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WHEREAS, STEPHEN A. BECKER (Stephen Becker), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his right 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 of Banks (Division) dated August 15, 2016, whereby, solely for the purpose of settling this matter, Stephen Becker 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 engaged in the business of a mortgage loan originator in Massachusetts pursuant to G.L. chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq.;
WHEREAS, Stephen Becker is licensed by the Commissioner as a mortgage loan originator under G.L. chapter 255F, section 2. According to records maintained on file with the Division, and the Nationwide Multi State Licensing System & Registry (NMLS), the Commissioner initially issued a mortgage loan originator license, license number MLO9975, to Stephen Becker to engage in the business of a mortgage loan originator on or about May 16, 2008;
WHEREAS, according to records maintained on file with the Division, and the NMLS, Stephen Becker was sponsored by Direct Finance Corporation (Direct Finance) from January 24, 2013 to December 11, 2015.
WHEREAS, according to records maintained on file with the Division, and the NMLS, Stephen Becker’s current license status is Approved-Inactive.
WHEREAS, pursuant to G.L. chapter 255F, section 2 and its implementing regulation 209 CMR 41.00 et seq., the Commissioner issued a Temporary Order to Cease and Desist and Notice of Civil Assessment (Order), Docket No. 2015-012 against Stephen Becker on September 17, 2015, based upon a printed flyer (Advertisement) and a website maintained by Direct Finance (Website) that Direct Finance deactivated on or before September 18, 2015;
WHEREAS, on or about September 25, 2015, Stephen Becker, through counsel, filed a response to the Order, whereby Stephen Becker addressed the Division's findings and alleged violations of law contained in the Order. By his response, Stephen Becker further reserved his right to proceed to an administrative hearing in accordance with G.L. chapter 30A;
WHEREAS, the parties now seek to resolve by mutual agreement the matters identified in the Order;
WHEREAS, without this Consent Order constituting an admission by Stephen Becker of any allegations made or implied by the provisions of the Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Stephen Becker hereby waives his right to complete the hearing process relative to this proceeding and affirms that he is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and Stephen Becker having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order, the Commissioner has terminated the Order on this 16th day of August, 2016.
NOW COME the parties in the above-captioned matter, the Division, and Stephen Becker, and stipulate and agree, solely for the purpose of settlement and compromise and without admission of fault or liability, as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 16th day of August, 2016