By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2011-034
In the Matter of
DAVID J. REINHERZ
Mortgage Loan Originator License No: MLO45233
WHEREAS, DAVID J. REINHERZ ("David Reinherz"), 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 March 15, 2012, whereby, solely for the purpose of settling this matter, David Reinherz 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, David Reinherz was actively sponsored by Dynamic Capital Mortgage, Inc. ("Dynamic Capital") from July 30, 2008 to March 9, 2009;
WHEREAS, David Reinherz received actual or constructive notice that his Massachusetts mortgage loan originator license sponsorship had changed on March 9, 2009, when the Division accepted Leader Mortgage Company Inc.'s ("Leader Mortgage") sponsorship request, and his license status was updated on the National Mortgage Licensing System ("NMLS");
WHEREAS, on August 3, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination of the books, accounts, papers, records, and files maintained by Leader Mortgage, Arlington, Massachusetts, license number ML2619;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that David Reinherz originated five (5) Massachusetts residential mortgage loan applications on behalf of Leader Mortgage, during the period when his license was sponsored by Dynamic Capital; 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 David Reinherz, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, David Reinherz shall submit a payment of five thousand dollars ($5,000.00) in satisfaction of an administrative penalty collected in consideration of David Reinherz originating five residential mortgage loan applications on behalf of an entity for which he was not appropriately sponsored. David Reinherz 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.
- 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 15th day of March, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts