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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-136
FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
In the Matter of
FINANCIAL RESOURCES MORTGAGE, INC.
Meredith, New Hampshire
Mortgage Broker License No.: MB1563
The Commissioner of Banks ("Commissioner") having determined that Financial Resources Mortgage, Inc., ("Financial Resources Mortgage" or the "Corporation"), located at 15 Northview Drive, Meredith, New Hampshire has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapters 255E and 255F, and applicable regulations found at 209 CMR 41.00 and 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) and chapter 255F, section 11(a).
FINDINGS OF FACT
A. Failure to Provide Notice of Significant Events
(1) Failure to Provide Notification of Regulatory Action
A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of any of the following significant developments: . . . (c) [R]eceiving notification of the institution of . . . cease and desist, suspension or revocation procedures, or other formal or informal regulatory action, in any state against the Licensee, and the reasons thereof.
(2) Failure to Provide Notice of Cessation of Operations
Licensees shall provide thirty days prior written notice of any change or closing of a Massachusetts location to the Commissioner and shall contain such other information as the Commissioner may require.
B. Failure to Provide Access to Books and Records
Each licensee shall, when directed by said commissioner, permit said commissioner or his duly authorized representative to inspect its relevant records and evidence of compliance with the provisions of this chapter or any rule or regulation issued hereunder and with any other law, rule or regulation applicable to the conduct of the business for which it is licensed under this chapter . . . . For the purposes of such inspection, said commissioner or his representative shall have access to the offices and place of business, books, accounts, papers, records and files of all such licensees.
[A] Licensee shall make such other statements and reports to the Commissioner as he or she may require from time to time…
Each Licensee shall keep and use its books, records, and accounts in a manner which will allow the Commissioner to determine whether the Licensee is complying with the provisions of . . . General Laws chapter 255E and other provisions applicable to the conduct of the licensed business.
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 Financial Resources Mortgage's open application list as a mortgage broker, including but not limited to, the following: The names of all individuals from whom Financial Resources Mortgage has accepted an application for a residential mortgage loan; 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 or lender 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 4th day of December, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts