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WHEREAS, LEADER MORTGAGE COMPANY, INC., Arlington, Massachusetts ("Leader Mortgage" or the "Corporation"), a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), 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 16, 2012, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender, Leader Mortgage agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, pursuant to General Laws chapter 255E, section 8, an examination of Leader Mortgage was conducted as of August 3, 2010 to assess the Corporation’s lending performance under Mortgage Lender Community Investment standards described in the Division’s regulation 209 CMR 54.00 et seq. and level of compliance with applicable Massachusetts statutes and the Division’s regulations governing the licensing of mortgage loan originators; and
WHEREAS, the Report of Examination (the "Report") issued pursuant to the Division’s examination of Leader Mortgage as of August 3, 2010 alleged a significant number of violations with regard to the proper licensing of loan originators.
NOW COME the parties in the above-captioned matter, the Division and Leader Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 16th day of March, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts