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The Commissioner of Banks ("Commissioner") having determined that MORTGAGE DREAMS, LLC ("Mortgage Dreams" or the "Company"), located at 451 Worcester Road, Charlton, Massachusetts, julie ann tremblay ("Julie Tremblay") and Christopher m. tremBlay, ("Christopher Tremblay") 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 42.00 and 209 CMR 41.00 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. Making False, Perjurious Statements to the Division
a. Submitting False Information to the Division in Response to an Examination
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.
It shall be a violation of this chapter for any person to: ... (j) make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Mortgage Licensing System and Registry or in connection with any investigation conducted by the commissioner or another governmental agency.
It is a prohibited act or practice for a Mortgage Loan Originator to make any false statement or knowingly and willfully make any omission of material fact in connection with any information or reports filed with a governmental agency or the Nationwide Mortgage Licensing System and Registry or in connection with any investigation conducted by the Commissioner or another governmental agency.
It is a prohibited act or practice for a mortgage broker or a mortgage lender to engage in conduct prohibited under 209 CMR 41.10.
b. Failure to Update NMLS Record Regarding the Occurrence of a Significant Event
c. Misrepresentation of Information on Mortgage Renewal Filing
d. Misrepresentation to the Division in a Mortgage Loan Originator filing
i. Failure to update information regarding a Federal Tax Lien
ii. Failure to update information regarding other businesses
B. Unfair or Deceptive Acts and Practices
a. Alteration and/or Manipulation of Mortgage Loan Related Documents
It is a prohibited act or practice for a mortgage broker or mortgage lender to sign a consumer's name to a mortgage loan application or mortgage loan documents on behalf of a consumer.
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 mortgage broker or lender to make any representation or statement of fact if the representation or statement is false or misleading or has the tendency or capacity to be misleading.
C. Failure to Provide Notice Significant Event
A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of … (j) Existence of negative balances, exceeding $ 100, in any operating account at any time or the return of checks, exceeding $ 100, for insufficient funds.
D. Conducting Residential Mortgage Loan Business in Massachusetts with Unlicensed Mortgage Loan Originators
No individual shall act as a mortgage loan originator with respect to any dwelling unless such person has first obtained a mortgage loan originator license from the commissioner or is exempt from the licensure requirement ... No person shall knowingly employ or retain a mortgage loan originator unless the mortgage loan originator is licensed under this chapter or is exempt from the licensure requirement.
The commissioner may suspend, revoke or refuse to renew the license of the entity employing any licensed mortgage originator upon finding that: (i) the entity knew or reasonably should have known that the mortgage loan originator violated this chapter or any rule or regulation promulgated hereunder, or any other law applicable to the conduct of its business; (ii) the entity knew of any fact or condition which, if it had existed at the time of the original application for such license, would have warranted the commissioner in refusing to issue such license; or (iii) the mortgage loan originator committed any fraud, misappropriated funds or misrepresented any of the material particulars of a mortgage loan transaction approved by the entity.
It is a prohibited act or practice for a mortgage broker or a mortgage lender to conduct business with an individual who should be licensed as a mortgage loan originator under M.G.L. c. 255F, and who the mortgage broker or mortgage lender knows or should know is an unlicensed mortgage loan originator.
E. Providing Mortgage Lender Disclosures to Consumers
F. Loan Origination and Compensation Agreement
It is a prohibited act or practice for a mortgage broker to fail to provide to the consumer at the time of application the loan origination and compensation agreement required under 209 CMR 42.16. The content of the agreement shall strictly conform to 209 CMR 42.16 and include signatures and dates by the consumer(s) and the mortgage broker.
Each mortgage broker ... shall retain for a minimum of three years after a mortgage loan is made the following: the original loan origination and compensation agreement as set out in 209 CMR 42.16.
G. Engaging in Prohibited Advertising Practices
It is a prohibited act or practice for a mortgage broker to advertise any interest rate or loan term described in 209 CMR 32.24(3)(a) in any media without the following statement: "We arrange but do not make loans". No advertisement by a mortgage broker in any media shall contain language which indicates or suggests that the mortgage broker will fund or approve a mortgage loan or guarantee any rate.
(a) Triggering Terms. If any of the following terms is set forth in an advertisement, the advertisement shall meet the requirements of 209 CMR 32.24(4)(b):
1. The amount or percentage of any downpayment.
2. The number of payments or period of repayment.
3. The amount of any payment.
4. The amount of any finance charge.
(b) Additional Terms. An advertisement stating any of the terms in 209 CMR 32.24(4)(a) shall state the following terms, as applicable (an example of one or more typical extensions of credit with a statement of all the terms applicable to each may be used):
1. The amount or percentage of the downpayment.
2. The terms of repayment, which reflect the repayment obligations over the full term of the loan, including any balloon payment.
3. The "annual percentage rate," using that term, and, if the rate may be increased after consummation, that fact.
H. Other Violations
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
All information on file as of the date of submission regarding Mortgage Dreams' open application list as a mortgage broker, including but not limited to, the following: The names of all individuals from whom Mortgage Dreams 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 6th day of September, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts