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Consent Order Nationwide Equities Corporation
Table of Contents
Nationwide Equities Corporation, Mahwah, New Jersey - Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2009-010-CO
In the Matter of
NATIONWIDE EQUITIES CORPORATION
Mahwah, New Jersey
Mortgage Company License No(s). MC3776
WHEREAS, NATIONWIDE EQUITIES CORPORATION, located at One International Boulevard, Mahwah, New Jersey ("Nationwide Equities" or the "Corporation"), 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 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 July 15th, 2009, whereby, solely for the purpose of settling this matter, Nationwide Equities 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 lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, Nationwide Equities is, and at all relevant times, has been a foreign corporation conducting business in the Commonwealth of Massachusetts. Nationwide Equities' main office is located at One International Boulevard, Mahwah, New Jersey;
WHEREAS, on July 22, 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 Nationwide Equities;
WHEREAS, The Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), which was issued to Nationwide Equities on or about May 12, 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 May 12, 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. 2009-010, against Nationwide Equities;
WHEREAS, on or about May 20, 2009 and June 10, 2009 Nationwide Equities filed responses to the Temporary Order with the Division whereby the Corporation addressed the Division's findings and alleged violations of law contained in the Temporary Order. By its response, Nationwide Equities further reserved its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
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 Nationwide Equities 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, Nationwide Equities 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 Nationwide Equities 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 15th day of July, 2009.
NOW COME the parties in the above-captioned matter, the Division and Nationwide Equities, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Nationwide Equities and any and all officers, directors, managers, employees, independent contractors, or agents, operating on behalf of Nationwide Equities, will cease engaging in the activity of a mortgage lender, mortgage broker, and mortgage loan originator in Massachusetts, as those terms are defined under General Laws chapter 255E, section 1 and General Laws chapter 255F, section 1, respectively.
- Immediately upon the execution of this Consent Order, Nationwide Equities will surrender its Massachusetts mortgage lender and mortgage broker license MC3776 by: (a) returning the original license certificate to the Division at One South Station, 3 rd Floor, Boston, Massachusetts 02110; and (b) submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
- Nationwide Equities will refrain from submitting an application to obtain a mortgage broker and/or mortgage lender license from the Commissioner for a period of thirty-six (36) months from the effective date of the Temporary Order.
- To the extent that Nationwide Equities wishes to resume business as a mortgage lender or mortgage broker at the expiration of the 36-month term as set forth above, Nationwide Equities shall be required to submit a completed application to obtain the relevant license(s) from the Commissioner. Unless the Commissioner, in his sole discretion, agrees to accept such an application earlier, Nationwide Equities agrees not to submit such an application until the expiration of the 36-month term. The Commissioner shall have all of the discretion set forth within General Laws chapter 255E, section 4 and the Division's regulation 209 CMR 42.00 et seq. in determining whether to issue a license to Nationwide Equities to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
- Within thirty (30) days of receipt of the relevant invoice from the Division, Nationwide Equities shall submit payment in full for the amount owed for the costs of the Division's 2008 examination/inspection. The payment shall be made payable to the "Commonwealth of Massachusetts" and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, from taking any other action affecting Nationwide Equities and/or any of its officers, directors, or managers.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Nationwide Equities and its directors, officers, managers, employees, agents, and their successors and assigns.
- In accordance with the terms of the Consent Agreement entered by Nationwide Equities and the Commissioner, Nationwide Equities has waived all rights of appeal that it may have relative to the Temporary Order.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order, which replaces and supersedes all prior agreements between Nationwide Equities and the Commissioner.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 15th day of July, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts