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WHEREAS, American Interbanc Mortgage, LLC, Irvine, California (American Interbanc or Company), a licensed mortgage lender under Massachusetts General Laws chapter 255E, 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 July 29, 2015, whereby, solely for the purpose of settling this matter, American Interbanc agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, on August 1, 2011 the Commissioner and American Interbanc entered into a Stipulation and Consent to the Issuance of a Consent Order, Docket No. 2011-026 (2011 Consent Order) for the purpose of settling the matters raised as a result of a 2011 Mortgage Lender Community Investment examination;
WHEREAS, an examination of American Interbanc was conducted pursuant to General Laws chapter 255E, section 8, as of April 14, 2014 to assess: the Company’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth; the Company’s lending performance under Mortgage Lender Community Investment standards described in the Division’s regulation 209 CMR 54.00 et seq; and the Company’s compliance with the 2011 Consent Order;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s 2014 examination of American Interbanc alleged non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth;
WHEREAS, the Report noted that the Company was in full compliance with the 2011 Consent Order;
WHEREAS, on March 31, 2015, prior to the issuance of the Report, American Interbanc submitted a surrender/cancellation request for its Massachusetts Mortgage Lender license through the Nationwide Multi-State Licensing System & Registry (NMLS) for reasons unrelated to the examination findings;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, by mutual agreement of the Company and the Division, the 2011 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and American Interbanc and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 29th day of July, 2015
By: David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts