By the Division of Banks

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE BROKER AND
MORTGAGE LOAN ORIGINATOR
LICENSING
Docket No. 2009-005

CONSENT ORDER

In the Matter of
MIRACLE MORTGAGE CORP.
Mortgage Broker License No. MB1670

and

Catherine Gibbons, Individually


WHEREAS, MIRACLE MORTGAGE CORP., a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and CATHERINE GIBBONS, President and 100% owner of Miracle Mortgage Corp., (collectively "Catherine Gibbons") have been advised of their 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 September 3, 2010 whereby, solely for the purpose of settling this matter, Catherine Gibbons 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 and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;

WHEREAS, the Division, through the Commissioner, also 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, Miracle Mortgage Corp., at all relevant times, has been a Massachusetts Corporation doing business in the Commonwealth with its main office located at 354 Turnpike Street, Suite 204, Canton, Massachusetts;

WHEREAS, Catherine Gibbons at all relevant times was the President and 100% owner of Miracle Mortgage Corp., and, according to records maintained by the Division, identified herself as President and "control person," of Miracle Mortgage Corp.;

WHEREAS, on May 21, 2008, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2008 examination/inspection") of the books, accounts, papers, records, and files maintained by Miracle Mortgage Corp.;

WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), presented the findings of the 2008 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 broker in Massachusetts;

WHEREAS, on or about February 19, 2009, based upon the findings of the 2008 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2009-005, against Miracle Mortgage Corp.;

WHEREAS, on or about March 9, 2009, Miracle Mortgage Corp., through Catherine Gibbons, filed a request for its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;

WHEREAS, Catherine Gibbons disputes certain of the Division's findings and alleged violations of law contained in the Temporary Order;

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

WHEREAS, without this Consent Order constituting an admission by Catherine Gibbons, of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Miracle Mortgage Corp. and Catherine Gibbons, hereby waive their right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and

WHEREAS, in recognition of the Division and Catherine Gibbons 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 3 rd day of September, 2010.

ORDER

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

  1. Immediately upon the execution of the Consent Agreement, Miracle Mortgage Corp and Catherine Gibbons will refrain from originating or accepting any additional Massachusetts residential mortgage loan applications, or otherwise engaging in the mortgage broker business, as those terms are defined under General Laws chapter 255E, section 1.
  2. Immediately upon the execution of the Consent Agreement, Miracle Mortgage Corp., through Catherine Gibbons, will surrender Miracle Mortgage Corp's Massachusetts mortgage broker license MB1670 by returning the original license certificate to the Division at 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118 and (b) submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
  3. Catherine Gibbons will refrain from submitting an application to obtain a mortgage broker and/or mortgage lender license from the Commissioner for a period of twenty-four (24) months from the effective date of the Temporary Order. The provisions of this Paragraph shall also prohibit Catherine Gibbons from taking an ownership position in an entity licensed under General Laws chapter 255E and from participating, in any manner, in the responsibilities or duties of a control person of such an entity, during the above referenced 24-month term. For the purposes of this Consent Order, "control" shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise.
  4. To the extent that Catherine Gibbons wishes to resume business as a mortgage broker and/or mortgage lender at the expiration of the 24-month term as set forth above, Catherine Gibbons shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner. Unless the Commissioner, in his sole discretion, agrees to accept such an application earlier, Catherine Gibbons 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 255E, section 4 and the Division's regulation 209 CMR 42.00 et seq. in determining whether to issue a license to Catherine Gibbons to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
  5. Within five (5) days of the effective date of this Consent Order, Catherine Gibbons shall submit payment in full for the amount owed for the costs of the Division's 2009 examination/inspection of Miracle Mortgage Corp. The payment shall be made payable to the "Commonwealth of Massachusetts" and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
  6. If Catherine Gibbons wishes to obtain a Massachusetts mortgage loan originator license, she shall be required to submit a completed application to obtain the relevant license from the Commissioner. 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 Catherine Gibbons to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order. It is understood that the Division will not consider any license application submitted by Catherine Gibbons unless payment is made for the amount owed for the costs of the Division's 2009 examination/inspection of Miracle Mortgage Corp as set forth in Paragraph 5 of this Consent Order.
  7. 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 Catherine Gibbons and/or Miracle Mortgage Corp., and/or any of its officers, directors, or managers.
  8. This Consent Order shall become effective immediately upon the date of its issuance.
  9. The provisions of this Consent Order shall be binding upon Catherine Gibbons and Miracle Mortgage Corp., and its directors, officers, employees, agents, and their successors and assigns.
  10. In accordance with the terms of the Consent Agreement entered by Catherine Gibbons and the Commissioner, Catherine Gibbons has waived all rights of appeal that she may have relative to the Temporary Order.
  11. 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.
  12. 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.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 3rd day of September, 2010

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