WHEREAS, EILEEN ELLIOTT, a formerly licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of her right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), 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 23, 2010, whereby, solely for the purpose of settling this matter, Eileen Elliott 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, the Commissioner initially approved a mortgage loan originator license, license number MLO114450 for Eileen Elliott to engage in the business of a mortgage loan originator on October 31, 2008;
WHEREAS, Eileen Elliott's mortgage loan originator license is currently in a "terminated-failed to renew" status;
WHEREAS, Eileen Elliott's employing entity of record in the NMLS was at all relevant times Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;
WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files that Mortgage Master, Inc. maintained;
WHEREAS, the Division's review of books and records during the 2009 examination/inspection revealed that Eileen Elliott originated seventeen residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to her attested NMLS record, she was not licensed as a mortgage loan originator in Massachusetts; 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 Eileen Elliott, and stipulate and agree as follows:
1. Eileen Elliott shall immediately cease engaging in the activities of a mortgage loan originator as defined in Massachusetts General Laws chapter 255F, section 1, unless and until she holds an active mortgage loan originator license in Massachusetts and proper sponsorship by an employing entity through the NMLS.
2. On or before the thirtieth day after the effective date of this Consent Order, Eileen Elliott shall pay seventeen thousand dollars ($17,000.00) in satisfaction of an administrative penalty collected in consideration of Eileen Elliott originating residential mortgage loans when she was not licensed as a mortgage loan originator in Massachusetts. Eileen Elliott shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of the Consent Agreement, to the Office of the Commissioner of Banks, One South Station, 3rd Floor, Boston, Massachusetts 02110.
3. Eileen Elliott shall comply with all laws and regulations applicable to her conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner…"
4. This Consent Order shall become effective immediately upon the date of its issuance.
5. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
6. 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.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this day of March 23, 2012.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts
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