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WHEREAS ADVANCED MORTGAGE SERVICES, LLC, ("Advanced Mortgage" or the "Company"), with its main business office located at 335 Washington Street, Norwell, Massachusetts, 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, Advanced 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 lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, Advanced Mortgage is, and at all relevant times, has been a limited liability company conducting business in the Commonwealth of Massachusetts. Advanced Mortgage's main office is located at 335 Washington Street in Norwell, Massachusetts;
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. 2010-336 against Advanced Mortgage on October 29, 2010, based upon information reflected in two print advertisements ("Advertisements") published by Advanced Mortgage in local publications;
WHEREAS, on or about November 4, 2010, Advanced 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. By its response, Advanced Mortgage further reserved its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order;
WHEREAS, without this Consent Order constituting an admission by Advanced 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, Advanced 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; and
WHEREAS, in recognition of the Division and Advanced 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.
NOW COME the parties in the above-captioned matter, the Division and Advanced Mortgage, and stipulate and agree as follows:
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