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WHEREAS, MORTGAGE RESEARCH CENTER, LLC, d/b/a VETERANS UNITED HOME LOANS, a Missouri limited liability company (Mortgage Research or the Company), a licensed mortgage lender and mortgage broker under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), 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 June 13, 2014, whereby, solely for the purpose of settling this matter, and without admitting any allegations, implications of fact, conclusions, or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender and mortgage broker, Mortgage Research agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, as of July 30, 2012, the Division commenced a Mortgage Lender Community Investment examination (MLCI Examination) and a targeted Consumer Protection review of Mortgage Research pursuant to General Laws chapter 255E, section 8, to assess the Company’s level of compliance with applicable Massachusetts and federal statutes and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in the Commonwealth;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Mortgage Research as of July 30, 2012 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts (Alleged Violations”);
WHEREAS, Mortgage Research cooperated fully with the Division in producing information and responding to questions relevant to the examination, and submitting a detailed response to the Report, attending two in-person conferences with the Division, and conferring with the Division on several dates;
WHEREAS, the Report does not identify any instance of actual harm to any borrower in connection with the allegations in the Report, and Mortgage Research has commenced and taken affirmative steps to establish and implement policies and procedures to correct the Alleged Violations identified in the Report and this Consent Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, the provisions of this Consent Order shall apply to Mortgage Research’s Massachusetts business as a licensed mortgage lender and mortgage broker.
NOW COME the parties in the above-captioned matter, the Division and Mortgage Research, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 13th day of June 2014.
David J. Cotney
Commissioner of Banks