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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-004-CO
In the Matter of
MORTGAGE FUNDING CORP.
Mortgage Broker License No. MB5024
WHEREAS, MORTGAGE FUNDING CORP., Pembroke, Massachusetts ("Mortgage Funding" or the "Corporation"), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, has been advised of its 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 22, 2009, whereby, solely for the purpose of settling this matter, Mortgage Funding 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, Mortgage Funding, at all relevant times, has been a Massachusetts Corporation doing business in the Commonwealth with its main office located at 15 Columbia Road, Unit 6, Pembroke, Massachusetts.
WHEREAS, on November 18, 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 Mortgage Funding.
WHEREAS, The Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), which was issued to Mortgage Funding on or about March 27, 2009, 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 March 27, 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. 2009-004, against Mortgage Funding.
WHEREAS, on or about April 16, 2009 Mortgage Funding filed a response to the Temporary Order with the Division whereby the Corporation disputed certain of the Division's findings and alleged violations of law contained in the Temporary Order. By its response, Mortgage Funding further reserved its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, on or about April 16, 2009, Mortgage Funding appeared at the Division's offices for an informal conference to discuss the matters raised by the Temporary Order. At the informal conference Mortgage Funding requested that the Division vacate the Temporary Order and filed a Memorandum in support thereof;
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 Mortgage Funding 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, Mortgage Funding hereby waives its 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 Mortgage Funding 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 22nd day of September, 2009.
NOW COME the parties in the above-captioned matter, the Division and Mortgage Funding, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 22nd day of September, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts