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WHEREAS, PATRICK GERALD QUEALLY (Patrick Queally), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., 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 March 1, 2013, whereby, solely for the purpose of settling this matter, Patrick Queally 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, Patrick Queally’ Massachusetts mortgage loan originator license was in an inactive status from March 16, 2009 through June 16, 2009 because he was not properly sponsored by an employing entity through the Nationwide Multi-State Licensing System & Registry (NMLS);
WHEREAS, an email notification was delivered to Patrick Queally that his Massachusetts mortgage loan originator license status had changed to "inactive" on March 16, 2009, when his license status was updated on the NMLS;
WHEREAS, the Division’s review of books and records during an examination of a licensed mortgage lender revealed that Patrick Queally originated nineteen (19) Massachusetts residential mortgage loan applications when his license was in an inactive status; 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 Patrick Queally, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 1st day of March, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts