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THIS SETTLEMENT AGREEMENT is made this 12th day of April, 2012 between PRIMERICA FINANCIAL SERVICES HOME MORTGAGES, INC., Duluth, Georgia ("PFSHMI" or the "Corporation"), a licensed mortgage broker under Massachusetts General Laws chapter 255E, section 2, and the Commonwealth of Massachusetts Division of Banks ("Division").
WHEREAS, an examination/inspection of PFSHMI was commenced pursuant to General Laws chapter 255E, section 8, as of December 2, 2009 and continued through February 2011, to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes and regulations governing the conduct of those engaged in the business of a mortgage broker in the Commonwealth;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division’s examination/inspection of PFSHMI as of December 2, 2009, alleged non-compliance with applicable state statutes, rules, and regulations governing the conduct of those engaged in the business of a mortgage broker and small loan company in Massachusetts;
WHEREAS, PFSHMI does not admit 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 and believed that the Corporation was in compliance with Massachusetts law;
WHEREAS, by letter dated December 6, 2011 from PFSHMI’s outside legal counsel, PFSHMI informed the Division that the Corporation intended to cease taking new Massachusetts mortgage applications as of January 1, 2012;
WHEREAS, PFSHMI has indicated that it will retain its Massachusetts mortgage broker license only until all loan applications in the pipeline have been closed or declined by the lender; at which point PFSHMI will initiate the surrender of its Massachusetts mortgage broker license through the Nationwide Mortgage Licensing System (NMLS);
WHEREAS, PFSHMI is in the process of voluntarily surrendering all of its mortgage licenses in all states to effect the Corporation’s exit from the mortgage loan brokering business due to its cessation of business effective December 31, 2011 and;
WHEREAS, PFSHMI has been advised of its right to Notice and Hearing pursuant to Massachusetts General Laws chapter 255E, section 7, and has waived those rights; and
WHEREAS, PFSHMI desires to resolve the concerns of the Division through this Settlement Agreement and 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 PFSHMI, both of whom desire to resolve this matter and agree as follows:
Agreed to this 12th day of April, 2012.
By its duly authorized officer:
Gregory C. Pitts
Approved this 13th day of April, 2012.
David J. Cotney
Commissioner of Banks