offered by
Consent Order

Consent Order Jay Jeffrey Turner

Date: 08/15/2011
Organization: Division of Banks
Docket Number: 2010-393

Table of Contents


Suffolk, SS.

Docket No. 2010-393


In the Matter of

Mortgage Loan Originator License No: MLO46352

WHEREAS, JAY JEFFREY TURNER ("Jay Turner"), a licensed Massachusetts mortgage loan originator, 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 15, 2010, whereby, solely for the purpose of settling this matter, Jay Turner 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, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators who applied for a mortgage loan originator license before July 1, 2008;

WHEREAS, Jay Turner applied for a Massachusetts mortgage loan originator license on May 22, 2008, and was, therefore, "grandfathered" and permitted to originate mortgage loans until December 3, 2008, when the status of his license application was changed to "withdrawn - application abandoned".

WHEREAS, Jay Turner received notice that the status of his mortgage loan originator license was changed to "withdrawn - application abandoned" when the status was updated on the National Mortgage Licensing System ("NMLS") on December 3, 2008;

WHEREAS, on July 19, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Referral Financial, LLC, 1168 Lakeview Avenue, Dracut, Massachusetts, license no. MB3206;

WHEREAS, the Division's review of books and records during the examination/inspection revealed that Jay Turner originated nine (9) Massachusetts residential mortgage loan applications on behalf of Referral Financial, LLC, after his application for a Massachusetts mortgage loan originator license had been abandoned/withdrawn; 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 Jay Turner, and stipulate and agree as follows:

  1. On or before the thirtieth day after the effective date of this Consent Order, Jay Turner shall submit a payment of nine thousand dollars ($9,000.00) in satisfaction of an administrative penalty collected in consideration of Jay Turner originating nine residential mortgage loans without being licensed or authorized to act as a mortgage loan originator in Massachusetts. Jay Turner shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts", to the Office of the Commissioner of Banks, 1000 Washington Street, 10 th Floor, Boston, Massachusetts 02118.
  2. This Consent Order shall become effective immediately upon the date of its issuance.
  3. 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.
  4. 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.


Dated at Boston, Massachusetts, this 15th day of August, 2011

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts