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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-354
In the Matter of
BROWNSTONE MORTGAGE, LLC d/b/a
BROWNSTONE MORTGAGE AND REAL ESTATE CENTERS
WHEREAS, BROWNSTONE MORTGAGE, LLC dba BROWNSTONE MORTGAGE AND REAL ESTATE CENTERS, Wenham, Massachusetts ("Brownstone 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 August 19th, 2010, 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, Brownstone Mortgage agrees to the issuance of this CONSENT ORDER ("Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Brownstone Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of November 24, 2008, 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 Brownstone Mortgage as of November 24, 2008 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 Brownstone Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 19th day of August, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts