The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
THIS SETTLEMENT AGREEMENT is made this 21st day of June, 21, 2011 between AAA SOUTHERN NEW ENGLAND BANK, Providence, Rhode Island (the "Financial Institution"), a Rhode Island financial institution authorized to transact business under Title 19 of the Rhode Island General Laws, and registered with the Massachusetts Division of Banks ("Division") through the Nationwide Mortgage Licensing System (NMLS) as a mortgage company which employs mortgage loan originators which are, or should be, licensed by the Division.
WHEREAS, the Financial Institution discovered that certain Massachusetts residential mortgage loans were originated during the period July 31, 2010 through March 24, 2011 by the Financial Institution employees who were not properly licensed under Massachusetts General Laws chapter 255F as Mortgage Loan Originators (the "licensing violations").
WHEREAS, on or about March 25, 2011, the Financial Institution, of its own accord, notified the Division of the aforementioned unlicensed loan origination activity.
WHEREAS, the Financial Institution cooperated fully with the Division in voluntarily producing information and responding to questions relevant to the Financial Institution's mortgage loan origination activity.
WHEREAS, the Financial Institution has taken affirmative steps to identify and address the licensing violations that occurred, and to prevent the reoccurrence of such violations.
WHEREAS, there is no evidence that the licensing violations resulted in any consumer harm and/or impact.
WHEREAS, the Financial Institution assumes all responsibility for the licensing violations and asserts that such violations were not the fault of any individual Financial Institution employees.
WHEREAS, without any requirement or obligation to do so, the Financial Institution has agreed to satisfy any civil assessments assessed as a result of the licensing violations.
WHEREAS, the Financial Institution desires to resolve the concerns of the Division through this Settlement Agreement; and the Financial Institution is entering into this Settlement Agreement with the Division on the terms stated herein.
NOW COME the parties in the above-captioned matter, the Division and the Financial Institution, both of whom desire to resolve this matter and agree as follows:
Agreed to this 21st day of June, 2011.
AAA Southern New England Bank
Providence, Rhode Island
By its duly authorized officer:
Mark Allen Shaw
Approved this 21st day of June, 2011.
Commonwealth of Massachusetts Division of Banks
David J. Cotney
Commissioner of Banks