Related to:
Consent Order

Consent Order Sean Carroll McCarthy

Date: 11/14/2011
Organization: Division of Banks
Docket Number: 2011-054


Suffolk, SS.

Docket No. 2011-054


In the Matter of

Loan Originator License No.: MLO181090

WHEREAS, Sean Carroll McCarthy (“Sean McCarthy”), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., 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 November 14, 2011, whereby, solely for the purpose of settling this matter, Sean McCarthy 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 55F, section 2;

            WHEREAS, Sean McCarthy applied for a Massachusetts mortgage loan originator license on June 30, 2009, and he was approved to originate loans for Massachusetts residential property on September 18, 2009;

            WHEREAS, on January 3, 2011, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by  The Mortgage Stop, Inc., Saugus, Massachusetts, mortgage broker license no. MB1734;

            WHEREAS, the Division’s review of books and records during the examination/inspection revealed that Sean McCarthy originated two (2) Massachusetts residential mortgage loan applications on behalf of The Mortgage Stop, Inc.  prior to obtaining an approved mortgage loan originator license in Massachusetts; 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 Sean McCarthy, and stipulate and agree as follows:

  1. On or before the thirtieth day after the effective date of this Consent Order, Sean McCarthy shall submit a payment of two thousand dollars ($2,000.00) in satisfaction of an administrative penalty collected in consideration of Sean McCarthy originating two (2) residential mortgage loan applications without being licensed as a mortgage loan originator in Massachusetts. Sean McCarthy 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, 10th Floor, Boston, Massachusetts 02118. 
  2. This Consent Order shall become effective immediately upon the date of its issuance.          
  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 14th day of  November 2011.




David J. Cotney

Commissioner of Banks

Commonwealth of Massachusetts 


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