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This Consent Order has been terminated, effective February 10, 2013.
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2010-248-CO
In the Matter of
Mortgage Company License No(s). MC3591, MC5001 and MC5380
WHEREAS NFM, INC., ("NFM" or the "Corporation"), with its main business office located at 505 Progress Drive, Suite 100, Linthicum, Maryland, 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 September 9, 2010, whereby, solely for the purpose of settling this matter, NFM 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, NFM is, and at all relevant times, has been a foreign corporation conducting business in the Commonwealth of Massachusetts. NFM's main office is located at 505 Progress Drive, Suite 100, Linthicum, Maryland;
WHEREAS, pursuant to General Laws chapter 255E, section (7)(b) and General Laws chapter 255E, section 11 the Commissioner issued a Temporary Order to Cease and Desist and Notice of Administrative Penalty ("Order"), Docket No. 2010-248 against NFM on July 20, 2010, based upon information reflected in a consumer solicitation (the "Solicitation") received by Massachusetts consumers;
WHEREAS, on or about July 23, 2010 NFM filed a response to the Order with the Division whereby the Corporation addressed the Division's findings and alleged violations of law contained in the Order. By its response, NFM 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 Order;
WHEREAS, without this Consent Order constituting an admission by NFM of any allegations made or implied by the provisions of the Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, NFM 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 NFM having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order, the Commissioner has terminated the Order on this 9th day of September, 2010.
NOW COME the parties in the above-captioned matter, the Division and NFM, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 9th day of September, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts