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WHEREAS, RICK PALMER LACOSS II (“Rick Lacoss”), a formerly 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 May 15, 2017, whereby, solely for the purpose of settling this matter, Rick Lacoss 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, Chapter 206 of the Acts of 2007 which added Chapter 255F to the General Laws of Massachusetts introduced the license requirement for individuals engaged in the activity of a “mortgage loan originator” and grandfathered existing loan originators who applied for a mortgage loan originator license before July 1, 2008;
WHEREAS, Rick Lacoss applied for a Massachusetts mortgage loan originator license on May 27, 2008, and was, therefore, “grandfathered” and permitted to originate mortgage loans until October 28, 2008, when his application for a license was deemed abandoned;
WHEREAS, an email notification of the change in the license to “Withdrawn-Application Abandoned” was delivered by the Nationwide Multi-State Licensing System (NMLS) to Rick Lacoss’s email address of record on October 28, 2008;
WHEREAS, on July 19, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination ("examination") of the books, accounts, papers, records, and files maintained by a Referral Financial, LLC, 1168 Lakeview Avenue, Dracut, Massachusetts, a formerly licensed mortgage broker;
WHEREAS, the Division’s review of books and records during the examination revealed that Rick Lacoss originated twenty eight (28) Massachusetts residential mortgage loan applications on behalf of Referral Financial, LLC, after his application for a Massachusetts mortgage loan originator license had been “withdrawn/abandoned”; and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 Rick Lacoss, stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 15th day of May, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts