By the Division of Banks


Suffolk, SS.

Docket No. 2009-130-CO


In the Matter of
First Covenant Mortgage Co., Inc.
Quincy, MA

Mortgage Broker License No. MB4815

WHEREAS, First Covenant Mortgage Co., Inc., located at 234 Copeland Street, #230, Quincy, MA 02169 ("First Covenant" or the "Licensee"), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, has been advised of its 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 February 17, 2010, whereby, solely for the purpose of settling this matter, First Covenant 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 and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;

WHEREAS, First Covenant is, and at all relevant times, has been a Massachusetts licensed mortgage broker doing business in the Commonwealth of Massachusetts;

WHEREAS, On November 9, 2009, the Division issued a TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2009-130 (the "Temporary Order"), against First Covenant based upon the Licensee's: failure to obtain and maintain a mortgage broker surety bond, in violation of 209 CMR 42.06(2)(a). The Temporary Order is incorporated herein by reference;

WHEREAS, the Temporary Order became permanent on November 30, 2009 (the "Permanent Order") after First Covenant failed to request a hearing;

WHEREAS, an Order to Show Cause was issued on December 3, 2009 by the Division seeking revocation of First Covenant's mortgage broker license;

WHEREAS, First Covenant filed a response to the Order to Show Cause with the Division whereby the Licensee attested that it has discontinued the business of mortgage brokering in Massachusetts and desires to surrender its Massachusetts mortgage broker license No. MB4815;

WHEREAS, the parties now seek to resolve this matter by mutual agreement; and

WHEREAS, in recognition of the Division and First Covenant having reached the following mutual agreement under this Consent Order to resolve this matter, the Division has withdrawn the Order to Show Cause on this 17th day of February, 2010.


NOW COME the parties in the above-captioned matter, the Division and First Covenant, and stipulate and agree as follows:

  1. First Covenant attests that any and all officers, directors, managers, employees, independent contractors, and/or agents, operating on behalf of First Covenant, have ceased engaging in the activity of a mortgage broker in Massachusetts, as those terms are defined under General Laws chapter 255E, section 1 and General Laws chapter 255F, section 1, respectively.
  2. Immediately upon the execution of this Consent Agreement, First Covenant will surrender its Massachusetts mortgage broker license MB4815 by: (a) returning the original license certificate(s) to the Division at One South Station, 3 rd Floor, Boston, Massachusetts 02110, and (b) submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System ("NMLS"). Upon receipt of the license certificate(s), the Division will update First Covenant's status in Massachusetts through the NMLS to "Surrendered."
  3. To the extent that First Covenant wishes to resume business as a mortgage broker at any time hereafter, First Covenant shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 255E, section 4 and the Division's regulation 209 CMR 42.00 et seq. in determining whether to issue a license to First Covenant to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Permanent Order.
  4. 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 First Covenant and/or any of its officers, directors, or managers.
  5. This Consent Order shall become effective immediately upon the date of its issuance.
  6. The provisions of this Consent Order shall be binding upon First Covenant and its directors, officers, managers, and assigns.
  7. In accordance with the terms of the Consent Agreement entered by First Covenant and the Commissioner, First Covenant has waived all rights of appeal that it may have relative to the Permanent Order and the Order to Show Cause.
  8. 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.
  9. 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, which replaces and supersedes all prior agreements between First Covenant and the Commissioner.


Dated at Boston, Massachusetts, this 17th day of February, 2010

By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts