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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 REVERSE MORTGAGE DIRECTORY, LLC ("Reverse Mortgage Directory") located at 10100 Santa Monica Blvd. Suite 410, Los Angeles, California, to determine if Reverse Mortgage Directory has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E,. 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
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.
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
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