By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2014-003
In the Matter of
Mortgage Loan Originator License No: MLO13036
WHEREAS, MARYANNE DAO, a formerly licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of her 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 7, 2013, whereby, solely for the purpose of settling this matter, Maryanne Dao 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, Maryanne Dao’s Massachusetts mortgage loan originator license was in an inactive status from February 11, 2010 through April 5, 2010 because she was not properly sponsored by an employing entity through the Nationwide Multi-State Licensing System & Registry (NMLS);
WHEREAS, an email notification was delivered to Maryanne Dao that her Massachusetts mortgage loan originator license status had changed to “inactive” on February 11, 2010, when her 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 Maryanne Dao originated seven (7) Massachusetts residential mortgage loan applications when her 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 Maryanne Dao, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, Maryanne Dao shall submit a payment of seven thousand ($7,000.00) in satisfaction of an administrative penalty collected in consideration of originating seven (7) residential mortgage loan applications when she did not hold an active mortgage loan originator license in Massachusetts. Maryanne Dao shall remit payment in full of the amount indicated above, payable to the “Commonwealth of Massachusetts”, to the Office of the Commissioner 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 7th day of March, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts