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WHEREAS, ALLIED HOME MORTGAGE CAPITAL CORPORATION, located at 6110 Pinemont Drive, Houston, Texas, ("Allied Home Mortgage" or the "Corporation"), a licensed mortgage lender and mortgage broker under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 January 11, 2012 whereby, solely for the purpose of settling this matter, Allied Home 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, Allied Home Mortgage is, and at all relevant times has been, a foreign corporation doing business in the Commonwealth. Allied Home Mortgage’s main office is located at 6110 Pinemont Drive, Houston, Texas;
WHEREAS, on November 8, 2011, 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. 2011-089 ("Temporary Order") against Allied Home Mortgage as a result of Allied Home Mortgage’s alleged failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its mortgage lender and mortgage broker business would be operated honestly, fairly, and soundly in the public interest;
WHEREAS, on November 15, 2011, Allied Home Mortgage filed a "Request for Hearing" with regard to the Commissioner’s Temporary Order in accordance with Massachusetts General Laws chapter 255E, section 7(b);
WHEREAS, without this Consent Order constituting an admission by Allied Home Mortgage of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Allied Home 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 Allied Home Mortgage having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 11th day of January, 2011.
NOW COME the parties in the above-captioned matter, the Division and Allied Home Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 11th day of January, 2012
David J. Cotney
Commissioner of Banks