By the Division of Banks

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN
ORIGINATOR LICENSING
Docket No. 2010-132-MLO-CO

CONSENT ORDER


In the Matter of
JAMES EDWARD HIRBOUR

Mortgage Loan Originator License No. MLO19618


WHEREAS, JAMES EDWARD HIRBOUR ("James Hirbour" 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 13, 2010, whereby, solely for the purpose of settling this matter, James Hirbour 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, James Hirbour 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 MLO19618 to James Edward Hirbour to engage in the business of a mortgage loan originator on or about October 31, 2008;

WHEREAS, James Hirbour, at all relevant times, was employed as a mortgage loan originator by Union Capital Mortgage Business Trust, ("Union Capital" or the "Corporation");

WHEREAS, on or about November 12, 2009, based upon the findings of a 2009 examination/inspection of Union Capital, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2009-132, against James Hirbour and alleged a failure to comply with state and federal laws, rules, regulations and regulatory bulletins governing the conduct of a licensed loan originator in Massachusetts, which allegations James Hirbour has denied;

WHEREAS, on or about November 25, 2009, James Hirbour filed a response to the Temporary Order and by his response, James Hirbour further reserved his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;

WHEREAS, on or about December 3, 2009, James Hirbour appeared at the Division's offices for an informal conference to discuss the matters raised by the Temporary Order;

WHEREAS, James Hirbour 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; and

WHEREAS, in recognition of the Division and James Hirbour having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 13th day of May, 2010.

ORDER

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

  1. Immediately upon the execution of this Consent Order, James Hirbour will refrain from negotiating, soliciting, arranging, providing or accepting any Massachusetts residential mortgage loan application, or assisting any consumer in completing such application, or otherwise operate as a mortgage loan originator, as that term is defined under General Laws chapter 255F, section 1. Notwithstanding the foregoing, nothing in this Order shall prohibit James Hirbour's continued occupation in the mortgage loan industry, provided that James Hirbour does not operate as a mortgage loan originator.
  2. Immediately upon the execution of this Consent Order, James Hirbour will surrender his Massachusetts mortgage loan originator license number MLO19618 by submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
  3. James Hirbour will refrain from submitting an completed application to obtain a mortgage loan originator license from the Commissioner for a period of twenty-four (24) months from the effective date of the Temporary Order.
  4. To the extent that James Hirbour wishes to resume or engage in business as a mortgage loan originator at the expiration of the 24-month term as set forth above, James Hirbour 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, James Hirbour 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 James Hirbour to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order. Provided further, however, if James Hirbour complies with all of the provisions of this Order, the Commissioner agrees that he will approve James Hirbour's application assuming that James Hirbour meets all of the other statutory and administrative requirements for re-licensure.
  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 James Hirbour.
  6. This Consent Order shall become effective immediately upon the date of its issuance.
  7. Nothing in this Order shall be deemed to be an admission by James Hirbour of any allegations or implications of fact or the existence of any violations of applicable state or federal law.
  8. In accordance with the terms of the Consent Agreement entered by James Hirbour and the Commissioner, James Hirbour has waived all rights of appeal that he may have relative to the Temporary Order and this Consent Order or any of its provisions.
  9. 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.
  10. This Consent Order and the Consent Agreement are the complete documents representing the final 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 13th day of May, 2010

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