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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2009-012-CO
In the Matter of
DYNAMIC CAPITAL MORTGAGE, INC.
Mortgage Company License No. MC2201
WHEREAS, DYNAMIC CAPITAL MORTGAGE, INC., located at 1371 Beacon Street, Suite 301, Brookline Massachusetts, ("Dynamic Capital" 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 Massachusetts General Laws 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 August 7 th, 2009, whereby, solely for the purpose of settling this matter, Dynamic Capital agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, the Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, Dynamic Capital is, and at all relevant times has been, a Massachusetts corporation doing business in the Commonwealth. Dynamic Capital's main office is located at 1371 Beacon Street, Suite 301, Brookline, Massachusetts;
WHEREAS, on January 12, 2009 pursuant to Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection of the books, accounts, papers, records, and files maintained by Dynamic Capital to evaluate the Corporation's compliance with the laws, regulations, and regulatory bulletins applicable to the conduct of a mortgage lender and mortgage broker business in Massachusetts (the "2009 examination/inspection");
WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), which was issued to Dynamic Capital on July 16, 2009, presented the findings of the 2009 examination/inspection and alleged failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage broker and mortgage lender in Massachusetts;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report;
WHEREAS, without this Consent Order constituting an admission by Dynamic Capital to any allegations made or implied by the provisions of the Report; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Dynamic Capital hereby waives its right to appeal the findings of the Report and affirms that it is willing to take all necessary action as set forth in this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Dynamic Capital, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 7th day of August, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts