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In the Matter of
METROPOLITAN CAPITAL CONSULTANTS, INC.
d/b/a METROPOLIS FUNDING
Babylon, New York
Mortgage Broker License No. MB2906
The Commissioner of Banks ("Commissioner") having determined that METROPOLITAN CAPITAL CONSULTANTS, INC., d/b/a METROPOLIS FUNDING ("Metropolitan Capital" or the "Corporation"), located at 63 West Main Street, Babylon, New York 11702 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
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.
"Each Licensee shall keep and use its books, records, and accounts within the Commonwealth, except, however, that with the prior approval by the Commissioner of a written plan, a Licensee may keep such books, records, and accounts at a location, or locations, outside of the Commonwealth. Such written plan shall contain:
(1) an agreement to provide access, within 72 hours of an official request, to any requested books, records, and accounts to a suitable and mutually agreed upon location within the Commonwealth for the purpose of examination…"
Failure of a Licensee to keep its books and records in accordance with 209 CMR 48.00 et seq. may result in suspension or revocation of the license under the authority contained in the specific statute applicable to the Licensee.
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 Metropolitan Capital's open application list as a mortgage broker, including but not limited to, the following: The names of all individuals from whom Metropolitan Capital 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 18th day of September, 2007.
By: Steven L. Antonakes
Commissioner of Banks