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WHEREAS, TIMOTHY RENNICK ("Timothy Rennick"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2 and 209 CMR 41.00 et seq., has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 April 19, 2011, whereby, solely for the purpose of settling this matter, Timothy Rennick 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 and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Timothy Rennick's Massachusetts mortgage loan originator license was in an inactive status from June 1, 2010 through June 8, 2010 because he was not properly sponsored by an employing entity through the National Mortgage Licensing System ("NMLS");
WHEREAS, Timothy Rennick received actual or constructive notice that his Massachusetts mortgage loan originator license status had changed to "inactive" on June 1, 2010, when his license status was updated on the NMLS;
WHEREAS, on August 11, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Drew Mortgage Associates, Inc., Shrewsbury, MA, license no. MC0020;
WHEREAS, the Division's review of books and records during the examination/inspection revealed that Timothy Rennick originated three (3) Massachusetts residential mortgage loan applications on behalf of Drew Mortgage Associates, Inc. when his license was in an inactive status, prior to his obtaining proper sponsorship from Drew Mortgage;
WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.
NOW COME the parties in the above-captioned matter, the Division and Timothy Rennick, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 19th day of April, 2011
By: David J. Cotney
Commissioner of Banks