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WHEREAS, GARY PAUL TALBOT (Gary Talbot), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., 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 August 12, 2013, whereby, solely for the purpose of settling this matter, Gary Talbot 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, Gary Talbot’s Massachusetts mortgage loan originator license was in an inactive status from March 20, 2009 through March 29, 2009 because he was not properly sponsored by an employing entity through the National Multi-State Licensing System & Registry (NMLS);
WHEREAS, an email notification was delivered to Gary Talbot that his Massachusetts mortgage loan originator license status had changed to “inactive” on March 20, 2009, when his license status was updated on the NMLS;
WHEREAS, on August 12, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination of the books, accounts, papers, records, and files maintained by Member Advantage Mortgage, LLC (Member Advantage), Ada, Michigan, license number ML1557;
WHEREAS, the Division’s review of books and records during the examination revealed that Gary Talbot originated sixteen (16) Massachusetts residential mortgage loan applications on behalf of Member Advantage, during the period when his license was in an inactive 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 Gary Talbot, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 12th day of August, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts