COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2010-380-CO
In the Matter of
Mortgage Loan Originator License No.:MLO13862
WHEREAS, TIMOTHY RENNICK ("Timothy Rennick"), 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, 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 April 19, 2011, whereby, solely for the purpose of settling this matter, Timothy Rennick 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, Timothy Rennick's Massachusetts mortgage loan originator license was in an inactive status from June 1, 2010 through June 8, 2010 because he was not properly sponsored by an employing entity through the National Mortgage Licensing System ("NMLS");
WHEREAS, Timothy Rennick received actual or constructive notice that his Massachusetts mortgage loan originator license status had changed to "inactive" on June 1, 2010, when his license status was updated on the NMLS;
WHEREAS, on August 11, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Drew Mortgage Associates, Inc., Shrewsbury, MA, license no. MC0020;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Timothy Rennick originated three (3) Massachusetts residential mortgage loan applications on behalf of Drew Mortgage Associates, Inc. when his license was in an inactive status, prior to his obtaining proper sponsorship from Drew Mortgage;
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 Timothy Rennick, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, Timothy Rennick shall submit a payment of three thousand dollars ($3,000.00) in satisfaction of an administrative penalty collected in consideration of Timothy Rennick originating three residential mortgage loans when he did not have an active license and was not permitted to originate mortgage loans in Massachusetts. Timothy Rennick shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts", to the Office of the Commissioner of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118.
- 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, 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 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 19th day of April, 2011
By: David J. Cotney