|Organization:||Division of Banks|
WHEREAS, MYCUMORTGAGE, LLC, Beavercreek, Ohio (myCUmortgage or the Company), a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, and registered third party loan servicer under Massachusetts General Laws, c. 93, section 24C, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), and having waived those rights, enters into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated _July 18, 2018, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender or loan servicer, myCUmortgage agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of myCUmortgage was conducted pursuant to General Laws chapter 255E, section 8, as of October 12, 2017 to assess the Company’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a mortgage lender and loan servicer in the Commonwealth;
WHEREAS, the findings set forth in the Report of Examination (Report) issued pursuant to the Division’s examination of myCUmortgage as of October 12, 2017, alleged that myCUmortgage had engaged in unlicensed mortgage lending activity prior to obtaining the appropriate license from the Division; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report.