The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2009-138
FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
In the Matter of
IDEAL MORTGAGE BANKERS, LTD. D/B/A
Melville, New York
Mortgage Company License No. MC5278
The Commissioner of Banks ("Commissioner") having determined that IDEAL MORTGAGE BANKERS, LTD., D/B/A LEND AMERICA ("Lend America" or the "Corporation"), located at 520 Broadhollow Road, Melville, New York 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) and chapter 255F, section 8(b).
FINDINGS OF FACT
A. Failure to Fund Certain Residential Mortgage Loan Obligations
It is a prohibited act or practice for a mortgage lender to contract with a consumer through the underwriting and subsequent execution of mortgage loan closing documents and thereafter fail to fund the mortgage loan.
Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.
It is an unfair or deceptive act or practice for a lender to fail to disburse funds in accordance with any commitment or agreement with the borrower.
A violation of 209 CMR 42.12A shall constitute grounds for the issuance of a cease and desist order under M.G.L. c. 255E, § 7; shall constitute grounds for license suspension or revocation under M.G.L. c. 255E, § 6 and shall constitute grounds for an administrative fine or penalty under M.G.L. c. 255E, §§ 11 and 12.
B. 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.
Effective immediately the company has ceased it[s] loan origination and operations. The company will continue to operate to fulfill its obligations to past and current borrowers, FNMA, GNMA and the regulatory agencies.
C. Failure to Provide Notification of Significant Events
D. Uncertainty of Lend America's Maintenance of the Statutory Requirements for Holding a Mortgage Lender and Mortgage Broker License in Massachusetts
The Commissioner may also deny such an application if the Applicant has: conducted, or will conduct, its business in an unsafe and unsound manner…
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 lender in an honest, fair, sound and efficient manner.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 3rd day of December, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts