By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2013-031
In the Matter of
MORTGAGE SERVICES III, L.L.C. d/b/a MSI MORTGAGE SERVICES 3
NMLS ID No. 172606
WHEREAS, MORTGAGE SERVICES III, L.L.C. d/b/a MSI MORTGAGE SERVICES 3 (Mortgage Services or the Company), has entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated October 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, Mortgage Services agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, Mortgage Services applied for a Massachusetts Mortgage Lender license through the Nationwide Multi-State Licensing System & Registry (NMLS) on May 31, 2013;
WHEREAS, the Division received information that indicated that Mortgage Services was operating as a mortgage lender in Massachusetts without being licensed to conduct such activity;
WHEREAS, the Division determined that certain unlicensed activity occurred after Mortgage Services applied for a Massachusetts mortgage lender license;
WHEREAS, on June 20, 2013, the Division issued to Mortgage Services a letter directing the Company to cease engaging in any unlicensed or unauthorized mortgage lending or brokering activity in Massachusetts;
WHEREAS, on June 25, 2013, Mark Young, President of Mortgage Services executed an affidavit certifying that the Company ceased operating as a mortgage broker and/or lender as June 24, 2003;
WHEREAS, on June 27, 2013, Mortgage Services participated in an informal teleconference with representatives of the Division to discuss the Division’s concerns regarding this matter;
WHEREAS, on June 27, 2013, Mortgage Services submitted a request to through the NMLS to withdraw its pending Massachusetts mortgage lender license application.
NOW COME the parties in the above-captioned matter, the Division and Mortgage, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, the Division will update Mortgage Services’ mortgage lender license status to “Withdrawn–Voluntary Without Licensure” in the NMLS.
- Mortgage Services will refrain from submitting an application to obtain a mortgage lender and/or mortgage broker license from the Commissioner for a period of thirty-six (36) months from the execution of this Consent Order.
- To the extent that Mortgage Services 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 36-month term as set forth above, Mortgage Services shall be required to submit a completed application to obtain the relevant license(s) from the Division. The Division 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 Mortgage Services to conduct the licensed business provided however, that any such application shall not be denied on the basis of this Consent Order.
- 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 Mortgage Services and/or any of its officers, directors, or managers.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Mortgage Services and its directors, officers, managers, employees, agents, and their successors and assigns.
- 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 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 October, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts
People also viewed...
You recently viewed...
Personalization is OFF. Your personal browsing history at Mass.gov is not visible because your personalization is turned off. To view your history, turn your personalization on.
Learn more on our .
*Recommendations are based on site visitor traffic patterns and are not endorsements of that content.