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Consent Order

Consent Order Pasqualino Staffa

Date: 09/26/2011
Organization: Division of Banks
Docket Number: 2011-079

Table of Contents


Suffolk, SS.

Docket No. 2011-079


In the Matter of

Mortgage Loan Originator License No.: MLO197800

WHEREAS, Pasqualino Staffa, a licensed Massachusetts mortgage loan originator, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 26, 2011, whereby, solely for the purpose of settling this matter, Pasqualino Staffa agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;

WHEREAS, according to the Nationwide Mortgage Licensing System ("NMLS"), Pasqualino Staffa applied for a Massachusetts mortgage loan originator license on April 5, 2010; WHEREAS, Pasqualino Staffa's Massachusetts mortgage loan originator license was approved and issued on March 10, 2010;

WHEREAS, on February 7, 2011, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Intercontinental Capital Group, Inc., New York, New York, license no. ML60134;

WHEREAS, the Division's review of books and records during the examination/inspection revealed that Pasqualino Staffa originated two (2) Massachusetts residential mortgage loan applications on behalf of Intercontinental Capital Group, Inc. prior to applying for and obtaining a license to originate Massachusetts residential mortgage loans; and

WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.



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

  1. Pasqualino Staffa shall submit a payment of two thousand dollars ($2,000.00) in satisfaction of an administrative penalty collected in consideration of his originating two (2) residential mortgage loan applications without being licensed as a mortgage loan originator in Massachusetts. The administrative penalty shall be satisfied as follows:

    1. Three hundred thirty three dollars and thirty-five cents ($333.35) shall be due and payable immediately upon execution of this Consent Order;
    2. A payment of three hundred and thirty three dollars and thirty-three cents ($333.33) shall be due and payable by the 1st day of each subsequent month continuing for five additional months until the penalty of two thousand dollars ($2,000.00) has been paid in full; and
    3. Pasqualino Staffa shall remit payment in the amounts indicated above, payable to the "Commonwealth of Massachusetts," to the Office of the Commissioner of Banks, Attn: Mortgage Supervision Licensing Unit, 1000 Washington Street, 10th Floor, Boston, MA 02118-6400.
  2. This Consent Order shall become effective immediately upon the date of its issuance.
  3. 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.
  4. This Consent Order and the Consent Agreement are the complete documents that represent the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.


Dated at Boston, Massachusetts, this 26th day of September, 2011

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts