Date: | 06/21/2018 |
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Organization: | Division of Banks |
Docket Number: | 2018-002 |
Location: | Worcester, MA |
WHEREAS, BOSTON COMMON MORTGAGE, INC. (Boston Common Mortgage or the Corporation), 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 24th day of May, 2018, 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, Boston Common Mortgage agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, a compliance examination of Boston Common Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of September 12, 2017 to assess the Corporation’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 broker in the Commonwealth;
WHEREAS, the Report of Examination (Report) issued pursuant to the Division’s Examination, alleged substantial non-compliance with applicable statutes, rules, and regulations governing the conduct and licensing of those engaged in the business of a mortgage broker in the Commonwealth; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report;