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In the Matter of
BEST INTEREST RATE MORTGAGE COMPANY, LLC
Westmont, New Jersey
Mortgage Broker License No. MB3406
WHEREAS, BEST INTEREST RATE MORTGAGE COMPANY, LLC, Westmont, New Jersey ("Best Interest Rate Mortgage" or the "Company"), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, 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 May 22, 2006, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage broker, Best Interest Rate Mortgage agrees to the issuance of this CONSENT ORDER ("ORDER") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Best Interest Rate Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of September 27, 2005, to assess the Company's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Best Interest Rate Mortgage as of September 27, 2005 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage broker in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Best Interest Rate Mortgage, and stipulate and agree as follows:
By ORDER AND direction of the Commissioner of Banks.
Dated at Boston, Massachusetts, this 22nd day of May 2006.
Steven L. Antonakes
Commissioner of Banks