By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2014-023
In the Matter of
HOME ADVANTAGE MORTGAGE CORPORATION
Mortgage Broker License No. MB28875
WHEREAS, HOME ADVANTAGE MORTGAGE CORPORATION, Littleton, Massachusetts, (Home Advantage Mortgage or the Corporation), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), 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 January 5, 2015, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage broker, Home Advantage Mortgage agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of Home Advantage Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of December 17, 2013 to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth;
WHEREAS, the Report of Examination (Report) issued pursuant to the Division’s examination of Home Advantage Mortgage alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth;
WHEREAS, on December 23, 2014, Home Advantage Mortgage submitted an email to the Division stating that the Corporation intends to cease conducting business for reasons unrelated to the examination findings; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report.
NOW COME the parties in the above-captioned matter, the Division and Home Advantage Mortgage, and stipulate and agree as follows:
- Home Advantage Mortgage must immediately surrender its Massachusetts mortgage broker license by submitting a "Request to Surrender" to the Division through the Nationwide Multi-State Licensing System & Registry (NMLS).
- Immediately upon the execution of this Consent Order, Home Advantage Mortgage and any and all officers, directors, or managers or their successors or assigns operating on behalf of Home Advantage Mortgage will cease engaging in the activity of a mortgage broker in Massachusetts, as that term is defined under General Laws chapter 255E, section 1.
- Home Advantage Mortgage must immediately place with one or more qualified broker(s) or lender(s), as appropriate based on the status of the application and with no loss to applicants, all of its pending Massachusetts residential mortgage loan applications. Home Advantage Mortgage shall obtain the prior approval of the Commissioner before placing such applications to the qualified broker(s) or lender(s).
- Nothing in this Consent Order shall be construed as permitting Home Advantage Mortgage to violate any law, rule, regulation, or regulatory bulletin to which the Corporation is subject.
- 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 the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
- This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements between the Division and Home Advantage Mortgage which replaces and supersedes any prior agreements between Home Advantage Mortgage and the Commissioner.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 5th day of January, 2015
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts