| Date: | 11/26/2010 |
|---|---|
| Organization: | Division of Banks |
| Docket Number: | 2010-349 |
- This page, James P. Deorio , is offered by
- Division of Banks
Consent Order
Consent Order James P. Deorio
Table of Contents
James P. Deorio - Consent Order
COMMONWEALTH OF MASSACHUSETTS
Suffolk, SS.
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
LICENSING
Docket No. 2010-349
CONSENT ORDER
In the Matter of
JAMES PETER DEORIO
Mortgage Loan Originator License No.:MLO48466
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.
ORDER
NOW COME the parties in the above-captioned matter, the Division and James DeOrio, and stipulate and agree as follows:
- James DeOrio shall ensure that he refrains from requiring or permitting consumers to sign blank or partially incomplete mortgage loan disclosures.
- James DeOrio shall ensure that he provides and maintains disclosures which are not altered or manipulated and contain original consumer signatures as required. James DeOrio shall also retain sufficient evidence to allow the Commissioner to determine whether the documents are being provided to consumers as required.
- On or before the thirtieth (30 th) day after the effective date of the Consent Agreement, James DeOrio shall pay three thousand dollars ($3,000.00) in satisfaction of an administrative penalty collected in consideration of James DeOrio's alleged failure to comply with the statutes, rules and regulations governing the conduct of those engaged in the business of a mortgage loan originator in Massachusetts. James DeOrio shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of the Consent Agreement, to the Office of the Commissioner of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118.
- James DeOrio shall complete a minimum of twenty (20) hours of NMLS-approved coursework relative to the state and federal laws and regulations governing the conduct of mortgage loan originators. Within seven (7) days of the execution of the Consent Agreement, James DeOrio shall submit evidence that he has enrolled in such loan originator education courses. James DeOrio shall submit evidence of course completion to the Division of Banks immediately upon receipt of same, to the attention of the Mortgage Broker Examination Unit. It is understood that the aforementioned coursework is in addition to, and not in lieu of, the 20 hours of "pre-licensing" education that James DeOrio is required to complete prior to September 15, 2010 pursuant to the implementation of the SAFE Act.
- James DeOrio shall comply with all laws and regulations applicable to his conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00.
- 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 modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- Failure to comply with the terms of this Consent Order shall constitute grounds for the nonrenewal of James DeOrio's mortgage loan originator license and/or for denial of any future license application submitted to the Division.
- 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 26th day of November, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts