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COMMONWEALTH OF MASSACHUSETTS
WHEREAS, FREEDOM MORTGAGE CORPORATION, Mt. Laurel, New Jersey (Freedom Mortgage 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 General Laws chapter 255E, section 7(a), and having waived those rights, enters into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated
September 21, 2016, 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 Massachusetts or federal laws and regulations governing the conduct and operation of a mortgage lender and mortgage broker, Freedom Mortgage agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, as of October 20, 2015, the Division commenced a Mortgage Lender Community Investment examination and a Compliance examination (2015 Examination) of Freedom Mortgage pursuant to General Laws chapter 255E, section 8, to assess the Corporations’s level of compliance with applicable Massachusetts and federal statutes and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in the Commonwealth;
WHEREAS, the Report of Examination (Report) issued pursuant to the Division’s 2015 Examination of Freedom Mortgage as of October 20, 2015, alleged non-compliance with applicable Massachusetts and federal statutes, rules, and regulations governing the conduct and licensing of those engaged in the business of a mortgage lender, mortgage broker, and mortgage loan servicer, in Massachusetts; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report.
NOW COME the parties in the above-captioned matter, the Division and Freedom Mortgage, and stipulate and agree as follows:
(a) Freedom Mortgage must establish, implement, and maintain policies and procedures to ensure that all applicable personnel receive adequate instruction and ongoing, periodic training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Consent Order.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 21st day of September, 2016.
David J. Cotney
Commissioner of Banks