Related to:
Consent Order

Consent Order Amanda C. Vu

Date: 01/22/2016
Organization: Division of Banks
Docket Number: 2015-010-MLO

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
MORTGAGE BROKER
LICENSING
Docket No. 2015-010-MLO

CONSENT ORDER

In the Matter of

AMANDA C. VU
Mortgage Loan Originator License No.: MLO14151

WHEREAS, AMANDA C. VU (“Amanda Vu”), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of her 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 22, 2016, whereby, solely for the purpose of settling this matter and expressly without admission of fault or liability, Amanda Vu agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq.;

WHEREAS, Amanda Vu is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2;

WHEREAS, Amanda Vu, at all relevant times, was employed as a mortgage loan originator by Community Mortgage Services, Inc. (“Community Mortgage”);

WHEREAS, on or about May 18, 2015, based upon the findings of a 2015 examination of Community Mortgage, the Division issued a Temporary Order to Cease and Desist (“Temporary Order”), Docket No. 2015-010, against Amanda Vu;

WHEREAS, on or about June 1, 2015, Amanda Vu, through counsel, filed a Response to the Temporary Order, whereby Amanda Vu denied and contested the Division’s findings as set forth in the Temporary Order. By the Response, Amanda Vu further reserved the right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;

WHEREAS, on August 11, 2015, Amanda Vu, accompanied by counsel, appeared at the Division’s office for an informal conference to discuss the matters raised by the Temporary Order;

WHEREAS, Amanda Vu through counsel cooperated with the Division in producing information, responding to questions relevant to the Temporary Order, attending a conference with the Division, and conferring with the Division on several dates;

WHEREAS, the parties now seek to resolve by mutual agreement all matters identified in the Temporary Order;

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

WHEREAS, in recognition of the Division and Amanda Vu 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 against Amanda Vu on this 22nd day of January, 2016.

 

ORDER

NOW COME the parties in the above-captioned matter, the Division, and Amanda Vu, and stipulate and agree, solely for the purpose of settlement and compromise and without admission of fault or liability, as follows:

  1. Amanda Vu will refrain from taking residential mortgage loan applications, or offering or negotiating terms of a residential mortgage loans, or otherwise engaging in the mortgage loan originator business, as that term is defined under General Laws chapter 255F, section 1.
  2. Immediately upon the execution of this Consent Agreement, the Division will update Amanda Vu’s license status in Massachusetts in the Nationwide Mortgage Licensing System and Registry (“NMLS”) to “Terminated – Ordered to Surrender."
  3. Amanda Vu will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of sixty (60) months from the effective date of the Temporary Order of May 18, 2015 (the “Term”).
  4. To the extent that Amanda Vu wishes to resume or engage in business as a licensed mortgage loan originator at the expiration the Term, Amanda Vu shall be required to submit a completed application to obtain the relevant license from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 255F, section 4 and the Division’s regulation 209 CMR 41.00 et seq. in determining whether to issue a license to Amanda Vu to conduct the licensed businessprovidedhowever, that any such application shall not be denied because of the Temporary Order or because Amanda Vu entered in the Consent Agreement or agreed to the issuance of this Consent Order.
  5. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department from taking any other action affecting Amanda Vu.
  6. This Consent Order shall become effective immediately upon the date of its issuance.
  7. The provisions of this Consent Order shall be binding upon Amanda Vu.
  8. In accordance with the terms of the Consent Agreement entered by Amanda Vu and the Commissioner, Amanda Vu has waived all rights of appeal that she may have relative to the Temporary Order.
  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, promises, representations, or warranties other than those set forth in this Consent Order and Consent Agreement, which replace and supersede all prior agreements between Amanda Vu and the Commissioner.
  11. This Consent Order shall become effective immediately upon the date of its issuance.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:

 

Dated at Boston, Massachusetts, this 22nd day of January, 2016.

By:

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts 

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