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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE BROKER AND
Docket No. 2010-077
FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
In the Matter of
FIRST CAPITAL MORTGAGE GROUP, LLC
Mortgage Broker License No. MB1464
South Boston, Massachusetts
David Gefke, Individually
Mortgage Loan Originator License No. MLO18878
The Commissioner of Banks ("Commissioner") having determined that FIRST CAPITAL MORTGAGE GROUP, LLC ("First Capital Mortgage" or the "Company"), located at 202-206 K Street, South Boston, Massachusetts and david gefke, have engaged in, or are engaging in, or are 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
i. Felony Charges Affecting a Determination of the Licensee's Financial Responsibility, Character, Reputation, Integrity and General Fitness to Engage in the Licensed Business
[I]f the commissioner finds that the financial responsibility, character, reputation, integrity and general fitness of the applicant, and of the partners or members thereof if the applicant is a partnership or association, and of the officers, directors and principal employees if the applicant is a corporation, are such as to warrant belief that the business will be operated honestly, fairly, soundly and efficiently in the public interest consistent with the purposes of this chapter, he shall thereupon issue the applicant a license to engage in the business of a mortgage lender or mortgage broker. If the commissioner shall not so find, he shall not issue a license and he shall notify the applicant of the denial. [Emphasis added].
An Applicant shall be required to submit detailed information supporting the following general requirements:
Character and Fitness. An Applicant shall submit information demonstrating that the Applicant possesses the character, reputation, integrity and fitness to engage in the business of a mortgage broker in an honest, fair, sound and efficient manner.
The Commissioner may deny an application to engage in the business of a mortgage broker, if the Commissioner upon review of the application and other relevant information, determines that the Applicant has not satisfied the requirements of M.G.L. c. 255E or 209 CMR 42.06.
If the commissioner makes written findings of fact that the public interest will be irreparably harmed by delay in issuing an order under subsection (a) he may issue a temporary cease and desist order.
The commissioner shall issue a mortgage loan originator license to an applicant therefore unless the applicant: (iii) has failed to demonstrate financial responsibility, character, reputation, integrity and general fitness such as to command the confidence of the community and to warrant a determination that such applicant will operate honestly, fairly, soundly and efficiently in the public interest, consistent with the purposes of this chapter.
An Applicant shall be required to submit detailed information supporting the following requirements:
Character and Fitness. An Applicant shall submit information demonstrating that the Applicant possesses the character, reputation, integrity, and general fitness such as to command the confidence of the community and to warrant a determination that the Applicant will engage in the business of a Mortgage Loan Originator in an honest, fair, sound, and efficient manner.
The Commissioner shall deny an application for a Mortgage Loan Originator license if the Commissioner upon review of the application and any other relevant information, determines that the Applicant has:
failed to satisfy the requirements of M.G.L. c. 255F or 209 CMR 41.04.
The commissioner may for the administration and enforcement of this chapter, pursuant to chapter 30A: (ii) deny, suspend, revoke, condition or decline to renew a license if a . . . licensee fails at any time to meet the requirements of section 4 . . . (vii) enter immediate temporary orders to cease business under a license if the commissioner determines that . . . the licensee is currently in violation of this chapter.
ii. Failure to Notify the Division of the Occurrence of Significant Developments
A Licensee shall notify the Commissioner immediately, in writing, and amend the Licensee's information and disclosures in the NMLS, within 2 business days of the occurrence of any of the following significant developments:
(a) Being charged with or convicted of any criminal felony offense.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
All information on file as of the date of submission regarding First Capital Mortgage's open application list as a mortgage broker, including but not limited to, the following: The names of all individuals from whom First Capital 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 Company's submitted loans.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 18th day of February, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts