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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-022-CO
In the Matter of
GLENN MICHAEL PALM
Mortgage Loan Originator License No.: MLO26270
WHEREAS, GLENN MICHAEL PALM, 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(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 August 4, 2010, whereby, solely for the purpose of settling this matter, and without admission of any violation of law Glenn Michael Palm 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 MLO26270 for Glenn Michael Palm to engage in the business of a mortgage loan originator on December 18, 2008;
WHEREAS, the sole employer of record in the Nationwide Mortgage Licensing System ("NMLS") maintains Glenn Michael Palm's mortgage loan originator license, which authorizes Glenn Michael Palm to originate mortgage loans for such employer in the Commonwealth of Massachusetts;
WHEREAS, Glenn Michael Palm's employing entity of record in the NMLS has at all relevant times been 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 resulted in an allegation by the Division that Glenn Michael Palm originated eleven residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to his attested NMLS record, he was not licensed as a mortgage loan originator in Massachusetts;
WHEREAS, by contemporaneous agreement set forth in the Settlement Agreement, Docket No. 2010-044, entered between Mortgage Master and the Division (the "Settlement Agreement"), Mortgage Master, without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against Glenn Michael Palm in consideration of the alleged mortgage loan originator licensing violations described above; 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 Glenn Michael Palm, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 4th day of August, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts