Date: | 03/03/2010 |
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Organization: | Division of Banks |
Docket Number: | 2009-128-MLO-CO |
WHEREAS, JOHN K. RICHMAN (“John Richman” 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 March 3, 2010, whereby, solely for the purpose of settling this matter, John Richman 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 Richman is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, the Commissioner initially issued a mortgage loan originator license, license number MLO19593 to John Richman to engage in the business of a mortgage loan originator on or about July 17, 2008;
WHEREAS, at all relevant times, John K. Richman was the Vice President and 50% owner of Union Capital Mortgage Business Trust (“Union Capital” or the “Corporation”). According to records maintained by the Division, John K. Richman identified himself as Vice President and “control person” of Union Capital;
WHEREAS, on or about November 12, 2009, based upon the findings of a 2009 examination/inspection of Union Capital, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the “Temporary Order”), Docket No. 2009-128, against John Richman and alleged a failure to comply with state and federal laws, rules, regulations and regulatory bulletins governing the conduct of a licensed loan originator in Massachusetts;
WHEREAS, on or about December 2, 2009, John Richman filed a response to the Temporary Order and by his response, John K. Richman further reserved his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, on or about December 17, 2009, John Richman appeared at the Division’s offices for an informal conference to discuss the matters raised by the Temporary Order;
WHEREAS, John Richman 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; and
WHEREAS, in recognition of the Division and John Richman 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 3rd day of March, 2010.