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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.
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:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 22nd day of January, 2016.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts