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WHEREAS, SILVA BROS. INVESTMENT, INC. (“Silva Bros.” or the “Company”), holding no license with the Massachusetts Division of Banks (“Division”), have been advised of their rights 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 dated May 11, 2017, whereby, solely for the purpose of settling this matter, Silva Bros. agree to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, the Division of Banks, through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in the business of residential mortgage lending in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, the Division, through the Commissioner, 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;
WHEREAS, Silva Bros., at all relevant times, has been a Massachusetts corporation doing business in the Commonwealth with its main office located at 850 Chelmsford Street Lowell, Massachusetts;
WHEREAS, Nair Santos, at all relevant times has been the President and authorized signatory of Silva Bros.;
WHEREAS, the Division alleges that Silva Bros. engaged in unlicensed residential mortgage lending in violation of Massachusetts General Laws chapter 255E, section 2, and that Nair Santos engaged in unlicensed residential mortgage loan origination in violation of Massachusetts General Laws chapter 255F, section 2;
WHEREAS, the Division alleges that Silva Bros. wrongfully charged fees in violation of Massachusetts General Laws chapter 183, section 59 and Massachusetts General Laws chapter 93A, section 2.
WHEREAS, the Division alleges that Silva Bros. failed to comply with applicable regulations, including the Real Estate Settlement Procedures Act (RESPA).
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in this Order;
WHEREAS, without this Consent Order constituting an admission by Silva Bros. of any allegations made or implied by the provisions of this Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Silva Bros. hereby waive all rights to complete the hearing process relative to this proceeding and affirm that Silva Bros. is willing to take all necessary action as set forth in this Consent Order;
NOW COME the parties in the above-captioned matter and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 11th day of May, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts