Date: | 12/30/2022 |
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Organization: | Division of Banks |
Docket Number: | 2022-010 |
Location: | Boston, Massachusetts |
WHEREAS, loanDepot.com, LLC d/b/a “LDWholesale” and “Mello” (“loanDepot” or the “Company”), with its main office located at 6561 Irvine Center Drive, Irvine, California 92618, has been advised of its rights to Notice and Hearing pursuant to Massachusetts General Laws chapters 255E, section 7(a) and 30A, section 10, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (“Consent Agreement”) with the Division of Banks (“Division”) dated December 30, 2022 whereby, solely for the purpose of settling this matter and without admitting, and otherwise denying, any allegations of fact or the existence of any violations of law, loanDepot 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 and entities engaged in the business of a mortgage lender and mortgage broker in Massachusetts pursuant to M.G.L. chapter 255E, section 2;
WHEREAS, a person or entity must register with the Commissioner prior to acting as a third party loan servicer in Massachusetts pursuant to Massachusetts General Laws (“M.G.L.”) chapter 93, section 24A;
WHEREAS, a person or entity acting as a third party loan servicer in Massachusetts must comply with the requirements of 209 Code of Massachusetts Regulations (“C.M.R.”) 18.00 et seq.;
WHEREAS, loanDepot is, and at all relevant times has been, a foreign company conducting business in the Commonwealth of Massachusetts. loanDepot’s main office is located at 6561 Irvine Center Drive, Irvine, California 92618;
WHEREAS, loanDepot is licensed by the Commissioner as a mortgage lender and mortgage broker under M.G.L. chapter 255E, section 2. According to records maintained on file with the Division, and as recorded on the Nationwide Multi-State Licensing System and Registry (“NMLS”), the Commissioner initially issued mortgage company license number MC174457 to loanDepot, which became effective on or about November 15, 2010, covering both mortgage broker and mortgage lender license types;
WHEREAS, according to records maintained on file with the Division, and as recorded on the NMLS, on or about August 12, 2014, loanDepot submitted an application for a third party loan servicer registration with the Division; on or about August 28, 2014, the application was deemed “withdrawn-voluntary without licensure”;
WHEREAS, according to records maintained on file with the Division, and as recorded on the NMLS, on or about September 13, 2016, loanDepot submitted an application for a third party loan servicer registration with the Division; on or about November 4, 2016, the application was deemed “withdrawn-voluntary without licensure”;
WHEREAS, according to records maintained on file with the Division, and as recorded on the NMLS, on or about January 25, 2019, loanDepot submitted an application for a third party loan servicer registration with the Division; on or about June 20, 2019, after consultation with the Division, the application was withdrawn and deemed “withdrawn-voluntary without licensure”
WHEREAS, according to records maintained on file with the Division, and as recorded on the NMLS, on or about February 11, 2021, loanDepot submitted an application for a third party loan servicer registration with the Division; on or about June 29, 2021, after consultation with the Division, the application was and deemed “withdrawn-voluntary without licensure”
WHEREAS, on or about September 27, 2022, the Division became aware that loanDepot had engaged in the business of a third party loan servicer in Massachusetts without the appropriate registration;
WHEREAS, upon being made aware that a third party loan servicer registration was required to engage in its activities, loanDepot immediately cooperated with the Division’s inquiry in an effort to promptly resolve its concerns; and
WHEREAS, the parties now seek to resolve by mutual agreement the matters identified above.