By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
LICENSING
Docket No. 2012-013

CONSENT ORDER

In the Matter of
DENA MARIE FREITAS

Mortgage Loan Originator License No: MLO16301


WHEREAS, DENA MARIE FREITAS (Dena Freitas), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., 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 December 24, 2013, whereby, solely for the purpose of settling this matter, Dena Freitas 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, Dena Freitas’ Massachusetts mortgage loan originator license was in an inactive status from February 2, 2009 through September 29, 2009 and from January 15, 2010 through April 15, 2010 because she was not properly sponsored by an employing entity through the National Mortgage Licensing System (NMLS);

WHEREAS, email notifications were delivered to Dena Freitas that her Massachusetts mortgage loan originator license status had changed to “inactive” on February 2, 2009 and on January 15, 2010, when her license status was updated on the NMLS;

WHEREAS, on May 18, 2011,  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 a licensed mortgage broker;  

WHEREAS, on October 16, 2012, 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 a licensed mortgage broker and mortgage lender;  

WHEREAS, the Division’s review of books and records during the above referenced examinations revealed that Dena Freitas originated Massachusetts residential mortgage loan applications on behalf of licensed mortgage companies when her license was in an inactive status; and

WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.

ORDER

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

  1. On or before the thirtieth day after the effective date of this Consent Order, Dena Freitas shall submit a payment of eight thousand five hundred dollars ($8,500.00) in satisfaction of an administrative penalty collected in consideration of her originating residential mortgage loan applications when her license was in an inactive status.  Dena Freitas shall remit payment in full of the amount indicated above, payable to the “Commonwealth of Massachusetts”, to the Office of the Commissioner of Banks, Attn: Mortgage Supervision Licensing Unit, 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 24th day of December, 2013

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts