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WHEREAS, DIRECT FINANCE CORP., Norwell, Massachusetts, (Direct Finance or the Corporation), 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 June 2, 2015, 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, Direct Finance agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, on November 30, 2012 the Commissioner and Direct Finance entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER, Docket No. 2012-029 (2012 Consent Order) for the purpose of settling the matters raised during a 2012 Examination of Direct Finance’s books and records;
WHEREAS, an examination of Direct Finance was conducted pursuant to General Laws chapter 255E, section 8, as of August 18, 2014 to assess the Corporation’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 Corporation’s compliance with the 2012 Consent Order;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Direct Finance 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 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WHEREAS, by mutual agreement of the Corporation and the Division, the 2012 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Direct Finance, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 2nd day of June, 2015
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts