By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LENDER
LICENSING
Docket No. 2013-014

CONSENT ORDER

In the Matter of

EAST COAST MORTGAGE CORP. d/b/a EAST COAST
MORTGAGE OF MASSACHUSETTS
Springfield, New Jersey

Mortgage Lender License No. ML2785

and

AVELINO FIGUEIRA, Individually

Mortgage Loan Originator License No. MLO20842


WHEREAS, EAST COAST MORTGAGE CORP. d/b/a EAST COAST MORTGAGE OF MASSACHUSETTS (East Coast Mortgage or the Corporation), a licensed mortgage lender under Massachusetts General Laws chapter 255E, and AVELINO FIGUEIRA, President of East Coast Mortgage and a licensed mortgage loan originator under Massachusetts General Laws, chapter 255F have 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 7, 2013, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender and mortgage loan originator, East Coast Mortgage and Avelino Figueira agree to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);

WHEREAS, an examination of East Coast Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of February 1, 2012, to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth; and

WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of East Coast Mortgage as of February 1, 2012 alleged non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts; and

WHEREAS, East Coast Mortgage has opted to surrender its Massachusetts mortgage lender license, No. ML2785; and

WHEREAS, Avelino Figueira has opted to surrender his Massachusetts mortgage loan originator license, No. MLO20842.

ORDER

NOW COME the parties in the above-captioned matter, the Division, East Coast Mortgage, and Avelino Figueira, and stipulate and agree as follows:

  1. Immediately upon the execution of this Consent Order, East Coast Mortgage will surrender its Massachusetts mortgage lender license ML2785 by submitting a "Request to Surrender" to the Division through the Nationwide Multi-State Licensing System & Registry (NMLS).
  2. East Coast Mortgage will refrain from submitting an application to obtain a mortgage lender and/or mortgage broker license from the Commissioner for a period of twenty-four (24) months from the execution of this Consent Order.
  3. To the extent that East Coast Mortgage or any of its officers or directors, or managers or their successors or assigns, wishes to resume business as a mortgage lender and/or mortgage broker at the expiration of the 24-month term as set forth above, East Coast Mortgage shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner. 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 East Coast Mortgage to conduct the licensed business provided however, that any such application shall not be denied on the basis of this Consent Order.
  4. Immediately upon the execution of this Consent Order, Avelino Figueira will surrender his Massachusetts mortgage loan originator license MLO20842 by submitting a "Request to Surrender" to the Division through the NMLS.
  5. Avelino Figueira will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of twenty-four (24) months from the execution of this Consent Order.
  6. To the extent that Avelino Figueira wishes to resume business as a mortgage loan originator at the expiration of the 24-month term as set forth above, Avelino Figueira 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 Avelino Figueira to conduct the licensed business provided however, that any such application shall not be denied on the basis 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 East Coast Mortgage 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 East Coast Mortgage and its directors, officers, managers, employees, agents, and their successors and assigns.
  10. In consideration of this Consent Order, the Division agrees not to pursue formal measures, relative to this matter, to suspend or revoke East Coast Mortgage’s mortgage lender license or Avelino Figueira’s mortgage loan originator license.
  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 7th day of May, 2013

By:
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts