COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-038-CO
In the Matter of
C. THEODORE PATRIKAS
Mortgage Loan Originator License No.: MLO25522
WHEREAS, C. THEODORE PATRIKAS, a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated July 21, 2010, whereby, solely for the purpose of settling this matter, and without admission of any violation of law C. Theodore Patrikas agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators for an 180 day period, beginning on November 29, 2007 and ending on May 27, 2008.
WHEREAS, C. Theodore Patrikas applied for a Massachusetts mortgage loan originator license on May 4, 2008 and was, therefore, "grandfathered" and permitted to originate mortgage loans while his license application remained in a pending status;
WHEREAS, C. Theodore Patrikas' mortgage loan originator license was in an "inactive" status from January 6, 2009 to February 5, 2009 because he was not properly sponsored by an employing entity in the Nationwide Mortgage Licensing System ("NMLS");
WHEREAS, C. Theodore Patrikas received actual or constructive notice that the status of his Massachusetts mortgage loan originator license had been changed to "inactive" on January 6, 2009, when his license status was updated on NMLS;
WHEREAS, C. Theodore Patrikas' license was reactivated on February 6, 2009;
WHEREAS, the sole employer of record in the NMLS maintains C. Theodore Patrikas' mortgage loan originator license, which authorizes C. Theodore Patrikas to originate mortgage loans for such employer in the Commonwealth of Massachusetts;
WHEREAS, C. Theodore Patrikas' employing entity of record in the NMLS has at all relevant times been Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;
WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files that Mortgage Master, Inc. maintained;
WHEREAS, the Division's review of books and records during the 2009 examination/inspection resulted in an allegation by the Division that C. Theodore Patrikas originated three residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to his attested NMLS record, he was not permitted to originate residential mortgage loans in Massachusetts;
WHEREAS, by contemporaneous agreement set forth in the Settlement Agreement, Docket No. 2010-044, entered between Mortgage Master and the Division (the "Settlement Agreement"), Mortgage Master, without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against C. Theodore Patrikas in consideration of the alleged mortgage loan originator licensing violations described above; and
WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.
NOW COME the parties in the above-captioned matter, the Division and C. Theodore Patrikas, and stipulate and agree as follows:
- Pursuant to the provisions of the Settlement Agreement, Mortgage Master, without any requirement or obligation to do so, agreed to satisfy an administrative penalty in the amount of three thousand dollars ($ 3,000.00) which was assessed against C. Theodore Patrikas in consideration of his act(s) of originating residential mortgage loan(s) when he was not permitted to originate residential mortgage loans in Massachusetts.
- C. Theodore Patrikas shall comply with all laws and regulations applicable to his conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner…"
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
- This Consent Order and the Consent Agreement are the complete documents that represent the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 21st day of July, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts