|Organization:||Division of Banks|
Consent Order Rachael Lundgren
Rachael Lundgren - Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-011-CO
In the Matter of
WHEREAS, RACHAEL LUNDGREN, has been advised of her right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11(b), 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 July 21, 2010, whereby, solely for the purpose of settling this matter, and without admission of any violation of law Rachael Lundgren 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, Rachael Lundgren voluntarily withdrew her pending Massachusetts mortgage loan originator license application as of March 3, 2009;
WHEREAS, Rachael Lundgren never obtained a Massachusetts mortgage loan originator license and he was never authorized to originate loans for Massachusetts property;
WHEREAS, on February 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("2009 examination/inspection") of the books, accounts, papers, records, and files maintained by Mortgage Master, Inc., license no. MC0226, located at 102 Elm Street, Walpole, MA, 02081;
WHEREAS, the Division's review of books and records during the 2009 examination/inspection resulted in an allegation by the Division that Rachael Lundgren originated three Massachusetts residential mortgage loans on behalf of Mortgage Master, Inc. at times during which, according to her attested record in the Nationwide Mortgage Licensing System ("NMLS"), she did not have an approved Massachusetts mortgage loan originator license in accordance with Massachusetts law;
WHEREAS, by contemporaneous agreement set forth in the Settlement Agreement, Docket No. 2010-044, entered between Mortgage Master and the Division (the "Settlement Agreement"), Mortgage Master, without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against Rachael Lundgren in consideration of the alleged mortgage loan originator licensing violations described above; 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 Rachael Lundgren, and stipulate and agree as follows:
- Pursuant to the provisions of the Settlement Agreement, Mortgage Master, without any requirement or obligation to do so, agreed to satisfy an administrative penalty in the amount of three thousand dollars ($3,000.00) which was assessed against Rachael Lundgren in consideration of her act(s) of originating residential mortgage loan(s) when she was not licensed as a mortgage loan originator in Massachusetts.
- Rachael Lundgren shall comply with all laws and regulations applicable to her conducting the business of a mortgage loan originator, including, but not limited to, Massachusetts General Laws chapter 255F, and the Division's regulation 209 CMR 41.00. Such obligations shall include a duty to ensure strict compliance with Massachusetts General Laws chapter 255F, section 2, which states, in part: "No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner…"
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
- 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.
By order and direction of the Commissioner of Banks.
Dated at Boston, Massachusetts, this 21st day of July, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts