By the Division of Banks


COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE LOAN
ORIGINATOR LICENSING
Docket No. 2015-012-MLO

CONSENT ORDER

In the Matter of

STEPHEN A. BECKER
Reading, Massachusetts

Mortgage Loan Originator License No: MLO9975


WHEREAS, STEPHEN A. BECKER (Stephen Becker), 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 August 15, 2016, whereby, solely for the purpose of settling this matter, Stephen Becker 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 engaged in the business of a mortgage loan originator in Massachusetts pursuant to G.L. chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq.;

WHEREAS, Stephen Becker is licensed by the Commissioner as a mortgage loan originator under G.L. 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 MLO9975, to Stephen Becker to engage in the business of a mortgage loan originator on or about May 16, 2008;

WHEREAS, according to records maintained on file with the Division, and the NMLS, Stephen Becker was sponsored by Direct Finance Corporation (Direct Finance) from January 24, 2013 to December 11, 2015.

WHEREAS, according to records maintained on file with the Division, and the NMLS, Stephen Becker’s current license status is Approved-Inactive.

WHEREAS, pursuant to G.L. chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq., the Commissioner issued a Temporary Order to Cease and Desist and Notice of Civil Assessment (Order), Docket No. 2015-012 against Stephen Becker on September 17, 2015, based upon a printed flyer (Advertisement) and a website maintained by Direct Finance (Website) that Direct Finance deactivated on or before September 18, 2015;

WHEREAS, on or about September 25, 2015, Stephen Becker, through counsel, filed a response to the Order, whereby Stephen Becker addressed the Division's findings and alleged violations of law contained in the Order. By his response, Stephen Becker further reserved his right to proceed to an administrative hearing in accordance with G.L. chapter 30A;

WHEREAS, the parties now seek to resolve by mutual agreement the matters identified in the Order;

WHEREAS, without this Consent Order constituting an admission by Stephen Becker of any allegations made or implied by the provisions of the Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Stephen Becker hereby waives his right 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; and

WHEREAS, in recognition of the Division and Stephen Becker having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order, the Commissioner has terminated the Order on this 16th day of August, 2016.

ORDER

NOW COME the parties in the above-captioned matter, the Division, and Stephen Becker, and stipulate and agree, solely for the purpose of settlement and compromise and without admission of fault or liability, as follows:

  1. Stephen Becker shall ensure that all solicitations and advertising materials used by him do not contain any representation or statement of fact that is false or misleading or has the tendency or capacity to be misleading, or if he does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.
    1. Stephen Becker shall take all necessary steps to ensure that the Advertisement or any similar advertisement is not published or distributed to consumers in Massachusetts;
    2. Stephen Becker shall take all necessary steps to ensure that the Website or any similar website is not published or distributed to consumers in Massachusetts;
  2. Stephen Becker agrees to submit a payment of three thousand dollars ($3,000.00) in full satisfaction of an administrative penalty collected in consideration of his alleged involvement in the creation or distribution of the Advertisement and knowledge of the Website referenced in the preamble of this Consent Order. Stephen Becker shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of this Consent Order, to the Office of the Commissioner of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400. The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
  3. Nothing in this Consent Order shall be construed as permitting Stephen Becker to violate any law, rule, regulation, or regulatory bulletin to which Stephen Becker is subject.
  4. In consideration of the foregoing Consent Order, the Division agrees not to pursue formal measures relative to this matter or to suspend or revoke Stephen Becker's mortgage loan originator license under G.L. chapter 255F, section 2, while this Consent Order is in effect.
  5. Failure to comply with the terms of this Consent Order shall constitute grounds for license suspension and/or revocation pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts.
  6. 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.
  7. 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 Stephen Becker.
  8. This Consent Order shall become effective immediately upon the date of its issuance.

 

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 16th day of August, 2016