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Consent Order

Consent Order myCUmortgage, LLC

Date: 07/18/2018
Organization: Division of Banks
Docket Number: 2018-003
Location: Beavercreek, Ohio

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.

Table of Contents

NOW COME the parties in the above-captioned matter, the Division and myCUmortgage, and stipulate and agree as follows:

  1. myCUmortgage shall establish, implement and maintain policies and procedures to ensure that the Company refrains from engaging in any business activity that requires approval or licensure from the Division unless and until it obtains the appropriate license or approval from the Commissioner of Banks.  

    a. myCUmortgage agrees to submit a payment in the amount of sixty thousand  ($60,000.00) in satisfaction of an administrative penalty collected in consideration of the Company engaging in mortgage lending activities prior to obtaining the appropriate mortgage lender license from the Division. 

    Upon execution of this Consent Agreement, myCUmortgage shall remit payment in full of the amount indicated above, payable to the “Commonwealth of Massachusetts,” to the Division of Banks, Attn: Mortgage Lender Examination Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118.
  2. myCUmortgage agrees that, in the event that the Company fails to submit the payment set forth in this Consent Order in the amount specified herein and in accordance with the applicable deadlines, the Division shall be authorized to submit a claim for such amounts against the mortgage lender Massachusetts surety bonds maintained by myCUmortgage pursuant to the Division's regulation at 209 CMR 42.03(2)(a)2.
  3. myCUmortgage must address all matters requiring attention set forth in the Report within the time frames contained therein.  myCUmortgage must also implement all corrective actions described in the Report that are not specifically addressed by this Consent Order.

    a. myCUmortgage must establish, implement, and maintain policies and procedures to ensure that all applicable personnel receive adequate instruction and ongoing, periodic training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Consent Order.
  4. Nothing in this Consent Order shall be construed as permitting myCUmortgage to violate any law, rule, regulation, or regulatory bulletin to which the Company is subject.
  5. In consideration of the foregoing Consent Order, the Division agrees not to pursue formal measures, relative to the above referenced matters, including suspension or revocation of myCUmortgage’s mortgage lender license under Massachusetts General Laws chapter 255E, section 6, (but still subject to the provisions of Section 6 of this Consent Order),  while this Consent Order is in effect.
  6. Failure to comply with the terms of this Consent Order shall constitute grounds for license suspension and/or revocation, or other formal regulatory action pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts.
  7. This Consent Order shall become effective immediately upon the date of its issuance.
  8. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
  9. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter.  There are no other agreements between the Division and myCUmortgage.

By order and direction of the Commissioner of Banks.

Dated at Boston, Massachusetts, this 18th day of  July, 2018.


Terence A. McGinnis

Commissioner of Banks