COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-033-CO
In the Matter of
ELENA ELIZABETH CAMPBELL
Mortgage Loan Originator License No.: MLO48877
WHEREAS, ELENA ELIZABETH CAMPBELL, a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of her right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), 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 4, 2010, whereby, solely for the purpose of settling this matter, and without admission of any violation of law Elena Elizabeth Campbell 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, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators for an 180 day period, beginning on November 29, 2007 and ending on May 27, 2008;
WHEREAS, Elena Elizabeth Campbell applied for a Massachusetts mortgage loan originator license on May 27, 2008 and was, therefore, "grandfathered" and permitted to originate mortgage loans while her license application remained in a pending status;
WHEREAS, Elena Elizabeth Campbell was deemed to have abandoned her pending mortgage loan originator application and she received actual or constructive notice that the status of her Massachusetts mortgage loan originator license had been changed to, "withdrawn- application abandoned" on December 3, 2008, when her license status was updated on the Nationwide Mortgage Licensing System ("NMLS");
WHEREAS, Elena Elizabeth Campbell re-applied for a Massachusetts mortgage loan originator license on or about December 15, 2008 and the Division approved her license on January 8, 2009;
WHEREAS, Elena Elizabeth Campbell's employing entity of record in the NMLS has at all relevant times been Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;
WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files that Mortgage Master, Inc. maintained;
WHEREAS, the Division's review of books and records during the 2009 examination/inspection resulted in an allegation by the Division that Elena Elizabeth Campbell originated three residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to her attested NMLS record, she was not permitted to originate residential mortgage loans in Massachusetts;
WHEREAS, by contemporaneous agreement set forth in the Settlement Agreement, Docket No. 2010-044, entered between Mortgage Master and the Division (the "Settlement Agreement"), Mortgage Master, without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against Elena Elizabeth Campbell in consideration of the alleged mortgage loan originator licensing violations described above; and
WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.
NOW COME the parties in the above-captioned matter, the Division and Elena Elizabeth Campbell, and stipulate and agree as follows:
- Pursuant to the provisions of the Settlement Agreement, Mortgage Master, without any requirement or obligation to do so, agreed to satisfy an administrative penalty in the amount of three thousand dollars ($3,000.00) which was assessed against Elena Elizabeth Campbell in consideration of her act(s) of originating residential mortgage loan(s) when she was not licensed as a mortgage loan originator in Massachusetts.
- Elena Elizabeth Campbell shall comply with all laws and regulations applicable to her conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner..."
- 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 that represent 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 4th day of August, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts