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Consent Order

Consent Order Rick Palmer Lacoss II

Date: 05/15/2017
Organization: Division of Banks
Docket Number: 2017-002

Table of Contents


Suffolk, SS.

Docket No. 2017-002


In the Matter of


NMLS ID: 48423

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WHEREAS, an email notification of the change in the license to “Withdrawn-Application Abandoned” was delivered by the Nationwide Multi-State Licensing System (NMLS) to Rick Lacoss’s email address of record on October 28, 2008;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:

  1. Rick Lacoss shall submit a payment of twenty eight thousand dollars ($28,000.00) in satisfaction of an administrative penalty collected in consideration of Rick Lacoss originating twenty-eight (28) residential mortgage loans without being licensed or otherwise authorized to act as a mortgage loan originator in Massachusetts. The administrative penalty shall be satisfied as follows:
    1. Five thousand dollars ($5,000.00) shall be due and payable immediately upon Rick Lacoss’s  execution of the Consent Agreement;    
    2. A payment of one thousand dollars ($1,000.00) shall be due and payable upon the last day of each month following the effective date of this Consent Order  until the administrative penalty set forth in this Section is satisfied in full; and
    3. Rick Lacoss shall remit payment(s) pursuant to this Section of the Consent Order for the amount then due, payable to the “Commonwealth of Massachusetts,” to the Division of Banks, Mortgage Licensing Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118. 
  1. This Consent Order shall become effective immediately upon the date of its issuance.                           
  2. Failure to comply with the terms of this Consent Order shall constitute grounds for a temporary cease & desist order, license suspension, license revocation, and/or other formal regulatory action pursuant to M.G.L. c. 255F, section 11.
  3. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
  4. 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.


Dated at Boston, Massachusetts, this 15th day of May, 2017

By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts