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In the Matter of
LENDERS DIRECT CAPITAL CORPORATION
Lake Forest, California
Mortgage Company License No(s). MC4504 and MC4505
The Commissioner of Banks ("Commissioner") having determined that LENDERS DIRECT CAPITAL CORPORATION ("Lenders Direct" or the "Corporation"), located at 26140 Enterprise Way, Lake Forest, California 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
(1) A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of any of the following significant developments: . . . (e) Expiration, termination or default, technical or otherwise, of any existing line of credit or warehouse credit agreement.
[A] detailed record of all pending residential mortgage loan applications on properties located in all states ('pipeline report') in which the Licensee holds a mortgage banker or mortgage broker license. The loan pipeline must be updated as of Thursday, February 8, 2007. Further, the Licensee must submit sets of financial statements, including balance sheets and income statements as follow [sic]: one set for the year ended December 31, 2006 as of December 31 and a set for the interim period from January 1, 2007 to February 2, 2007 as of February 2, 2007.
The Division required that Lenders Direct provide the requested materials no later than 1:00 PM (PST) on Wednesday, February 14, 2007.
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.
(4) In addition to the reports required by law, a Licensee shall make such other statements and reports to the Commissioner as he or she may require from time to time.
By March 1, each Licensee shall file an annual report with the Commissioner in such form as the Commissioner shall prescribe for the preceding calendar year. The annual report shall be in writing, subscribed by the Licensee under the pains and penalty of perjury.
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:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 20th day of February, 2007.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts