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WHEREAS, MATTHEW J. VANCE, 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 November 30, 2010, whereby, solely for the purpose of settling this matter, Matthew J. Vance 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, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a "mortgage loan originator" and grandfathered existing loan originators for an 180 day period, beginning on November 29, 2007 and ending on May 27, 2008;
WHEREAS, Matthew J. Vance applied for a Massachusetts mortgage loan originator license on March 31, 2008 and was, therefore, "grandfathered" and permitted to originate mortgage loans while his license application remained in a pending status;
WHEREAS, Matthew J. Vance was deemed to have abandoned his pending mortgage loan originator application and he received actual or constructive notice that the status of his Massachusetts mortgage loan originator license had been changed to, "withdrawn- application abandoned" on October 28, 2008;
WHEREAS, Matthew J. Vance re-applied for a Massachusetts mortgage loan originator license on or about December 2, 2008 and the Division approved his license on December 22, 2008;
WHEREAS, Matthew J. Vance's mortgage loan originator license was in an "inactive" status from December 26, 2008 until January 8, 2009 because he was not properly sponsored by an employing entity in the Nationwide Mortgage Licensing System ("NMLS");
WHEREAS, Matthew J. Vance received actual or constructive notice that the status of his Massachusetts mortgage loan originator license had been changed to, "inactive" status on December 26, 2008, when his license status was updated on NMLS;
WHEREAS, the sole employer of record in the NMLS maintains Matthew J. Vance's mortgage loan originator license, which authorizes Matthew J. Vance to originate mortgage loans for such employer in the Commonwealth of Massachusetts;
WHEREAS, Matthew J. Vance's employing entity of record in the NMLS has at all relevant times been Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;
WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files that Mortgage Master, Inc. maintained;
WHEREAS, the Division's review of books and records during the 2009 examination/inspection revealed that Matthew J. Vance originated four residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to his attested NMLS record, he was not permitted to originate residential mortgage loans in Massachusetts; 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 Matthew J. Vance, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of November, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts