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WHEREAS, EAST COAST MORTGAGE CORP. d/b/a EAST COAST MORTGAGE OF MASSACHUSETTS (East Coast Mortgage or the Corporation), a licensed mortgage lender under Massachusetts General Laws chapter 255E, and AVELINO FIGUEIRA, President of East Coast Mortgage and a licensed mortgage loan originator under Massachusetts General Laws, chapter 255F have entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated May 7, 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 loan originator, East Coast Mortgage and Avelino Figueira agree to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of East Coast Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of February 1, 2012, 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 lender in the Commonwealth; and
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of East Coast Mortgage as of February 1, 2012 alleged non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts; and
WHEREAS, East Coast Mortgage has opted to surrender its Massachusetts mortgage lender license, No. ML2785; and
WHEREAS, Avelino Figueira has opted to surrender his Massachusetts mortgage loan originator license, No. MLO20842.
NOW COME the parties in the above-captioned matter, the Division, East Coast Mortgage, and Avelino Figueira, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 7th day of May, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts