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WHEREAS, CAPITAL INVESTMENT & LOAN, LLC, Hingham, Massachusetts, (Capital Investment 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 December 18, 2014, 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, Capital Investment agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, on May 1, 2012 the Commissioner and Capital Investment entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER, Docket No. 2012-006 (2012 Consent Order) for the purpose of settling the matters raised during a 2011 Examination of Capital Investment’s books and records;
WHEREAS, an examination of Capital Investment was conducted pursuant to General Laws chapter 255E, section 8, as of January 28, 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 broker in the Commonwealth, as well as to assess the Company’s compliance with the 2012 Consent Order;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Capital Investment 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 the Commonwealth;
WHEREAS, the Division attempted to reach the Company’s manager on several occasions to discuss the severity of violations alleged in the Report and left messages requesting that he contact the Division; however, to date, the Company has not responded to the Division’s request;
WHEREAS, the significant violations alleged in the Report and the failure of the Company to contact the Division to discuss them raise serious concerns regarding the Company’s ability to conduct the mortgage business in an honest, fair, sound, and efficient manner;
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 2012 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Capital Investment, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 18th day of December, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts