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WHEREAS, CLEARPOINT FUNDING, INC., ("ClearPoint Funding" or the "Corporation"), a licensed mortgage lender and 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 February 25, 2013, 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 lender and mortgage broker, ClearPoint Funding agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, on September 1, 2010, as result of findings from an examination/inspection conducted by the Division as of May 14, 2009, ClearPoint Funding and the Commissioner entered into a Consent Order ("2010 Consent Order");
WHEREAS, on January 30 2012, the Division conducted a Mortgage Lender Community Investment examination and a Compliance examination/inspection of ClearPoint Funding pursuant to General Laws chapter 255E, section 8, to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in the Commonwealth, as well as to assess the Corporation’s compliance with the 2010 Consent Order;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division’s examination/inspection of ClearPoint Funding as of January 30, 2012 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 lender and mortgage broker in Massachusetts;
WHEREAS, the Division has considered the findings presented in the Report and has determined that the Corporation is not in full compliance with the provisions of the 2010 Consent Order;
WHEREAS, on or about September 18, 2012, ClearPoint Funding submitted a preliminary response to the Report in which the Corporation indicated that it had commenced corrective action on several of the violation areas noted in the Report and this Consent Order during the examination/inspection or immediately upon receipt of the Report.
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, by mutual agreement of the Corporation and the Division, the 2010 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and ClearPoint Funding, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 25th day of February, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts