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WHEREAS, LEONARD ANTHONY D'ALESSANDRO ("Leonard D'Alessandro"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., 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 February 23, 2010, whereby, solely for the purpose of settling this matter, Leonard D'Alessandro 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, the status of Leonard D'Alessandro's Massachusetts mortgage loan originator license was changed to "inactive" on October 31, 2008 because he was not properly sponsored by an employing entity through the National Mortgage Licensing System ("NMLS");
WHEREAS, Leonard D'Alessandro received actual or constructive notice that his Massachusetts mortgage loan originator license status had changed to "inactive" on October 31, 2008, when his license status was updated on the NMLS;
WHEREAS, Leonard D'Alessandro's Massachusetts mortgage loan originator license was reactivated after he satisfied the requirements to obtain proper sponsorship from a licensed mortgage broker, Blue Water Mortgage Corporation, on December 2, 2008;
WHEREAS, on April 30, 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 Blue Water Mortgage Corporation, license no. MB2616, Hampton, New Hampshire;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Leonard D'Alessandro originated three residential mortgage loan applications on behalf of Blue Water Mortgage Corporation at a time during which his license application was in an inactive status; 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 Leonard D'Alessandro, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 23th day of February, 2011
By: David J. Cotney
Commissioner of Banks