By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2014-002-CO
In the Matter of
TIMOTHY S. STURTEVANT
Mortgage Loan Originator License No. MLO6772
WHEREAS, TIMOTHY S. STURTEVANT (“Timothy Sturtevant” or the “Licensee”), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 May 19th, whereby, solely for the purpose of settling this matter, Timothy Sturtevant agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, the Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Timothy Sturtevant is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, and the Nationwide Multi State Licensing System & Registry (NMLS), the Commissioner initially issued a mortgage loan originator license, license number MLO6772, to Timothy Sturtevant to engage in the business of a mortgage loan originator on or about October 31, 2008;
WHEREAS, Timothy Sturtevant’s Massachusetts mortgage loan originator license expired as of January 1, 2011 because he failed to file a license renewal application for calendar year 2011;
WHEREAS, on January 26, 2011, Timothy Sturtevant re-applied for a Massachusetts mortgage loan originator license and such license was placed in an approved-conditional status on March 3, 2011 through October 3, 2011. On October 3, 2011, Timothy Sturtevant’s Massachusetts mortgage loan originator license status was approved;
WHERAS, on or about February 3, 2014, based upon a review and investigation of information provided in a consumer complaint, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the “Temporary Order”), Docket No. 2014-002, against Timothy Sturtevant and alleged a failure to comply with applicable state and federal statutes, rules, and regulations governing the conduct of a licensed loan originator in Massachusetts;
WHEREAS, on or about February 5, 2014, Timothy Sturtevant filed a response to the Temporary Order;
WHEREAS, on or about February 18, 2014, Timothy Sturtevant filed a request to reserve his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by Timothy Sturtevant of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Timothy Sturtevant hereby waives all rights to complete the hearing process relative to this proceeding and affirms that he is willing to take all necessary action as set forth in this Consent Order;
WHEREAS, in recognition of the Division and Timothy Sturtevant having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 19th day of May 2014.
NOW COME the parties in the above-captioned matter, the Division and Timothy Sturtevant, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Timothy Sturtevant will refrain from negotiating, soliciting, arranging, providing or accepting any Massachusetts residential mortgage loan application, or assisting any consumer in completing such application, or otherwise operate as a mortgage loan originator, as that term is defined under General Laws chapter 255F, section 1.
- Immediately upon the execution of this Consent Order, the Division will update Timothy Sturtevant’s license status in Massachusetts in the NMLS to “surrendered.”
- Timothy Sturtevant will refrain from submitting a completed application to obtain a mortgage loan originator license from the Commissioner for a period of six (6) months from the effective date of the Temporary Order.
- To the extent that Timothy Sturtevant wishes to resume or engage in business as a mortgage loan originator at the expiration of the 6-month term as set forth above, Timothy Sturtevant shall be required to submit a completed application to obtain the relevant license from the Commissioner. Unless the Commissioner, in his sole discretion, agrees to accept such an application earlier, Timothy Sturtevant agrees not to submit such an application until the expiration of the 6-month term. The Commissioner shall have all of the discretion set forth within General Laws chapter 255F section 4, and the Division’s regulation 209 CMR 41.00 et seq. in determining whether to issue a license to Timothy Sturtevant to conduct the licensed business, provided however, that any such application shall not be denied on the basis of the Temporary 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 Timothy Sturtevant.
- This Consent Order shall become effective immediately upon the date of its issuance.
- In accordance with the terms of the Consent Agreement entered by Timothy Sturtevant and the Commissioner, Timothy Sturtevant has waived all rights of appeal that she may have relative to the Temporary Order and this Consent Order or any of its provisions.
- 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 and the Consent Agreement.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 19th day of May, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts