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WHEREAS, SECKEL CAPITAL, LLC, Newtown, Pennsylvania (Seckel Capital or the Company), a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, and JOHN SECKEL, individually, have entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Stipulation) with representatives of the Division of Banks (Division) dated August 22, 2017, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender, Seckel Capital and John Seckel, individually, agree to the issuance of this CONSENT ORDER (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 lender in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, for all relevant times, John Seckel has been president and 100% owner of Seckel Capital.
WHEREAS, Seckel Capital was licensed by the by the Division, and approved to do business in Massachusetts as a mortgage lender on January 20, 2017.
WHEREAS, on July 11, 2017, the U.S. Department of Housing and Urban Development's Mortgagee Review Board (MRB) announced it was immediately suspending Seckel Capital from obtaining and underwriting new mortgages insured by the Federal Housing Administration (FHA). At the same time, John Seckel was suspended from doing business with the Federal government.
WHEREAS, “HUD found that Seckel Capital and John Seckel engaged in a years-long pattern of submitting false financial statement to FHA, representing them as properly audited by independent certified public accountants”, when in fact, they were not.
WHEREAS, Seckel Capital provided those same financial statements to the Division as a part of its application for a mortgage lender license.
WHEREAS, Seckel Capital is not contesting the veracity of the allegations made by the MRB.
WHEREAS on or about July 12, 2017 Seckel Capital requested the surrender/cancellation of its Massachusetts mortgage lender license through the Nationwide Multi-State Licensing System & Registry (NMLS).
NOW COME the parties in the above-captioned matter, the Division and Seckel Capital stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 22nd day of August, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts