By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
LICENSING
Docket No. 2011-091

CONSENT ORDER

In the Matter of

MICHAEL DAYTON NIARCHOS

Mortgage Loan Originator License No. MLO22385


WHEREAS, MICHAEL DAYTON NIARCHOS (“Michael Niarchos”), 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 June 7, 2013, whereby, solely for the purpose of settling this matter, Michael Niarchos 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, according to his record in the Nationwide Mortgage Licensing System (“NMLS”), Michael Niarchos was sponsored by Professional Mortgage Advisors, Inc. (“Professional Mortgage Advisors”) from August 19, 2008 through September 21, 2010;

WHEREAS, according to his record in the NMLS, Michael Niarchos was sponsored by Envoy Mortgage, Ltd. (“Envoy Mortgage”) as of September 22, 2010;

WHEREAS, pursuant to General Laws chapter 255F, section 4(b), a mortgage loan originator may be employed by no more than one entity;

WHEREAS, on March 21, 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 Envoy Mortgage, Houston, Texas, license number MC6666;

WHEREAS, the Division’s review of books and records during the examination/inspection revealed that Michael Niarchos originated twenty (20) Massachusetts residential mortgage loan applications on behalf of Envoy Mortgage at a time during which, according to his NMLS record, he was sponsored by Professional Mortgage Advisors; 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 Michael Niarchos, and stipulate and agree as follows:

  1. An administrative penalty in the amount of twenty thousand dollars ($20,000.00) was assessed against Michael Niarchos in consideration of his originating twenty residential mortgage loan applications on behalf of an entity that was not his sponsoring employer of record. The Division received full payment of said administrative penalty on April 26, 2012.
  2. Michael Niarchos, during all relevant times in the future shall comply with all laws and regulations applicable to conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division’s regulation 209 CMR 41.00.; Such obligations shall include a duty to ensure that he refrains from acting as a mortgage loan originator in Massachusetts unless he holds an active mortgage loan originator license and is properly sponsored through the NMLS by the appropriate employing entity.
  3. This Consent Order shall become effective immediately upon the date of its issuance.
  4. 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 7th day of June, 2013

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