By the Division of Banks

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN
ORIGINATOR LICENSING
Docket No. 2010-073-CO

CONSENT ORDER


In the Matter of
GEORGE NICHOLAS FABRIZIO

Mortgage Loan Originator License No. MLO19592


WHEREAS, GEORGE NICHOLAS FABRIZIO ("George Fabrizio" or the "Licensee"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 May 17, 2010, whereby, solely for the purpose of settling this matter, George Fabrizio agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, The Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;

WHEREAS, George Fabrizio is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, the Commissioner initially issued a mortgage loan originator license, license number MLO19592 to George Fabrizio to engage in the business of a mortgage loan originator on or about October 15, 2008;

WHEREAS, George Fabrizio at all relevant times has been the President of Union Capital Mortgage Business Trust ("Union Capital"), a licensed mortgage lender and mortgage broker under Massachusetts General Laws, chapter 255E, section 2;

WHEREAS, on April 15, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2009 examination/inspection") of the books, accounts, papers, records, and files maintained by Union Capital;

WHEREAS, The Division's Report of Examination/Inspection (the "Report"), which was issued to Union Capital on or about November 12, 2009, presented the findings of the 2009 examination/inspection and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts;

WHEREAS, on or about November 12, 2009, based upon the findings of the 2009 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2009-124, against Union Capital;

WHEREAS, Paragraph 40 of the Temporary Order provides, in pertinent part, that "Union Capital and any and all officers ... operating on behalf of Union Capital ... shall immediately cease engaging in the activities of: (a) a mortgage lender and mortgage broker, as those activities are defined under Massachusetts General Laws chapter 255E, section 1, and (b) a mortgage loan originator, as those activities are defined under Massachusetts General Laws chapter 255F, section 1, relative to any residential property in Massachusetts . . . ." [Emphasis supplied.];

WHEREAS, George Fabrizio agrees to enter this Consent Order solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules;

WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;

ORDER

NOW COME the parties in the above-captioned matter, the Division and George Fabrizio, and stipulate and agree as follows:

  1. Immediately upon the execution of this Consent Order, George Fabrizio will refrain, in Massachusetts, from taking a residential mortgage loan application, or offering or negotiating terms of a residential mortgage loan, or otherwise engaging in the mortgage loan originator business, as that term is defined under General Laws chapter 255F, section 1.
  2. Immediately upon the execution of this Consent Order, George Fabrizio will surrender his Massachusetts mortgage loan originator license no. MLO19592 by submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
  3. George Fabrizio will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of twenty-four (24) months from November 12, 2009, being the effective date of the Temporary Order (herein the "24 month term").
  4. To the extent that George Fabrizio wishes to resume business as a mortgage loan originator at the expiration of the 24-month term as set forth in paragraph 3. above, George Fabrizio shall be required to submit a completed application to obtain the relevant license from the Commissioner. Unless the Commissioner, in his sole discretion, agrees to accept such an application earlier, George Fabrizio agrees not to submit such an application until the expiration of the 24-month term. The Commissioner shall have all of the discretion set forth within General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.00 et seq. in determining whether to issue a license to George Fabrizio to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
  5. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, from taking any other action affecting George Fabrizio.
  6. This Consent Order shall become effective immediately upon the date of its issuance.
  7. In accordance with the terms of the Consent Agreement entered by George Fabrizio and the Commissioner, George Fabrizio has waived all rights of appeal that he may have relative to the Temporary Order and this Consent Order or any of its provisions.
  8. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
  9. This Consent Order and the Consent Agreement are the complete documents representing 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 17th day of May, 2010

By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts