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On October 16, 2013, an examination of Norwich Commercial Group, Inc. d/b/a Norcom Mortgage and d/b/a Mortgage Force ("Norwich Commercial" or "Licensee") was conducted by the State of Connecticut Department of Banking ("Connecticut Department") and the Commonwealth of Massachusetts Division of Banks ("Massachusetts Division") (collectively, "Regulators"), to assess the Licensee's level of compliance with applicable statutes and regnlations, as well as federal regnlations applicable to mortgage lenders ("Joint Examination"). The Joint Examination also included a detailed review of the Memorandum Of Understanding ("Memorandum") entered into between the Massachusetts Commissioner of Banks and Norwich Commercial on May 16, 2013, to assess the Licensee's compliance with the provisions of the Memorandum.
The Regulators issued a Joint Examination Report ("Report") that alleged substantial non- compliance with the Memorandum and with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Connecticut and Massachusetts.
The Commissioners of the Connecticut Department and the Massachusetts Division hereby issue, pursuant to Part IV of Chapter 664a, Part I of Chapter 668 and Chapter 54 of the Connecticut General Statutes and Article 2 of Title 36a of the Regulations of Connecticut State Agencies and Massachusetts General Laws chapter 255E, respectively, this JOINT CONSENT ORDER ("Joint Consent Order").
The Connecticut Department licenses Norwich Commercial as a mortgage lender under Part I of Chapter 668 of the Connecticut General Statutes. The Massachusetts Division licenses Norwich Commercial as a mortgage lender under Massachusetts General Laws, chapter 255E and 209 CMR 42.00 et seq.
Norwich Commercial, by and through its duly elected and acting Board of Directors ("Board"), has executed a STIPULATION AND CONSENT TO THE ISSUANCE OF A JOINT CONSENT ORDER ("Stipulation and Consent Agreement"), dated June 30, 2014, that has been accepted by the Regulators, and is incorporated herein by reference. With the Stipulation and Consent Agreement, Norwich Commercial has consented, without admitting or denying the findings of fact or conclusions of law herein, to the issuance of this Joint Consent Order by the Regulators, and has waived all rights as set forth therein.
Having determined that any requirements for issuance of any order under Part IV of Chapter 664a, Part I of Chapter 668 and Chapter 54 of the Connecticut General Statutes and Article 2 of Title 36a of the Regulations of Connecticut State Agencies and Massachusetts General Laws chapter 255E, have been satisfied, the Connecticut Department and the Massachusetts Division hereby jointly issue the following:
JOINT CONSENT ORDER
The provisions of this Joint Consent Order shall be enforceable by either the Connecticut Department or the Massachusetts Division.
Issued this 1st day of July, 2014
STATE OF CONNECTICUT
DEPARTMENT OF BANKING
By: Howard F. Pitkin
COMMONWEALTH OF MASSACHUSETTS
DIVISION OF BANKS
By: David J. Cotney
Commissioner of Banks