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WHEREAS, JAMES PETER DEORIO ("James DeOrio"), 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 November 26, 2010, whereby, solely for the purpose of settling this matter, James DeOrio 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 MLO48466 for James DeOrio to engage in the business of a mortgage loan originator on September 29, 2008;
WHEREAS, James DeOrio is, and all relevant times has been, a mortgage loan originator employed by JEC Mortgage Group, Inc. ("JEC Mortgage"), a licensed mortgage broker under Massachusetts General Laws, chapter 255E, section 2;
WHEREAS, James DeOrio's employing entity of record in the Nationwide Mortgage Licensing System (NMLS) is, and all relevant times has been, JEC Mortgage;
WHEREAS, an examination/inspection of JEC Mortgage was conducted pursuant to General Laws chapter 255E, section 8, as of December 18, 2008, to assess JEC Mortgage's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of JEC Mortgage alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage broker in Massachusetts;
WHEREAS, some of the alleged violations set forth in the Report were directly attributable to James DeOrio's mortgage loan origination activities; 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 James DeOrio, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of November, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts