|Organization:||Division of Banks|
Order Lehi Mortgage Services, Inc.
Lehi Mortgage Services, Inc., Quincy MA - Suspension Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-137
In the Matter of
LEHI MORTGAGE SERVICES, INC.
Mortgage Broker License No. MB3202
The Commissioner of Banks ("Commissioner") having determined that LEHI MORTGAGE SERVICES, INC. ("Lehi Mortgage" or the "Licensee"), with its main address located at 1073 Hancock Street, Suite 401, Quincy, Massachusetts has failed to maintain the surety bond required for its license as a mortgage broker under the Division of Banks' ("Division") regulation 209 CMR 42.06(2)(a)2 hereby issues the following ORDER SUSPENDING MORTGAGE BROKER LICENSE MB3202 ("Order").
- On or about May 18, 2009, the Division of Banks (the "Division") received notice from CNA Surety that the Licensee's corporate surety bond issued by Western Surety Company was to be cancelled and voided as of June 24, 2009.
- As of the date of this Order, the Division has not received a replacement corporate surety bond.
- The Division's regulation 209 CMR 42.06(2)(a)2 provides, in pertinent part, that a mortgage broker "shall demonstrate and maintain: ... a bond of $75,000 in such form and with such sureties as may be approved by the Commissioner. The surety bond must contain a clause that the insurance company will notify the Commissioner at least 30 days prior to canceling the surety bond for any reason. The Commissioner shall automatically suspend the license on the date the cancellation takes effect, unless the surety bond has been replaced or renewed." (Emphasis supplied).
NOW, THEREFORE, Lehi Mortgage's mortgage broker license MB3202 is hereby suspended, effective immediately.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 2nd day of December, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts