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In the Matter of
MORTGAGE LENDERS NETWORK USA, INC.
Mortgage Lender License No(s). ML0847; ML1392 and ML2216
WHEREAS, the Division of Banks ("Division"), through the Commissioner of Banks ("Commissioner"), has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage lender in the Commonwealth of Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, Mortgage Lenders Network USA, Inc. ("MLN" or the "Corporation") was licensed by the Commissioner as a mortgage lender under Massachusetts General Laws chapter 255E, section 2, holding Mortgage Lender License No(s). ML0847, ML1392 and ML2216;
WHEREAS, on January 19, 2007, the Commissioner, acting pursuant to Massachusetts General Laws chapter 255E, section 7(b), issued a Findings of Fact and Temporary Order to Cease and Desist, Docket No. 2007-001 ("Temporary Order") against MLN as a result of MLN's alleged failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its mortgage lender business would be operated honestly, fairly, and soundly in the public interest in violation of Massachusetts General Laws chapter 255E, section 4 and the Division's regulations 209 CMR 42.03(2)(c);
WHEREAS, on February 6, 2007, MLN filed a "Request for Hearing" with regard to the Commissioner's Temporary Order;
WHEREAS, on February 5, 2007, MLN filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code, 11 U.S.C. §§ 101 through 1330, in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), in a case captioned In re Mortgage Lenders Network USA, Inc., Case No. 07-10146 (the "Bankruptcy Proceeding");
WHEREAS, as part of the Bankruptcy Proceeding, MLN has been engaged in the orderly winding down of its business operations and has ceased the activities of a licensed mortgage lender in the Commonwealth of Massachusetts;
WHEREAS, MLN hereby represents and certifies that the individual signing below on behalf of MLN is authorized to execute this Consent Agreement and legally bind MLN, subject to the approval of the Bankruptcy Court; and
WHEREAS, MLN and the Division desire to resolve the matters alleged in the Temporary Order.
NOW THEREFORE, in consideration of the foregoing and the mutual promises set forth herein, and subject to the approval of the Bankruptcy Court, the parties agree to the following:
Agreed to by:
Chief Restructuring Officer
April 30, 2008
Steven L. Antonakes
Commissioner of Banks