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WHEREAS, Sun West Mortgage Company, Inc., Cerritos, California (Sun West Mortgage or the Corporation), 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 December 17, 2013, 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, Sun West Mortgage agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, pursuant to General Laws chapter 255E, section (7)(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2008-021 (Temporary Order), against Sun West Mortgage on September 24, 2008, based upon the written findings of the Division’s examination of Sun West Mortgage as of June 11, 2008, (the Findings) which alleged Sun West Mortgage’s failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its mortgage lender business would be operated honestly, fairly, and soundly in the public interest in accordance with General laws chapter 255E, section 4 and the Division's regulation 209 CMR42.03(2)(c);
WHEREAS, Sun West Mortgage cooperated with the Division in voluntarily producing information, and responding to questions in order to resolve this matter, and conferring with the Division’s representatives through the Corporation’s counsel;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by Sun West Mortgage of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Sun West Mortgage hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and Sun West Mortgage having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 17th day of December, 2013.
NOW COME the parties in the above-captioned matter, the Division and Sun West Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 17th day of December, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts