offered by
Consent Order

Consent Order Edward G. Herrick, aka Rick Herrick

Date: 03/22/2011
Organization: Division of Banks
Docket Number: 2010-389

Table of Contents


Suffolk, SS.

Docket No. 2010-389


In the Matter of

Mortgage Loan Originator License No.:MLO48452

WHEREAS, EDWARD G. HERRICK ("Edward Herrick"), a licensed Massachusetts mortgage loan originator, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 March 22, 2011, whereby, solely for the purpose of settling this matter, Edward Herrick agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;

WHEREAS, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators who applied for a mortgage loan originator license before July 1, 2008;

WHEREAS, Edward Herrick applied for a Massachusetts mortgage loan originator license on May 27, 2008, and was, therefore, "grandfathered" and permitted to originate mortgage loans while his application remained in a "pending" status;

WHEREAS, Edward Herrick's application for a Massachusetts mortgage loan originator license was approved on October 23, 2008, and he was authorized to originate mortgage loans until January 1, 2009, when his license was terminated for failure to properly renew;

WHEREAS, Edward Herrick's Massachusetts mortgage loan originator license was re-activated as of January 24, 2009;

WHEREAS, on July 19, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Referral Financial, LLC, 1168 Lakeview Avenue, Dracut, Massachusetts, license no. MB3206;

WHEREAS, the Division's review of books and records during the examination/inspection revealed that Edward Herrick originated three (3) Massachusetts residential mortgage loan applications on behalf of Referral Financial, LLC, when his mortgage loan originator license was in a terminated status; and

WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.


NOW COME the parties in the above-captioned matter, the Division and Edward Herrick, and stipulate and agree as follows:

  1. On or before the thirtieth day after the effective date of this Consent Order, Edward Herrick shall submit a payment of three thousand dollars ($3,000.00) in satisfaction of an administrative penalty collected in consideration of Edward Herrick originating three residential mortgage loans without being licensed as a mortgage loan originator in Massachusetts. Edward Herrick shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts", to the Office of the Commissioner of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118.
  2. This Consent Order shall become effective immediately upon the date of its issuance.
  3. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
  4. This Consent Order and the Consent Agreement are the complete documents that represent the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.




Dated at Boston, Massachusetts, this 22nd day of March, 2011


By: David J. Cotney
Commissioner of Banks