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WHEREAS, NATIONWIDE ADVANTAGE MORTGAGE COMPANY ("Nationwide Advantage" or the "Company"), a licensed mortgage lender 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 10, 2011, 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, Nationwide Advantage agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Nationwide Advantage was conducted pursuant to General Laws chapter 255E, section 8, as of April 5, 2010, to assess the Company's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Nationwide Advantage as of April 5, 2010 alleged substantial non-compliance with applicable statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Nationwide Advantage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of June, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts