COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-123-CO
In the Matter of
STEPHEN A. SUECH
Mortgage Loan Originator License No.: MLO4255
WHEREAS, Stephen A. Suech, a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq.,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 November 30, 2009, whereby, solely for the purpose of settling this matter, Stephen A. Suech 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, the Commissioner initially issued a mortgage loan originator license, license number MLO4255 to Stephen Suech to engage in the business of a mortgage loan originator on or about October 31, 2008;
WHEREAS, the Division through the Commissioner, also 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;
WHEREAS, Stephen A. Suech formerly held a mortgage broker license, license no. MB3644, under Massachusetts General Laws chapter 255E, section 2, as a sole proprietor operating as Stephen A. Suech, d/b/a Realmarket Mortgage Solutions ("RealMarket Mortgage Solutions");
WHEREAS, on March 4, 2008, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2008 examination/inspection") of the books, accounts, papers, records, and files maintained by RealMarket Mortgage Solutions;
WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), issued as of March 4, 2008, presented the findings of the 2008 examination/inspection and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage broker in Massachusetts;
WHEREAS, Stephen A. Suech opted not to renew the Massachusetts mortgage broker license for RealMarket Mortgage Solutions for the calendar year 2009 and that such license expired as of December 31, 2008; 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 Stephen A. Suech, and stipulate and agree as follows:
- Stephen A. Suech shall reimburse the consumers identified in the Report for the amounts collected as loan fees, points, or similar fees at settlement that had not been fully disclosed to the consumers, in writing, prior to loan closing. The amount of such reimbursements shall equal the difference between the actual charges assessed to the consumer and the amount disclosed in writing for such fee(s) prior to loan closing, as set forth in the Report.
- Stephen A. Suech shall conduct a review of all Massachusetts residential mortgage loans processed by RealMarket Mortgage Solutions since July 16, 2007, and shall reimburse all consumers from whom any broker fee, loan fee, point, or similar fee collected as compensation for administrative costs of origination was charged by RealMarket Mortgage Solutions where the amount charged for such fee or point was not previously disclosed to the consumer in full and in writing, as a broker fee, loan fee, point(s), or similar fee, prior to the closing of the loan. The amount of such reimbursements shall equal the difference between the actual charges assessed to the consumer and the amount disclosed in writing for such fee prior to loan closing.
- Within thirty (30) days of the effective date of this Consent Order, Stephen A. Suech shall submit to the Division sufficient evidence to illustrate the consumers' receipt of the reimbursements set forth in Paragraphs 1 and 2 of this Consent Order, including, but not limited to, the consumers' names, the check numbers, the amount of the reimbursements, and sufficient evidence to illustrate the consumers' receipt of the reimbursements by certified mail.
- Within thirty (30) days from the effective date of this Consent Order, Stephen A Suech shall submit a payment of five thousand dollars ($5,000.00) in satisfaction of an administrative penalty collected in consideration of RealMarket Mortgage Solutions conducting residential mortgage loan business with unlicensed persons who, in varying instances, were either not exclusively employed in the mortgage business by RealMarket Mortgage Solutions or not engaged in the mortgage business as their primary occupation, or who otherwise failed to qualify for exemption from licensure. Stephen A. Suech shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of the Consent Order, to the Office of the Commissioner of Banks, One South Station, 3rd Floor, Boston, Massachusetts 02110. The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
- Stephen A. Suech shall comply with all laws and regulations applicable to his conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulations 209 CMR 41.00. Such obligations such necessarily include a duty to ensure compliance with the Division's licensing requirements including the Division's regulation 209 CMR 41.05(2) which requires that all mortgage loan originator activity be conducted exclusively on behalf of one entity licensed under Massachusetts General Laws chapter 255E and through which Stephen A. Suech is sponsored in accordance with the standards set forth by the Nationwide Mortgage Licensing System.
- Stephen A. Suech agrees that in the event that he accepts employment as a mortgage loan originator with another entity licensed by the Division, Stephen A. Suech shall be prohibited for a period of twelve (12) months from the effective date of this Consent Order from taking an ownership position in such licensee and from participating, in any manner, in the responsibilities or duties of a control person of such licensee. For the purposes of this Consent Order, "control" shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise.
- Within thirty (30) days of receipt of the relevant invoice from the Division, Stephen A. Suech shall submit payment in full for the amount owed for the costs of the Division's 2008 examination/inspection of RealMarket Mortgage Solutions. The payment shall be made payable to the "Commonwealth of Massachusetts" and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
- 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 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 30th day of November, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts