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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:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of September, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts