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WHEREAS, SB ACCENT LLC (“SB Accent” or the “Company”), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and Susie Bae, a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, have been advised of their right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 September 6, 2017, whereby, solely for the purpose of settling this matter and expressly without admission of fault or liability, SB Accent and Susie Bae agree to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, the Division of Banks (“Division”) has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2 and its implementing regulation 209 CMR 42.00 et seq.;
WHEREAS, the Division, through the Commissioner, also has jurisdiction over the licensing and regulation of persons engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq.;
WHEREAS, Susie Bae, at all relevant times has been the President and sole owner of SB Accent;
WHEREAS, Susie Bae is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2;
WHEREAS, on August 25, 2017 the Connecticut Department of Banking (Connecticut) issued a denial of SB Accent LLC’s application for mortgage broker license;
WHEREAS, Connecticut stated that it denied the application because SB Accent submitted false financial statements and doctored bank statements, which incorrectly represented that the Company met the minimum net worth requirement in for a mortgage broker license in Connecticut; WHEREAS, the same financial statements and bank statements provided to Connecticut were also provided to the Division through the Nationwide Multi-State Licensing System & Registry (NMLS);
WHEREAS on or about August 31, 2017 SB Accent requested the surrender/cancellation of its Massachusetts mortgage lender license through NMLS;
WHEREAS on or about August 31, 2017 Susie Bae requested the surrender/cancellation of her Massachusetts mortgage loan originator license through NMLS.
NOW COME the parties in the above-captioned matter, the Division, Susie Bae, and SB Accent stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of September, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts