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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2010-044
In the Matter of
MORTGAGE MASTER, INC.
Mortgage Company License Nos. MC0226 et al.
THIS SETTLEMENT AGREEMENT is made this 29th day of June, 2010 between MORTGAGE MASTER, INC., Walpole, Massachusetts ("Mortgage Master" or "Corporation"), a licensed mortgage lender and mortgage broker under Massachusetts General Laws chapter 255E, section 2, and the Commonwealth of Massachusetts Division of Banks ("Division").
WHEREAS, an examination/inspection of Mortgage Master was conducted pursuant to Massachusetts General Laws chapter 255E, section 8, as of February 9, 2009, to assess the Corporation's level of compliance with applicable Massachusetts and federal statutes and the Division's regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in the Commonwealth.
WHEREAS, the Report of Examination/Inspection ("Report") issued pursuant to the Division's examination/inspection of Mortgage Master as of February 9, 2009 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts.
WHEREAS, Mortgage Master cooperated fully with the Division in voluntarily producing information and responding to questions relevant to the examination/inspection, and submitting a detailed response to the Report, attending a conference with the Division, and conferring with the Division on several dates.
WHEREAS Mortgage Master had commenced, if not completed, corrective action on several of the alleged violation areas noted in the Report and this Settlement Agreement prior to, or during, the Examination/Inspection.
WHEREAS, the findings of the Report allege that Mortgage Master allowed individuals to conduct the mortgage business on its behalf who were either not licensed as a mortgage loan originator in accordance with Massachusetts General Laws chapter 255F or were not properly sponsored by Mortgage Master in accordance with 209 CMR 41.00 et seq., and whereas, without any requirement or obligation to do so, Mortgage Master has agreed to satisfy any administrative penalties assessed against some, but not all, of the identified individuals (those so selected by Mortgage Master herein referred to as the "MLO Class Members" and identified in Addendum 1 to this Settlement Agreement).
WHEREAS, prior to the Division's examination, Mortgage Master had already taken affirmative steps to identify and address certain findings presented in the Report, including the alleged licensing error(s) that occurred, and continues to move forward with review and enhancements to its internal control environment.
WHEREAS, there is no evidence that the alleged licensing error(s) resulted in any consumer harm and/or impact and the MLO Class Members all were ultimately licensed or licensable.
WHEREAS, Mortgage Master has been advised of its right to Notice and Hearing pursuant to Massachusetts General Laws chapter 255E, section 7(a), and having waived those rights 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 lender and mortgage broker.
WHEREAS, to avoid unnecessary time and expense for all concerned, Mortgage Master desires to resolve the concerns of the Division through this Settlement Agreement; and Mortgage Master 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 Mortgage Master, both of whom desire to resolve this matter and agree as follows:
Agreed to this 29th day of June, 2010.
Mortgage Master, Inc.
By its duly authorized officer:
Paul G. Anastos
Commonwealth of Massachusetts Division of Banks
By: Steven L. Antonakes
Commissioner of Banks