By the Division of Banks


 

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE BROKER AND
MORTGAGE LOAN
ORIGINATOR LICENSING
Docket No. 2017-0012

CONSENT ORDER

In the Matter of

SB ACCENT LLC,
Mortgage Broker License No. MB 1476152
Ridgefield, New Jersey

And

SUSIE BAE, Individually
Mortgage Loan Originator License No. ML178720


WHEREAS, SB ACCENT LLC (“SB Accent” or the “Company”), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and Susie Bae, a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, have been advised of their 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 September 6, 2017, whereby, solely for the purpose of settling this matter and expressly without admission of fault or liability, SB Accent and Susie Bae agree to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);

WHEREAS, the Division of Banks (“Division”) has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2 and its implementing regulation 209 CMR 42.00 et seq.;

WHEREAS, the Division, through the Commissioner, also 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 and its implementing regulation 209 CMR 41.00 et seq.;

WHEREAS, Susie Bae, at all relevant times has been the President and sole owner of SB Accent;

WHEREAS, Susie Bae is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2; 

WHEREAS, on August 25, 2017 the Connecticut Department of Banking (Connecticut) issued a denial of SB Accent LLC’s application for mortgage broker license;

WHEREAS, Connecticut stated that it denied the application because SB Accent submitted false financial statements and doctored bank statements, which incorrectly represented that the Company met the minimum net worth requirement in for a mortgage broker license in Connecticut;       WHEREAS, the same financial statements and bank statements provided to Connecticut were also provided to the Division through the Nationwide Multi-State Licensing System & Registry (NMLS);

WHEREAS on or about August 31, 2017 SB Accent requested the surrender/cancellation of its Massachusetts mortgage lender license through NMLS;

WHEREAS on or about August 31, 2017 Susie Bae requested the surrender/cancellation of her Massachusetts mortgage loan originator license through NMLS.

ORDER

NOW COME the parties in the above-captioned matter, the Division, Susie Bae, and SB Accent stipulate and agree as follows:

  1. Immediately upon the execution of this Consent Order, SB Accent and any and all officers, directors, employees, or managers or their successors or assigns operating on behalf of SB Accent will cease engaging in the activity of a mortgage lender in Massachusetts, as defined under General Laws chapter 255E, section 1.
  2. Susie Bae will refrain from taking residential mortgage loan applications, or offering or negotiating terms of a residential mortgage loans, or otherwise engaging in the mortgage loan originator business, as that term is defined under General Laws chapter 255F, section 1.
  3. Immediately upon the execution of this Consent Order, the Division will update SB Accent’s licensing status in Massachusetts to “Terminated- Ordered to Surrender.”
  4. Immediately upon the execution of this Consent Agreement, the Division will update Susie Bae’s license status in the NMLS to “Terminated – Ordered to Surrender."
  5. Susie Bae and SB Accent will refrain from submitting an application to obtain a license from the Commissioner for a period of one hundred and twenty (120) months from the effective date of this Consent Order.
  6. To the extent that SB Accent or Susie Bae or their successors or assigns, wish to resume business as a mortgage lender, mortgage broker and/or a mortgage loan originator under General Laws chapters 255E and 255F at the expiration of the 120-month term as set forth above, SB Accent and/or Susie Bae or such individual, as applicable, shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner.  The provisions of this Section shall necessarily prohibit Susie Bae from taking an ownership position in and from participating, in any manner, in the responsibilities or duties of a control person of an entity licensed under General Laws chapter 255E until the expiration of the 120-month term.  For the purposes of this Consent Order, “control” shall be defined as the power, directly or indirectly, to oversee the management or policies of a company, whether through ownership of securities, by contract, or otherwise.  The Commissioner shall have all of the discretion set forth within General Laws chapters 255E and 255F and the Division’s regulations 209 CMR 42.00 and 209 CMR 41.00 in determining whether to issue a license to SB Accent or Susie Bae to conduct the licensed activity, provided however, that any such application(s) shall not be denied solely on the basis of this Consent Order. 
  7. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, other than the Division or the Commissioner or his designee, from taking any other action affecting Susie Bae, SB Accent and/or any of its officers, directors, or managers.
  8. This Consent Order shall become effective immediately upon the date of its issuance. 
  9. The provisions of this Consent Order shall be binding upon SB Accent and Susie Bae.
  10. In accordance with the terms of the Stipulation entered by SB Accent, Susie Bae and the Commissioner, SB Accent and Susie Bae have waived all rights of appeal that they may have relative to this Consent Order.
  11. Nothing in this Consent Order shall be deemed to be an admission of Susie Bae, SB Accent or its officers, directors or managers or their successors or assigns of any allegations or implications of fact or the existence of any violations of applicable state or federal rules, statutes, or regulations, including without limitation, any such allegations set forth in this Consent Order.
  12. 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.
  13. This Consent Order and the Stipulation 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, which replaces and supersedes all prior agreements between SB Accent, Susie Bae, and the Commissioner.

 

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 13th day of September, 2017

By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts