By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
LICENSING
Docket No. 2013-006-CO

CONSENT ORDER

In the Matter of
MAGNO GABRIEL JIMENEZ

Mortgage Loan Originator License No. MLO829147


WHEREAS, MAGNO GABRIEL JIMENEZ (Magno Jimenez) a formerly licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, and General Laws chapter 255F, section 11(d) 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 February 20, 2013, whereby, solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules, Magno Jimenez agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);

WHEREAS, the Division has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2 and its implementing regulations 209 CMR 41.00 et seq.;

WHEREAS, according to the Division’s records and the Nationwide Multi-State Licensing System & Registry (NMLS), Magno Jimenez was issued a Massachusetts mortgage loan originator license on June 26, 2012, based, in part on Magno Jimenez having received a passing score on the Massachusetts test required by the Secure and Fair Enforcement of Mortgage Licensing Act (SAFE Act) and General Laws chapter 255F, section 6;

WHEREAS, according to the Division’s records and the NMLS, Magno Jimenez did not request renewal of his Massachusetts mortgage loan originator license for calendar year 2013 and his license was terminated as of January 1, 2013;

WHEREAS, pursuant to General Laws chapter 255F, section 7(b) and 209 CMR 41.07(4), a mortgage loan originator license that has expired may be reinstated if a request for reinstatement is submitted through the NMLS no later than the last day of February of the license year, provided that the individual has satisfied the minimum standards for renewal;

WHEREAS, the Mortgage Testing and Education Board (MTEB), acting on behalf of the State Regulatory Registry, LLC and the NMLS, is responsible for the oversight of the testing required by the SAFE Act and the administration of the NMLS Rules of Conduct for test takers;

WHEREAS, on or about June 28, 2012, the MTEB received a report filed by the Test Center Administrator of the Prometric Test Center located at 1290 Hancock Street, Anaheim, California that alleged that, on June 16, 2012, Magno Jimenez violated the NMLS Rules of Conduct by accessing test materials during an unscheduled break while taking the Massachusetts State Component of the SAFE Act Test;

WHEREAS, a review committee consisting of three members of the MTEB (Review Committee), in accordance with the Administrative Action Procedures which were developed and implemented by the MTEB to govern their investigative process, conducted a full investigation of Magno Jimenez’s alleged violations of the NMLS Rules of Conduct and concluded that Magno Jimenez violated the NMLS Rules of Conduct by accessing test materials during an unscheduled break;

WHEREAS, by correspondence dated September 24, 2012, Magno Jimenez appealed the Review Committee’s findings;

WHEREAS, the Chair of the MTEB appointed a three-person Appeals Committee, which conducted the appeal process, concluded that there were no material errors of fact in the Review Committee’s investigative findings, and affirmed the investigative findings of the Review Committee;

WHEREAS, on January 25, 2013, based upon a review of the MTEB findings and the documents and materials relied upon by the MTEB, the Division issued a NOTICE OF INTENTION TO ISSUE AN ORDER OF PROHIBITION (Notice of Order), Docket No. 2013-006, against Magno Jimenez;

WHEREAS, on or about January 31, 2013, Magno Jimenez participated in an informal teleconference with representatives of the Division to discuss the matters raised by the Notice of Order;

WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Notice of Order;

WHEREAS, without this Consent Order constituting an admission by Magno Jimenez of any allegations made or implied by the provisions of the Order and Notice; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Magno Jimenez hereby waives all rights to complete the hearing process relative to this proceeding and affirms that he is willing to comply with the terms set forth in this Consent Order;

WHEREAS, in recognition of the Division and Magno Jimenez having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Notice of Order, the Commissioner has vacated the Notice of Order on this _20th__ day of ___February__, 2013.

ORDER

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

  1. Magno Jimenez will not apply for reinstatement of his Massachusetts mortgage loan originator license.
  2. Magno Jimenez is prohibited from submitting an application to obtain a mortgage loan originator license, or any other license, from the Division at any time in the future.
  3. Magno Jimenez is prohibited from taking an ownership position in any entity licensed by the Division and from participating, in any manner, in the responsibilities or duties of a control person of such an entity at any time in the future. For the purposes of this Consent Order, "control" shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise.
  4. 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 Magno Jimenez.
  5. This Consent Order shall become effective immediately upon the date of its issuance.
  6. In accordance with the terms of the Consent Agreement entered by Magno Jimenez and the Commissioner, Magno Jimenez has waived all rights of appeal that he may have relative to the Notice of Order and this Consent Order or any of its provisions.
  7. 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.
  8. 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 and the Consent Agreement.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:

Dated at Boston, Massachusetts, this 20th day of February, 2013

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