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The Commissioner of Banks ("Commissioner") having determined that OlympiaWest Mortgage Group, LLC ("OlympiaWest" or the "Company") located at 1950 Old Gallows Road, Vienna, Virginia, 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
"Because of the current volatile mortgage environment, all loan approvals were expressly conditioned as follows â€˜LOAN APPROVAL SUBJECT TO ELIBILITY AND PRICING REVIEW PRIOR TO FUNDING. LOAN NO LONGER SUPPORTED WILL BE SUBJECT TO CHANGE OF PRICING AND/OR LOAN TERMS.' At present the company's warehouse provider has provided written notice of its intention to exit the warehouse business and has suspended funding to the company effective February 20, 2008. . . . OWMG is solvent and believes, acting on the condition set forth in all conditional approvals and other rights it may have, it has the right to suspend operations of OMG Wholesale."
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.
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.
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 29th day of February, 2008.
By: Steven L. Antonakes
Commissioner of Banks