Consent Order  A-Plus Mortgage, LLC dba APM Mortgage

Date:	12/13/2010
Organization:	Division of Banks
Docket Number:	2010-325-CO
Location:	West Warwick, RI

A-Plus Mortgage, LLC dba APM Mortgage, West Warwick, RI - Consent Order

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE BROKER
LICENSING
Docket No. 2010-325-CO

CONSENT ORDER

In the Matter of
A-PLUS MORTGAGE, LLC D/B/A
APM MORTGAGE
West Warwick, Rhode Island

Mortgage Broker License No. MB4599

WHEREAS A-PLUS MORTGAGE, LLC D/B/A APM MORTGAGE, ("APM Mortgage" or the "Company"), with its main business office located at 35 Quaker Lane, Suite 2, West Warwick, Rhode Island, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("CONSENT AGREEMENT") with representatives of the Division of Banks ("Division") dated December 13, 2010, whereby, solely for the purpose of settling this matter, APM Mortgage agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, the Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;

WHEREAS, APM Mortgage is, and at all relevant times has been, a limited liability company conducting business in the Commonwealth of Massachusetts. APM Mortgage's main office is located at 35 Quaker Lane, Suite 2, West Warwick, Rhode Island;

WHEREAS, pursuant to General Laws chapter 255E, section (7)(b) and General Laws chapter 255E, section 11, the Commissioner issued a Temporary Order to Cease and Desist and Notice of Administrative Penalty ("Order"), Docket No. 2010-325 against APM Mortgage on September 10, 2010, based upon information reflected in four solicitations ("Solicitations") sent by APM Mortgages to Massachusetts consumers;

WHEREAS, on or about September 23, 2010, APM Mortgage filed a response to the Order with the Division, whereby the Company addressed the Division's findings and alleged violations of law contained in the Order;

WHEREAS, without this Consent Order constituting an admission by APM Mortgage of any allegations made or implied by the provisions of the Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, APM Mortgage hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order;

WHEREAS, in recognition of the Division and APM Mortgage having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order, the Commissioner has terminated the Order on this 13th day of December, 2010; and

WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order.

ORDER

NOW COME the parties in the above-captioned matter, the Division and APM Mortgage, and stipulate and agree as follows:

1. APM Mortgage shall revise its practices and procedures to ensure that all solicitations and advertising materials used by the Company do not contain any representations or statements that could be considered false, misleading, or have the tendency or capacity to be misleading.
   1. APM Mortgage shall take all necessary steps to ensure that the Solicitations or any similar solicitations or advertisements are not published or distributed to consumers in Massachusetts;
   2. APM Mortgage shall establish, implement, and maintain a system of internal controls to monitor the Company's compliance with the laws and regulations applicable to soliciting and advertising practices including, but not limited to Massachusetts General Laws chapter 140D, the Division's regulations 209 CMR 32.00 et seq. and 209 CMR 42.12A, and the Office of the Attorney General's regulation 940 CMR 8.04;
   3. APM Mortgage shall establish, implement, and maintain policies and procedures to ensure that all solicitations and advertisements are thoroughly reviewed by senior management prior to publication or distribution to consumers. Such procedures shall include a review of the criteria utilized to generate any advertisement or mailing list to ensure that targeted advertisements or solicitations are appropriate for the consumers to whom they are distributed;
   4. APM Mortgage shall review and revise, as necessary, the Company's policies and procedures to ensure that individuals performing on behalf of the Company neither act nor represent themselves as a government entity; and
   5. A copy of each solicitation and/or advertisement used by APM Mortgage shall be retained in the Company's books and records, and such records shall be made available to the Division during its examinations/inspections of the Company.
2. APM Mortgage agrees to submit a payment of ten thousand dollars ($10,000.00) in satisfaction of an administrative penalty collected in consideration of APM Mortgage's distribution of the solicitation referenced in the preamble of this Consent Order. APM Mortgage shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of this Consent Order, to the Office of the Commissioner of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400. The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
3. Nothing in this Consent Order shall be construed as permitting APM Mortgage to violate any law, rule, regulation, or regulatory bulletin to which APM Mortgage is subject.
4. In consideration of the foregoing Consent Order, the Division agrees not to pursue formal measures, relative to this matter, to suspend or revoke APM Mortgage's mortgage broker license under General Laws chapter 255E, section 6, while this Consent Order is in effect.
5. APM Mortgage agrees that, in the event the Company fails to submit the payment set forth in this Consent Order in the amount specified herein and in accordance with the applicable deadline, the Division shall be authorized to submit a claim for such amount against the mortgage broker Massachusetts surety bond maintained by APM Mortgage pursuant to the Division's regulation 209 CMR 42.06(2)(a).
6. Failure to comply with the terms of this Consent Order shall constitute grounds for license suspension and/or revocation pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts.
7. This Consent Order shall become effective immediately upon the date of its issuance.
8. The provisions of this Consent Order shall be binding upon APM Mortgage and its officers and directors, and their successors or assigns.
9. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
10. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements between the Division and APM Mortgage.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 13th day of December, 2010

David J. Cotney
Acting Commissioner of Banks
Commonwealth of Massachusetts