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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2010-196
In the Matter of
PRIMARY RESIDENTIAL MORTGAGE, INC.
Salt Lake City, Utah
Mortgage Company License Nos. MC1996 et al.
WHEREAS, PRIMARY RESIDENTIAL MORTGAGE, INC., Salt Lake City, Utah ("Primary Residential" or the "Corporation"), a licensed mortgage lender and mortgage broker under Massachusetts General Laws chapter 255E, section 2, 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 April 7, 2010, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender and mortgage broker, Primary Residential agrees to the issuance of this CONSENT ORDER by the Commissioner of Banks ("Commissioner");
WHEREAS, a Mortgage Lender Community Investment examination of Primary Residential was conducted pursuant to General Laws chapter 255E, section 8, as of October 16, 2009, to assess the Corporation's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth; and
WHEREAS, the Report of Examination (the "Report") issued pursuant to the Division's examination of Primary Residential as of October 16, 2009 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Primary Residential, and stipulate and agree as follows:
Primary Residential agrees to submit a payment in the amount of twenty-five thousand dollars ($25,000.00) in satisfaction of an administrative penalty collected in consideration of the findings alleged in the Report issued to Primary Residential. Primary Residential shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of the Consent Agreement, to the Office of the Commissioner of Banks, 1000 Washington Street, Boston, Massachusetts 02118. The Division shall remit the payment for deposit into the General Fund of the Commonwealth.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 7th day of April, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts