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WHEREAS, The Mortgage Specialists, Inc., Plaistow, New Hampshire ("Mortgage Specialists" or the "Corporation"), a licensed 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 January 20, 2012, 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, Mortgage Specialists 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. 2008-015 (the "Temporary Order"), against Mortgage Specialists on July 31, 2008, based upon an examination/inspection of Mortgage Specialists which commenced on March 25, 2008;
WHEREAS, the parties resolved the matters identified in the Temporary Order pursuant to a Consent Order dated August 18, 2008 ("2008 Consent Order");
WHEREAS, another examination/inspection of Mortgage Specialists was conducted pursuant to General Laws chapter 255E, section 8, as of June 21, 2010 to assess the Corporation’s level of compliance with applicable Massachusetts statutes and regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth, as well as to assess the Corporation’s compliance with the 2008 Consent Order;
WHEREAS, the Division issued a Report of Examination/Inspection (the "Report") detailing the findings of the 2010 examination/inspection;
WHEREAS, the Division has considered the findings presented in the Report and has determined that the Corporation is not in full compliance with the provisions of the 2008 Consent Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, by mutual agreement of the Corporation and the Division, the 2008 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Mortgage Specialists, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 20th day of January, 2012
David J. Cotney
Commissioner of Banks