, and the APA, including but not limited to the
   notice and service provisions, have been either satisfied or waived by all Parties.

3. On or about December 9, 2025, DIFS served a Notice of Opportunity to Show Compliance (NOSC)
   on Respondent. In the NOSC, DIFS asserted that Respondent provided false asset documentation to lenders, and thus, violated the MLOLA pursuant to Section 35(a) of the MLOLA, MCL 493.165(a). DIFS further asserted in the NOSC that Respondent's acts provided justification for the Director to order the payment of a civil fine and/or other licensing sanctions pursuant to Section 25 of the MLOLA, MCL 493.155.

4. Respondent neither admits nor denies the allegations set forth in the NOSC, but he has agreed to
   the Stipulation to Entry of Order to resolve this matter.

5. Acceptance of the Stipulation to Entry of Order is reasonable and in the public interest.
   Now therefore, based upon the Stipulation to Entry of Order and the facts surrounding this case, IT IS ORDERED THAT:

6. All agreements contained in the Stipulation to Entry of Order are accepted and adopted in their
   entirety.

Order Accepting Stipulation Respondent Derek Shamo Enforcement Case No. 25-18668 Page 2 of 2

1. Respondent shall comply with all terms agreed to in the Stipulation to Entry of Order. A failure to
   comply with a term in the Stipulation shall be deemed a violation of this Order.

2. Respondent's MLOLA license is hereby REVOKED, retroactively effective to April 28, 2024.

3. Respondent is hereby PROHIBITED, effective immediately, from servicing, processing, underwriting,
   or originating any loans, including but not limited to mortgages, in any capacity. Further, Respondent shall not in any way assist with servicing, processing, underwriting, or origination activities.

4. Respondent is hereby PROHIBITED, effective immediately, from being a control person, as said term
   is defined in the MBLSLA, of a licensee or registrant under the MBLSLA or a licensee or registrant under the Consumer Financial Services Act, 1988 PA 161, MCL 487.2051 to 487.2072, and any of the acts listed in section 2 of the Consumer Financial Services Act, 1988 PA 161, MCL 487.2052.

5. After five years from the date of this Order Accepting Stipulation, Respondent may apply to the
   Director to terminate the prohibition provisions set forth in paragraphs 9 and 10 above.

6. The Senior Deputy Director retains jurisdiction over the matters contained herein and has the
   authority to issue such further order(s) as shall be deemed just, necessary, and appropriate in accordance with the MLOLA and the MBLSLA. Failure to abide by the terms and provisions of the Stipulation to Entry of Order and this Order may result in the commencement of additional proceedings.

Dated: March 16, 2026 ____________________________________ Aaron Luetzow Senior Deputy Director

STATE OF MICHIGAN DEPARTMENT OF INSURANCE AND FINANCIAL SERVICES Before the Director of the Department of Insurance and Financial Services In the matter of: Derek Shamo NMLS ID: 784282 Enforcement Case No. 25-18668 Respondent. ____________________________/ STIPULATION TO ENTRY OF ORDER Derek Shamo (Respondent) stipulates to the following:

1. Respondent was a licensed mortgage loan originator under the Mortgage Loan Originator Licensing
   Act (MLOLA), MCL 493.131 et seq., from November 2, 2016, to April 28, 2024. Respondent surrendered his MLOLA license in April 2024.

2. Respondent had the opportunity to have this Order Accepting Stipulation and Stipulation to Entry of Order (collectively "Consent Order") reviewed by legal counsel.

3. Respondent has read and understands this Consent Order.

4. Respondent understands that Respondent has a right to a hearing before an administrative law
   judge, at which DIFS would be required to prove the charges set forth by presentation of evidence and legal authority and at which Respondent would be entitled to appear, to cross-examine all witnesses presented by DIFS, and to present such testimony or other evidence or legal authority deemed appropriate as a defense to said charges. Respondent understands and intends that by agreeing to the Consent Order, Respondent is knowingly and voluntarily waiving Respondent's right, pursuant to the MLOLA, the Mortgage Brokers, Lenders, and Servicers Licensing Act (MBLSLA), MCL 445.1651 et seq., the Administrative Procedures Act (APA), MCL 24.201 et seq., and applicable administrative rules to a hearing before an Administrative Law Judge.

5. Respondent agrees that all parties have complied with the procedural requirements of the MLOLA,
   the MBLSLA, and the APA.

6. The Senior Deputy Director retains jurisdiction over the matters contained herein.

7. On or about December 9, 2025, DIFS served a Notice of Opportunity to Show Compliance (NOSC)
   on Respondent. In the NOSC, DIFS asserted that Respondent provided false asset documentation to lenders, and thus, violated the MLOLA pursuant to Section 35(a) of the MLOLA, MCL 493.165(a). DIFS further asserted in the NOSC that Respondent's acts provided justification for the Director to order the payment of a civil fine and/or other licensing sanctions pursuant to Section 25 of the MLOLA, MCL 493.155.

Stipulation to Entry of Order Respondent Derek Shamo Enforcement Case No. 25-18668 Page 2 of 2

1. Respondent neither admits nor denies the allegations set forth in the NOSC, but he has agreed to
   enter into this Stipulation to Entry of Order to resolve this matter.

2. In lieu of further disciplinary action, Respondent agrees: (1) that his MLOLA license shall be revoked,
   retroactively effective to April 28, 2024; and (2) that he is subject to the prohibition provisions set forth in the Consent Order.

3. Respondent agrees and understands that he is forever barred from obtaining a MLOLA license.

4. Respondent agrees and understands that he is prohibited from servicing, processing, underwriting,
   or originating any loans, including but not limited to mortgages, in any capacity, including but not limited to, as an executive officer, loan officer, mortgage servicer, mortgage broker, or assistant. In addition, Respondent agrees and understands that he is prohibited from being a control person of a licensee or registrant under the MBLSLA or a financial licensing act. For purposes of this paragraph, the following definitions apply:

5. A "control person" means a director or executive officer of a licensee or registrant or
   an individual who has the authority to participate in the direction, directly or indirectly through one or more other persons, of the management or policies of a licensee or registrant.

6. An "executive officer" means an officer, member, or partner of a licensee or
   registrant, including but not limited to, the chief executive officer, president, vice president, chief financial officer, controller, or compliance officer or any other individual who holds any other similar position.

7. A "loan officer" means an individual who is an employee or agent of a mortgage
   broker, mortgage lender, or mortgage servicer; who originates mortgage loans; and who is not an employee or agent of a depository financial institution or a subsidiary or affiliate of a depository financial institution.

8. A "mortgage servicer" means a person that, directly or indirectly, services or offers
   to service mortgage loans.

9. A "mortgage broker" means a person that, directly or indirectly, does one or both of
   the following: (1) serves or offers to serve as an agent for a person in an attempt to obtain a mortgage loan; and/or (2) serves or offers to serve as an agent for a person who makes or offers to make mortgage loans

10. A "financial licensing act" mean the Consumer Financial Services Act, 1988 PA 161,
    MCL 487.2051 to 487.2072, and any of the acts listed in Section 2 of the Consumer Financial Services Act, 1988 PA 161, MCL 487.2052.

11. Respondent agrees and understands that the prohibition provisions set forth in this Consent Order,
    including but not limited to paragraph 11 in this Situation to Entry of Order and paragraphs 9 and 10 in the Order Accepting Stipulation, is and shall be considered a Prohibition Order entered under Section 27 of the MLOLA, MCL 493.157, and Section 18a of the MBLSLA, MCL 445.1668a.

3/12/2026