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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:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 14th day of November 2011.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts