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The Commissioner of Banks ("Commissioner") is charged with the administration of Massachusetts General Laws chapter 255E, and applicable regulations found at 209 CMR 42.00 et seq., relating to the licensing of mortgage lenders and mortgage brokers; and Massachusetts General Laws chapter 255F and applicable regulations found at 209 CMR 41.00 et seq., relating to the licensing of mortgage loan originators.
Pursuant to the authority granted by Massachusetts General Laws chapter 255E, the Commissioner has investigated the activities of ELDERVANTAGE, LLC AND REVERSEMORTGAGEPAGE.COM (collectively referred to as "Eldervantage") located at 2087 Randolph Avenue, Saint Paul, Minnesota, to determine if Eldervantage, has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E and Massachusetts General Laws chapter 255F. Based upon such investigation, the Massachusetts Division of Banks ("Division") hereby issues the following CEASE DIRECTIVE ("Cease Directive") as a result of the findings alleged herein.
A. FINDINGS OF FACT
No person shall act as a mortgage broker or mortgage lender with respect to residential property unless first obtaining a license from the commissioner.
Any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others.
Section 2. (a) 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 or is exempt from the licensure requirement under subsection (b). No person shall knowingly employ or retain a mortgage loan originator unless the mortgage loan originator is licensed under this chapter or is exempt from the licensure requirement under subsection (b). Each licensed mortgage loan originator shall register with the Nationwide Mortgage Licensing System and Registry and shall maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.
A bank may make or acquire a reverse mortgage loan, pursuant to a program for reverse mortgage loans which has been submitted to and approved by the commissioner…
B. CEASE DIRECTIVE
A detailed record, prepared as of the date of submission, of all contact and borrower property information obtained from Massachusetts consumers including but not limited to all pending applications for reverse mortgage loans for Massachusetts consumers. The records to be produced shall include the consumers' names, addresses and the dollar amount of each reverse mortgage loan.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 23rd day of August, 2011
David J. Cotney
Commissioner of Banks