COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-200-CO
In the Matter of
JON HOWARD SICCO
Mortgage Loan Originator License No. MLO16371
WHEREAS, JON HOWARD SICCO ("Jon Sicco" 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 21, 2010, whereby, solely for the purpose of settling this matter, Jon Sicco 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, Jon Sicco 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 MLO16371 to Jon Sicco to engage in the business of a mortgage loan originator on or about October 23, 2008;
WHEREAS, on or about September 19, 2009 pursuant to the authority granted under Massachusetts General Laws chapter 255F, section 14, the Division commenced an Investigation (the "2009 Investigation") of the books, accounts, papers, records, and files maintained by Jon Sicco in response to an inquiry received by the Division's Consumer Assistance Unit;
WHEREAS, the findings of the Division's 2009 Investigation raised serious concerns relating to Jon Sicco's failure to comply with state and federal laws, rules, regulations and regulatory bulletins governing the conduct of a licensed loan originator in Massachusetts;
WHEREAS, on or about February 26, 2010, Jon Sicco appeared at the Division's offices for an informal conference to discuss the matters raised in the Investigation; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified during the Investigation.
NOW COME the parties in the above-captioned matter, the Division and Jon Sicco, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Jon Sicco 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.
- Immediately upon the execution of this Consent Order, Jon Sicco will surrender his Massachusetts mortgage loan originator license no. MLO16371 by submitting a "Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
- Jon Sicco will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of thirty-six (36) months from the effective date of this Consent Order.
- To the extent that Jon Sicco wishes to resume or engage in business as a mortgage loan originator at the expiration of the 36-month term as set forth above, Jon Sicco 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, Jon Sicco agrees not to submit such an application until the expiration of the 36-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 Jon Sicco to conduct the licensed business.
- 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 Jon Sicco.
- This Consent Order shall become effective immediately upon the date of its issuance.
- In accordance with the terms of the Consent Agreement entered by Jon Sicco and the Commissioner, Jon Sicco has waived all rights of appeal that he may have relative to this Consent Order or any of its provisions.
- Failure to comply with the terms of this Consent Order shall constitute grounds for the denial of any future license application submitted to the Division.
- 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.
- 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 21st day of May, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts