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In the Matter of
SYNERGY MORTGAGE GROUP, LLC
EDWARD J. HAMMONDS
Mortgage Broker License No. MB4244
WHEREAS, Synergy Mortgage Group, LLC, Lawrence, Massachusetts ("Synergy Mortgage" or the "Company"), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and Edward J. Hammonds have been advised of their 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 February 13, 2007, 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 broker, Synergy Mortgage and Edward J. Hammonds, individually, agree to the issuance of this CONSENT ORDER ("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. 2006-15 (the "TEMPORARY ORDER"), against Synergy Mortgage and Edward J. Hammonds on August 11, 2006, based upon the alleged failure of Synergy Mortgage and its officer, director, and owner to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that the mortgage broker business would be operated honestly, fairly, and soundly in the public interest in violation of Massachusetts General laws chapter 255E, section 4 and the Division's regulation 209 CMR 42.06(2)(c); and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the TEMPORARY ORDER.
NOW COME the parties in the above-captioned matter, the Division, Synergy Mortgage, and Edward J. Hammonds, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of February, 2007.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts