Date: | 10/29/2020 |
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Organization: | Division of Banks |
Docket Number: | 2020-011 |
Location: | Boston, Massachusetts |
WHEREAS, David Kravets, a licensed mortgage loan originator under Massachusetts General Laws (M.G.L.) chapter 255F, section 2, has been advised of his right to Notice and Hearing pursuant to M.G.L. chapter 30A, section 10, 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 October 29, 2020, whereby, solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules, David Kravets agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, the Division has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to M.G.L. chapter 255F, section 2 and its implementing regulations 209 Code of Massachusetts Regulations (C.M.R.) 41.00 et seq.;
WHEREAS, David Kravets is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, and the Nationwide Multi State Licensing System & Registry (NMLS), the Commissioner initially issued a mortgage loan originator license, license number MLO32721, to David Kravets to engage in the business of a mortgage loan originator on or about August 28, 2008;
WHEREAS, according to the Division’s records and the NMLS, David Kravets did not request renewal of his Massachusetts mortgage loan originator license for calendar year 2012 and such license was deemed terminated as of January 1, 2012;
WHEREAS, according to the Division’s records and the NMLS, on June 10, 2014, David Kravets re-applied for a Massachusetts mortgage loan originator license and such license was approved on June 25, 2014;
WHEREAS, based upon a review and investigation of information provided to the Division on or about September 2, 2020, David Kravets failed to disclose a material fact(s) in connection with the NMLS in violation of 209 CMR 41.10(13) and 209 CMR 41.10(21);
WHEREAS, 209 CMR 41.04(a) provides that a person shall have failed to demonstrate that he or she is financially responsible when he or she has shown a disregard in the management of his or her own financial condition; and provided further, that a determination that an individual has not shown financial responsibility may include, but shall not be limited to: current outstanding judgments, except judgments solely as a result of medical expenses; current outstanding tax liens or other government liens and filings; foreclosure within the past 3 years; or a pattern of seriously delinquent accounts within the past 3 years.
WHERAS, David Kravets cooperated with the Division in producing information, responding to questions relevant to the investigation, and conferring with the Division on several dates; and
WHEREAS, the parties now seek to resolve by mutual agreement the matters identified above.