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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2008-011
FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST
In the Matter of
FIDELITY HOME MORTGAGE CORPORATION
d/b/a MARYLAND FIDELITY HOME
Mortgage Lender and Mortgage Broker License No(s): MC4719; MC5037
The Commissioner of Banks ("Commissioner") having determined that FIDELITY HOME MORTGAGE CORPORATION d/b/a MARYLAND FIDELITY HOME ("Fidelity Home Mortgage" or the "Corporation"), located at 1012 North Point Road, Baltimore, Maryland has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E and applicable regulations found at 209 CMR 42.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST ("Temporary Order") pursuant to General Laws chapter 255E, section 7(b).
FINDINGS OF FACT
A Licensee shall notify the Commissioner immediately, and in writing within five business days, of the occurrence of any of the following significant developments: . . . (b) Criminal felony indictment or conviction of any of the Licensee's officers, directors, principal stockholders, or affiliates.
(a) 15 days prior to any proposed change in control in the ownership of a Licensee, or among the officers, partners or directors of a Licensee, a notice shall forthwith be filed with the Commissioner who may thereupon cause such investigation to be made as he deems necessary, as if it were a new license. In the case of a corporation, control is defined as a change of ownership by a person or group acting in concert to acquire ten percent of the stock, or the ability of a person or group acting in concert to elect a majority of the directors or otherwise effect a change in policy of the corporation.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
All information on file as of the date of submission regarding Fidelity Home Mortgage's open application list, including but not limited to, the following: The names of all individuals from whom Fidelity Home Mortgage has accepted an application for a residential mortgage loan; an indication of whether Fidelity Home Mortgage accepted the application in its capacity as a mortgage lender or mortgage broker in the transaction; the applicants' addresses and telephone numbers; the amount of all prepaid loan fees submitted by the customer; the amount of each loan; application status (i.e. filed, submitted to lenders, cleared to close, etc.); scheduled closing dates; rate lock status; and a list identifying the applicable broker(s) or lender(s) with whom the applicants' application was placed. The latter list should include telephone numbers of contact persons familiar with the Corporation's submitted loans.
By ORDER AND direction of the Commissioner of Banks.
Dated at Boston, Massachusetts, this 9th day of June, 2008.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts