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WHEREAS, TIMOTHY S. STURTEVANT (“Timothy Sturtevant” or the “Licensee”), 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 May 19th, whereby, solely for the purpose of settling this matter, Timothy Sturtevant agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, the Division of Banks ("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 Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Timothy Sturtevant is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws 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 MLO6772, to Timothy Sturtevant to engage in the business of a mortgage loan originator on or about October 31, 2008;
WHEREAS, Timothy Sturtevant’s Massachusetts mortgage loan originator license expired as of January 1, 2011 because he failed to file a license renewal application for calendar year 2011;
WHEREAS, on January 26, 2011, Timothy Sturtevant re-applied for a Massachusetts mortgage loan originator license and such license was placed in an approved-conditional status on March 3, 2011 through October 3, 2011. On October 3, 2011, Timothy Sturtevant’s Massachusetts mortgage loan originator license status was approved;
WHERAS, on or about February 3, 2014, based upon a review and investigation of information provided in a consumer complaint, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the “Temporary Order”), Docket No. 2014-002, against Timothy Sturtevant and alleged a failure to comply with applicable state and federal statutes, rules, and regulations governing the conduct of a licensed loan originator in Massachusetts;
WHEREAS, on or about February 5, 2014, Timothy Sturtevant filed a response to the Temporary Order;
WHEREAS, on or about February 18, 2014, Timothy Sturtevant filed a request to reserve his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
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 Timothy Sturtevant 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, Timothy Sturtevant hereby waives all rights 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;
WHEREAS, in recognition of the Division and Timothy Sturtevant having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 19th day of May 2014.
NOW COME the parties in the above-captioned matter, the Division and Timothy Sturtevant, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 19th day of May, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts