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In the Matter of
VERTICAL LEND, INC.
d/b/a MORTGAGE WAREHOUSE
Melville, New York
Mortgage Broker License No. MB1884
WHEREAS, Vertical Lend, Inc. d/b/a Mortgage Warehouse, Melville, New York ("Vertical Lend" 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 2, 2008, 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, Vertical Lend 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 AND ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING, Docket No. 2007-013 (the "ORDER AND NOTICE"), against Vertical Lend on April 3, 2007, based upon an examination/inspection of Vertical Lend as of January 30, 2007 and the findings presented in the Division's Report of Examination/Inspection (the "Report"), which alleged Vertical Lend's failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its mortgage broker business will 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);
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the ORDER AND NOTICE;
WHEREAS after extensive negotiations and without this CONSENT ORDER constituting an admission by Vertical Lend of any allegations made or implied by the provisions of the ORDER AND NOTICE; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Vertical Lend 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 Vertical Lend having reached the following mutual agreement under this CONSENT ORDER to fully resolve the matters raised by the ORDER AND NOTICE, the Commissioner has terminated the ORDER AND NOTICE on this 2nd day of January 2008.
NOW COME the parties in the above-captioned matter, the Division and Vertical Lend, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 2nd day of January, 2008.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts