By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2013-003
In the Matter of
PATRICK GERALD QUEALLY
Mortgage Loan Originator License No: MLO26990
WHEREAS, PATRICK GERALD QUEALLY (Patrick Queally), 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 March 1, 2013, whereby, solely for the purpose of settling this matter, Patrick Queally 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, Patrick Queally’ Massachusetts mortgage loan originator license was in an inactive status from March 16, 2009 through June 16, 2009 because he was not properly sponsored by an employing entity through the Nationwide Multi-State Licensing System & Registry (NMLS);
WHEREAS, an email notification was delivered to Patrick Queally that his Massachusetts mortgage loan originator license status had changed to "inactive" on March 16, 2009, when his license status was updated on the NMLS;
WHEREAS, the Division’s review of books and records during an examination of a licensed mortgage lender revealed that Patrick Queally originated nineteen (19) Massachusetts residential mortgage loan applications when his license was in an inactive status; and
WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.
NOW COME the parties in the above-captioned matter, the Division and Patrick Queally, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, Patrick Queally shall submit a payment of nineteen thousand ($19,000.00) in satisfaction of an administrative penalty collected in consideration of her originating nineteen (19) residential mortgage loan applications when he did not hold an active mortgage loan originator license in Massachusetts. The administrative penalty shall be satisfied as follows:
- One thousand dollars ($1,000.00) shall be due and payable immediately upon Patrick Queally’s execution of the Consent Agreement;
- A payment of one thousand five hundred dollars ($1,500.00) shall be due and payable by the last day of each month following the effective date of this Consent Order beginning with March 31, 2013, until the administrative penalty set forth in this Section is satisfied in full; and
- Patrick Queally shall remit payment(s) pursuant to this Section of the Consent Order for the amount then due, payable to the "Commonwealth of Massachusetts," to the Division of Banks, Attn: Mortgage Supervision Licensing Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118.
- This Consent Order shall become effective immediately upon the date of its issuance.
- 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 1st day of March, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts