COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2010-376-CO
In the Matter of
MICHAEL E. ANDERSON
Mortgage Loan Originator License No.:MLO5233
WHEREAS, MICHAEL E. ANDERSON ("Michael Anderson"), 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 chapter 255F, section 11, 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 April 4, 2011, whereby, solely for the purpose of settling this matter, Michael Anderson 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, Michael Anderson's Massachusetts mortgage loan originator license was in an inactive status from September 9, 2008 through April 27, 2008 because he was not properly sponsored by an employing entity through the National Mortgage Licensing System ("NMLS");
WHEREAS, Michael Anderson received actual or constructive notice that his Massachusetts mortgage loan originator license status had changed to "inactive" on September 10, 2008, when his license status was updated on the NMLS;
WHEREAS, on August 11, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Drew Mortgage Associates, Inc.("Drew Mortgage"), Shrewsbury, MA, license no. MC0020;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Michael Anderson originated one (1) Massachusetts residential mortgage loan application on behalf of Drew Mortgage Associates, Inc., during the period when his license was in an inactive status, prior to his obtaining proper sponsorship from Drew Mortgage; 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 Michael Anderson, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, Michael Anderson shall submit a payment of one thousand dollars ($1,000.00) in satisfaction of an administrative penalty collected in consideration of Michael Anderson originating one residential mortgage loan when he did not have an active license and was not permitted to originate mortgage loans in Massachusetts. Michael Anderson shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts", to the Office of the Commissioner of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118.
- 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 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 15th day of April, 2011
By: David J. Cotney