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WHEREAS WESTSTAR MORTGAGE, INC., ("Weststar Mortgage" or the "Corporation") with its main business office located at 3350 Commission Court, Woodbridge, Virginia, 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 May 24, 2011, whereby, solely for the purpose of settling this matter, Weststar Mortgage 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 and entities engaged in the business of a mortgage lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS Weststar Mortgage is, and at all relevant times, has been a foreign corporation conducting business in the Commonwealth of Massachusetts. Weststar Mortgage’s main office is located at 3350 Commission Court, Woodbridge, Virginia;
WHEREAS, pursuant to General Laws chapter 255E, section (7)(b) and General Laws chapter 255E, section 11 the Commissioner issued a Temporary Order to Cease and Desist and Notice of Administrative Penalty ("Order"), Docket No. 201-017 against Weststar Mortgage on April 22, 2011, based upon information reflected in a consumer solicitation (the "Solicitation") received by Massachusetts consumers;
WHEREAS, on or about May 2, 2011, Weststar Mortgage filed a response to the Order with the Division whereby the Corporation addressed the Division’s findings and alleged violations of law contained in the Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order;
WHEREAS, without this Consent Order constituting an admission by Weststar Mortgage of any allegations made or implied by the provisions of the Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Weststar Mortgage 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 Weststar Mortgage having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order, the Commissioner has terminated the Order on this 24 day of May, 2011.
NOW COME the parties in the above-captioned matter, the Division and Weststar Mortgage, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 24th day of May, 2011
David J. Cotney
Commissioner of Banks