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WHEREAS, MICHAEL D. SCHALL ("Michael Schall"), has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 28, 2010, whereby, solely for the purpose of settling this matter, Michael Schall 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, on April 5, 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 Nationwide Advantage Mortgage Company, Des Moines, Iowa, MA license number ML3357;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Michael Schall originated one (1) Massachusetts residential mortgage loan application on behalf of Nationwide Advantage Mortgage Company;
WHEREAS, according to the Nationwide Mortgage Licensing System ("NMLS"), Michael Schall has never applied for or obtained a Massachusetts mortgage loan originator license; 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 Michael Schall, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 28th day of February, 2011
By: David J. Cotney
Commissioner of Banks