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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 and Massachusetts General Laws chapter 255F, the Commissioner has investigated the activities of KENNETH W. TERRILL ("Kenneth Terrill"), with a mailing address of 955 Harbor Island Drive, #L 42, pmb 81344, San Diego, CA 92138-1344, to determine if Kenneth Terrill, either acting individually and/or on behalf of Amwest Capital Mortgage, Inc. ("Amwest Capital"), 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 Division hereby issues the following CEASE DIRECTIVE ("Cease Directive") as a result of the findings alleged herein.
A. FINDINGS OF FACT
I. Unlicensed Activity
No person shall act as a mortgage broker or mortgage lender with respect to residential property unless first obtaining a license from the commissioner.
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 ... 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.
B. CEASE DIRECTIVE
All information on file as of the date of submission regarding Kenneth Terrill open application list as a mortgage broker and mortgage loan originator including but not limited to, the following: The names of all individuals from whom Kenneth Terrill has accepted an application for a residential mortgage loan; the applicants' addresses and telephone numbers; the amount of all prepaid loan fees submitted by the customer; the amount of each loan; application status (i.e. filed, submitted to lenders, cleared to close, etc.); scheduled closing dates; rate lock status; and a list identifying the applicable broker or lender with whom the applicants' application was placed. The latter list should include telephone numbers of contact persons familiar with Kenneth Terrill submitted loans.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of September, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts