COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-400-CO
In the Matter of
TERESA MARIE MCNEILL-BALIAN
Mortgage Loan Originator License No.: MLO8654
WHEREAS, TERESA MARIE MCNEILL-BALIAN ("Teresa McNeill-Balian"), a licensed Massachusetts mortgage loan originator, has been advised of her 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 August 28, 2012, whereby, solely for the purpose of settling this matter, Teresa McNeill-Balian 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, Chapter 206 of the Acts of 2007, which added Chapter 255F to the General Laws of Massachusetts, introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators who applied for a mortgage loan originator license before July 1, 2008;
WHEREAS, Teresa McNeill-Balian applied for a Massachusetts mortgage loan originator license on May 20, 2008, and was, therefore, "grandfathered" and permitted to originate mortgage loans while her license application remained in a pending status;
WHEREAS, on October 29, 2008, the Division posted a notice on the Nationwide Mortgage Licensing System ("NMLS") that it had changed the status of Teresa McNeill-Balian's mortgage loan originator license from "pending" to "withdrawn-application abandoned";
WHEREAS, on March 30, 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 Mid-Island Mortgage Corporation, Westbury, New York, license no. MC1259;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Teresa McNeill-Balian originated twenty-eight (28) Massachusetts residential mortgage loan applications on behalf of Mid-Island Mortgage Corporation, at times during which, according to her NMLS record, she was not permitted to originate residential mortgage loans in Massachusetts; and
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 Teresa McNeill-Balian, and stipulate and agree as follows:
1. On or before the thirtieth day after the effective date of this Consent Order, Teresa McNeill-Balian shall submit a payment of twenty-eight thousand dollars ($28,000.00) in satisfaction of an administrative penalty collected in consideration of Teresa McNeill-Balian originating twenty-eight residential mortgage loans without being licensed or authorized to operate as a mortgage loan originator in Massachusetts. Teresa McNeill-Balian 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, 10th Floor, Boston, Massachusetts 02118.
2. This Consent Order shall become effective immediately upon the date of its issuance.
3. 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.
4. 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 day of August 28, 2012.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts