offered by
Consent Order

Consent Order John Micheletti

Date: 05/21/2010
Organization: Division of Banks
Docket Number: 2009-159-MLO-CO

Table of Contents


Suffolk, SS.

Docket No. 2009-159-MLO-CO


In the Matter of


WHEREAS, JOHN MICHELETTI, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), 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 May 21, 2010, whereby, solely for the purpose of settling this matter, John Micheletti 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, John Micheletti never applied for a mortgage loan originator license in the Commonwealth of Massachusetts;

WHEREAS, on December 11, 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 The Mortgage Group, Ltd., license no. MB4627, located at 1107 Pleasant Street, Fall River, MA, 02723;

WHEREAS, books and records reviewed by the Division during the 2008 examination/inspection revealed that John Micheletti originated one (1) Massachusetts residential mortgage loans on behalf of The Mortgage Group, Ltd. at times during which, according to his attested record in the Nationwide Mortgage Licensing System (NMLS), he was not licensed as a mortgage loan originator in Massachusetts in accordance with Massachusetts law; 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 John Micheletti, and stipulate and agree as follows:

  1. John Micheletti shall immediately cease engaging in the activities of a mortgage loan originator as defined in General Law chapter 255F, section 1, for any entity until he obtains a mortgage loan originator license in Massachusetts and proper sponsorship from an employing entity through the NMLS, unless he qualifies for one of the seven exceptions to the mortgage loan originator's licensing requirements enumerated in the Division's regulation 209 CMR 41.03.
  2. Within thirty (30) days from the effective date of this Consent Order, John Micheletti shall submit a payment of one thousand dollars ($1,000.00) in satisfaction of an administrative penalty collected in consideration of John Micheletti originating a residential mortgage loan without being licensing as a mortgage loan originator in Massachusetts. John Micheletti 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, 10th Floor, Boston, Massachusetts 02118. The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
  3. John Micheletti 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 regulations 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, Section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner…"
  4. This Consent Order shall become effective immediately upon the date of its issuance.
  5. 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.
  6. 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 21st day of May, 2010

By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts