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This Consent Order was superseded and replaced by a Consent Order on April 18, 2012.
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
MORTGAGE BROKER LICENSING
Docket No. 2010-250
In the Matter of
SIERRA PACIFIC MORTGAGE COMPANY, INC.
Mortgage Company License No(s). MC4475 et al
WHEREAS, SIERRA PACIFIC MORTGAGE COMPANY, INC., Folsom, California ("Sierra Pacific" or the "Corporation"), a licensed mortgage lender and mortgage broker under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), 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 August 23, 2010, 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 and mortgage broker, Sierra Pacific agrees to the issuance of this CONSENT ORDER ("Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, a Mortgage Lender Community Investment examination of Sierra Pacific was conducted pursuant to General Laws chapter 255E, section 8, as of November 23, 2009, to
assess Sierra Pacific's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage lender in the Commonwealth; and
WHEREAS, the Report of Examination (the "Report") issued pursuant to the Division's examination of Sierra Pacific as of February 15, 2010 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Sierra Pacific, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 23rd day of August, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts