COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-323
In the Matter of
DAVID GEORGE ROBISON, JR.
Mortgage Loan Originator License No. MLO58052
WHEREAS, DAVID GEORGE ROBISON, JR. ("David Robison" 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 __September 17__, 2010, whereby, solely for the purpose of settling this matter, David Robison 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, David Robison 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, the Commissioner initially issued a mortgage loan originator license, license number MLO58052, to David Robison to engage in the business of a mortgage loan originator on September 24, 2009;
WHEREAS, David Robison was formerly the President and 34% owner of Arista Lending Solutions, Inc., Dover, New Hampshire ("Arista Lending");
WHEREAS, on April 28, 2009 the State of New Hampshire Banking Department issued an Order to Show Cause dated April 28, 2009 against Arista Lending Solutions, Inc. and David G. Robison, individually ("New Hampshire Order to Show Cause");
WHEREAS, the New Hampshire Order to Show Cause commenced an adjudicative proceeding pursuant to which the New Hampshire Banking Department sought the revocation of Arista Lending's New Hampshire mortgage broker license and the imposition of monetary penalties;
WHEREAS, David Robison initially applied for a Massachusetts mortgage loan originator license on August 3, 2009 and his application was deemed complete on September 21, 2009;
WHEREAS, in executing the application for licensure on the Nationwide Mortgage Licensing System (NMLS), David Robison attested that all information and statements contained therein, were current, true, accurate and complete, and were made under the penalties of perjury;
WHEREAS, in executing the application for licensure on the NMLS, David Robison attested that he would keep the information contained in the application form current and that he would file accurate supplementary information on a timely basis;
WHEREAS, in executing the application for licensure on the NMLS, David Robison agreed that if he made a false statement of a material fact in his application, said application may be denied by the Division;
WHEREAS, David Robison answered "no" to Disclosure Question (I)(4) on the NMLS application which asks: "Has any State or federal regulatory agency or foreign financial regulatory authority ever entered an order against you in connection with financial services-related activity?"
WHEREAS, David Robison's failure to disclose the New Hampshire Order to Show Cause prevented the Division from conducting a complete and informed investigation into his qualifications for licensure;
WHEREAS, on December 1, 2009, the New Hampshire Order to Show Cause was settled pursuant to a Consent Order (New Hampshire Consent Order) whereby, without David Robison admitting nor denying the factual basis for the consent order, the parties agreed, in part, to the revocation of Arista Lending's New Hampshire mortgage broker license and that David Robison would be prohibited from applying for a New Hampshire mortgage loan originator license for a period of 24 months from the effective date of the New Hampshire Consent Order;
WHEREAS, David Robison had the capability to update his application information on the NMLS at any time;
WHEREAS, David Robison answered "no" to Disclosure Questions (I)(5) and (I)(6) which ask: "Has any State or federal regulatory agency or foreign financial regulatory authority ever: (5) revoked your registration or license? (6) denied or suspended your registration or license, disciplined you, or otherwise by order, prevented you from associating with a financial services-related business or restricted your activities?"
WHEREAS, David Robison updated his responses to the above-referenced Disclosure Questions on July 22, 2010; only after being informed by Division staff that the Division had become aware of the New Hampshire regulatory actions referenced above;
WHEREAS, the Division has serious concerns relating to David Robison's failure to disclose the New Hampshire Order to Show Cause upon initial application and his failure to update his NMLS record after the New Hampshire Consent Order was issued;
WHEREAS, the Division and David Robison have engaged in numerous discussions regarding this matter;
WHEREAS, the parties now seek to resolve by mutual agreement, the issues identified above.
NOW COME the parties in the above-captioned matter, the Division and David Robison, and stipulate and agree as follows:
- As of October 1, 2010, David Robison will cease 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.
- As of October 1, 2010, David Robison shall immediately transfer all pending Massachusetts residential mortgage loan applications originated by him to his Sponsoring Entity, E Mortgage Management, LLC for placement with a mortgage loan originator licensed in Massachusetts.
- On October 1, 2010, David Robison shall submit to the Division a detailed record, prepared as of the date of submission, of any pending residential mortgage loan applications originated by him for property located in Massachusetts. The information provided shall include all information on file regarding his open application list, including but not necessarily limited to, the following: the names of all individuals from whom David Robison has accepted an application for a residential mortgage loan; the applicants' addresses and telephone numbers; the amount of each loan; application status (i.e. filed, submitted to lenders, cleared to close, etc.); scheduled closing dates; and the name of the licensed mortgage loan originator to whom the loan was transferred.
- On October 1, 2010, the Division will update David Robison's license status to "ordered to surrender" in the NMLS.
- David Robison will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of eighteen (18) months, beginning October 1, 2010 and ending April 1, 2012.
- To the extent that David Robison wishes to resume or engage in business as a mortgage loan originator at the expiration of the 18-month term as set forth above, David Robison shall be required to submit a completed application to obtain the relevant license from the Commissioner. 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 David Robison to conduct the licensed business.
- 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 David Robison.
- This Consent Order shall become effective immediately upon the date of its issuance.
- In accordance with the terms of the Consent Agreement entered by David Robison and the Commissioner, David Robison has waived all rights of appeal that he may have relative to this Consent Order or any of its provisions.
- Failure to comply with the terms of this Consent Order shall constitute grounds for the denial of any future license application submitted to the Division.
- 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 17th day of September, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts