By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2013-029
In the Matter of
RAYMOND B. SEVERANCE
Mortgage Loan Originator License No. MLO15875
WHEREAS, RAYMOND B. SEVERANCE (Raymond Severance), 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 September 13, 2013, whereby, solely for the purpose of settling this matter, Raymond Severance 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, Raymond Severance’s employing entity of record in the Nationwide Multi-State Licensing System & Registry (NMLS) from March 23, 2009 through January 1, 2010 was Primary Residential Mortgage, Inc.;
WHEREAS, pursuant to General Laws chapter 255F, section 4(b), a mortgage loan originator may be employed by no more than one entity;
WHEREAS, the Division’s review of books and records during an examination of a licensed mortgage company revealed that Raymond Severance originated one (1) Massachusetts residential mortgage loan application on behalf of Residential Mortgage Services, Inc. at a time during which, according to his NMLS record, he was sponsored by Primary Residential Mortgage, Inc.;
WHEREAS, Raymond Severance’s Massachusetts mortgage loan originator license was in an inactive status from February 1, 2010 through April 14, 2010 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 Raymond Severance that his Massachusetts mortgage loan originator license status had changed to “inactive” on February 1, 2010, 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 company revealed that Raymond Severance originated seven (7) 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 Raymond Severance, and stipulate and agree as follows:
- Raymond Severance shall submit a payment of eight thousand dollars ($8,000.00) in satisfaction of an administrative penalty collected in consideration of Raymond Severance originating one (1) residential mortgage loan application on behalf of an entity that was not Raymond Severance’s sponsoring employer of record and originating seven (7) residential mortgage loan applications when his license was in an inactive status. Raymond Severance agrees to remit payment in full of the amount indicated above on or before the thirtieth day after the effective date of this Consent Order, 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 27th day of September, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts