|Organization:||Division of Banks|
Consent Order Insan Sauti
Table of Contents
Insan Sauti - Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2013-005
In the Matter of
WHEREAS, INSAN SAUTI 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 October 28, 2013, whereby, solely for the purpose of settling this matter, Insan Sauti 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, according to the Nationwide Multi-State Licensing System & Registry (NMLS), Insan Sauti initially applied for a Massachusetts mortgage loan originator license on October 1, 2009;
WHEREAS, Insan Sauti failed to respond to the Division’s requests for information required for the review of his pending license application and, consequently, his license application was deemed abandoned as of October 23, 2009;
WHEREAS, notice was delivered to Insan Sauti that his Massachusetts mortgage loan originator license status had changed to “withdrawn-application abandoned” on October 23, 2009, when his license status was updated on the NMLS;
WHEREAS, Insan Sauti re-applied for a Massachusetts mortgage loan originator license on October 21, 2011;
WHEREAS, Insan Sauti failed to respond to the Division’s requests for information required for the review of his pending license application and, consequently, his license application was deemed abandoned as of December 21, 2011;
WHEREAS, notice was delivered to Insan Sauti that his Massachusetts mortgage loan originator license status had changed to “withdrawn-application abandoned” on December 21, 2011, when his license status was updated on the NMLS;
WHEREAS, Insan Sauti never obtained a Massachusetts mortgage loan originator license and he was never authorized to originate loans for Massachusetts property;
WHEREAS, on April 5, 2011, 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 a certain licensed mortgage broker;
WHEREAS, the Division’s review of books and records during the examination/inspection revealed that Insan Sauti originated nineteen(19) Massachusetts residential mortgage loan applications on behalf of the licensed mortgage broker when he did not hold a Massachusetts mortgage loan originator license; 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 Insan Sauti, and stipulate and agree as follows:
- On or before the thirtieth day after the effective date of this Consent Order, Insan Sauti shall submit or cause to be submitted a payment of nineteen thousand ($19,000.00) in satisfaction of an administrative penalty collected in consideration of his originating nineteen (19) residential mortgage loan applications without being licensed as a mortgage loan originator license in Massachusetts. Insan Sauti shall remit payment in full of the amount indicated above, payable to the “Commonwealth of Massachusetts”, to the Division of Banks, Attn: Mortgage Supervision Licensing Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118.
- The Commissioner and the Division agree that this Consent Order shall not adversely affect any future or pending application by Insan Sauti to be licensed as a mortgage loan originator in Massachusetts. It is understood that the Commissioner shall have the full discretion set forth within General Laws chapter 255F, section 4 and the Division's regulation 209 CMR 41.00 et seq. in determining whether to issue a license to Insan Sauti to conduct the licensed business provided however, that any such application shall not be denied on the basis of this Consent Order.
- This Consent Order shall become effective immediately upon the date of its issuance.
- 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 mutually modified or upon an order of a court of competent jurisdiction.
- 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 28th day of October, 2013
By: David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts