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WHEREAS, BRIAN DRISCOLL ("Brian Driscoll"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 November 1, 2012, whereby, solely for the purpose of settling this matter, Brian Driscoll 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 and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Brian Driscoll's employing entity of record in the National Mortgage Licensing System ("NMLS") from February 18, 2009 through August 11, 2010 was American Foundations MortgageBanc, Inc.;
WHEREAS, pursuant to General Laws chapter 255F, section 4(b), a mortgage loan originator may be employed by no more than one entity;
WHEREAS, on November 16, 2011, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Mortgage Financial, Inc., Tewksbury, Massachusetts, license no. MC2644;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Brian Driscoll originated four (4) Massachusetts residential mortgage loan applications on behalf of Mortgage Financial, Inc. at a time during which, according to his NMLS record, he was sponsored by American Foundations MortgageBanc, Inc.;
WHEREAS, Brian Driscoll's Massachusetts mortgage loan originator license was in an inactive status from August 12, 2010 through September 15, 2010 because he was not properly sponsored by an employing entity through the NMLS;
WHEREAS, an email notification was delivered to Brian Driscoll that his Massachusetts mortgage loan originator license status had changed to "inactive" on August 12, 2010, when his license status was updated on the NMLS;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Brian Driscoll originated seventeen (17) Massachusetts residential mortgage loan applications on behalf of Mortgage Financial Group, Inc. when his license was in an inactive status; and
WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.
NOW COME the parties in the above-captioned matter, the Division and Brian Driscoll, and stipulate and agree as follows:
1. On or before the thirtieth day after the effective date of this Consent Order, Brian Driscoll shall submit a payment of twenty-one thousand ($21,000.00) in satisfaction of an administrative penalty collected in consideration of Brian Driscoll originating four (4) residential mortgage loan applications on behalf of an entity that was not Brian Driscoll's sponsoring employer of record and originating (17) residential mortgage loan applications when his license was in an inactive status. Brian Driscoll shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts", to the Office of the Commissioner of Banks, Attn: Mortgage Supervision Licensing Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118.
2. This Consent Order shall become effective immediately upon the date of its issuance.
3. 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.
4. This Consent Order and the Consent Agreement are the complete documents that represent the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this day of November 1, 2012.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts