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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE BROKER AND
MORTGAGE LOAN ORIGINATOR
Docket No. 2009-005
In the Matter of
MIRACLE MORTGAGE CORP.
Mortgage Broker License No. MB1670
Catherine Gibbons, Individually
WHEREAS, MIRACLE MORTGAGE CORP., a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and CATHERINE GIBBONS, President and 100% owner of Miracle Mortgage Corp., (collectively "Catherine Gibbons") have been advised of their right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 September 3, 2010 whereby, solely for the purpose of settling this matter, Catherine Gibbons 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 broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, the Division, through the Commissioner, also has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Miracle Mortgage Corp., at all relevant times, has been a Massachusetts Corporation doing business in the Commonwealth with its main office located at 354 Turnpike Street, Suite 204, Canton, Massachusetts;
WHEREAS, Catherine Gibbons at all relevant times was the President and 100% owner of Miracle Mortgage Corp., and, according to records maintained by the Division, identified herself as President and "control person," of Miracle Mortgage Corp.;
WHEREAS, on May 21, 2008, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2008 examination/inspection") of the books, accounts, papers, records, and files maintained by Miracle Mortgage Corp.;
WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), presented the findings of the 2008 examination/inspection and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage broker in Massachusetts;
WHEREAS, on or about February 19, 2009, based upon the findings of the 2008 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2009-005, against Miracle Mortgage Corp.;
WHEREAS, on or about March 9, 2009, Miracle Mortgage Corp., through Catherine Gibbons, filed a request for its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, Catherine Gibbons disputes certain of the Division's findings and alleged violations of law contained in the Temporary Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by Catherine Gibbons, of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Miracle Mortgage Corp. and Catherine Gibbons, hereby waive their right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and Catherine Gibbons having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 3 rd day of September, 2010.
NOW COME the parties in the above-captioned matter, the Division and Catherine Gibbons, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 3rd day of September, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts