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WHEREAS, MORTGAGE AMERICA HOME LOANS, INC., ("Mortgage America" or the "Corporation") and LISA M. CENCA ("Lisa Cenca") a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2 and a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, respectively, 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 October 1, 2010, whereby, solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules, Mortgage America and Lisa Cenca agree 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 those engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2 and the Division's regulations 209 CMR 42.00 et seq.;
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 and the Division's regulations 209 CMR 41.00 et seq.;
WHEREAS, Lisa Cenca at all relevant times was the President and 100% owner of Mortgage America, and according to records maintained by the Division, identified herself as President and "control person," as that term is defined, of Mortgage America;
WHEREAS, on or about April 15, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2010 examination/inspection") of the books, accounts, papers, records, and files maintained by Mortgage America;
WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report") for Mortgage America which was issued to Mortgage America on or about June 21, 2010, presented the findings of the 2010 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 June 21, 2010, based upon the findings of the 2010 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2010-208, against Mortgage America and Lisa Cenca Invidiually;
WHEREAS, on or about July 6, 2010, Lisa Cenca appeared at the Division's offices for an informal conference to discuss the matters raised in the Report;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report;
WHEREAS, in recognition of the Division and Lisa Cenca 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 1 st day of October, 2010.
NOW COME the parties in the above-captioned matter, the Division, Mortgage America, and Lisa Cenca, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 1st day of October, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts