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The Commissioner of Banks (Commissioner) is charged with the administration of Massachusetts General Laws chapter 255E and 255F, and applicable regulations found at 209 CMR 42.00 and 209 CMR 41.00 et seq., relating to the licensing and regulation of mortgage brokers, mortgage lenders and mortgage loan originators. Pursuant to the authority granted by Massachusetts General Laws chapter 255E and 255F, the Commissioner has reviewed information relative to the activities of AMERICAN DREAM HOME MANAGEMENT PROGRAM, INC., (ADHMP), JEAN PHILEMOND and HAMID MAHMOODI to determine if ADHMP, Jean Philemond and Hamid Mahmoodi have engaged in the business of, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E, section 2, Massachusetts General Laws, chapter 255F, section 2 and Massachusetts General Laws chapter 255F, section 15. Based upon such review, the Commissioner hereby issues the following CEASE ORDER as a result of the findings alleged herein.
I. Unlicensed Mortgage Lender and Mortgage Broker 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.
Any person engaged in the business of making mortgage loans, or issuing commitments for mortgage loans.
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.
i. Division’s Visitation
ii. Engaging in Prohibited Acts or Practices
It is a prohibited act or practice for a mortgage broker or mortgage lender to make false promises to influence, persuade or induce a consumer to sign a mortgage loan application or mortgage loan documents.
It is a prohibited act or practice for a mortgage broker or mortgage lender to pressure or coerce a consumer to sign a mortgage loan application or mortgage loan documents by misrepresenting or omitting crucial information about the terms of the mortgage.
It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact in an advertisement if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the mortgage broker or lender does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.
II. Engaging in Unauthorized Mortgage Loan Originator Activity
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
A person who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates terms of a residential mortgage loan.
It shall be a violation of this chapter for any person to: (f) conduct any business covered by this chapter without holding a valid license as required under this chapter, or assist or aid and abet any person in the conduct of business under this chapter without a valid license as required under this chapter.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 10th day of September, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts