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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-111-CO
In the Matter of
JOHN ANTHONY MERCAUTO
Mortgage Loan Originator License No. MLO6441
WHEREAS, JOHN ANTHONY MERCAUTO ("John Mercauto" or the "Licensee"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 September 22, 2009, whereby, solely for the purpose of settling this matter, John Mercauto agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, The Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, John Mercauto at all relevant times has been the President of Mortgage Funding Corp., a licensed mortgage broker under Massachusetts General Laws, chapter 255E, section 2;
WHEREAS, on November 18, 2008, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2008 examination/inspection") of the books, accounts, papers, records, and files maintained by Mortgage Funding Corp;
WHEREAS, The Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), which was issued to Mortgage Funding Corp. on or about March 27, 2009, presented the findings of the 2008 examination/inspection and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage broker in Massachusetts;
WHEREAS, on or about March 27, 2009, based upon the findings of the 2008 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2009-004, against Mortgage Funding Corp.;
WHEREAS, Paragraph 40 of the Temporary Order provides, in pertinent part, that "Mortgage Funding and any and all officers . . . operating on behalf of Mortgage Funding . . . shall immediately cease engaging in the activities of: (a) a mortgage broker, as those activities are defined under Massachusetts General Laws chapter 255E, section 1, and (b) a mortgage loan originator, as those activities are defined under Massachusetts General Laws chapter 255F, section 1, relative to any residential property in Massachusetts ...." [Emphasis supplied.];
WHEREAS, John Mercauto agrees to enter this Consent Order solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, in recognition of the Division and John Mercauto having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 22nd day of September, 2009.
NOW COME the parties in the above-captioned matter, the Division and John Mercauto, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 22nd day of September, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts