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The Commissioner of Banks ("Commissioner") having determined that SUN WEST MORTGAGE COMPANY, INC., ("Sun West Mortgage" or the "Corporation"), located at 18303 Gridley Road, Cerritos, 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
Making Reverse Mortgage Loans without Approval
Failure to Demonstrate Compliance with Massachusetts Borrower Protections in Reverse Mortgage Transactions
The commissioner shall not approve a program for reverse mortgage loans which does not include the following:-
(2) an applicant for the loan shall not be bound for 7 days after his acceptance, in writing, of the lender's written commitment to make the loan.
Failure to Document Prospective Borrowers' Completion of Mandatory Counseling with an Approved Agency
A bank shall not make a reverse mortgage loan as provided in this section until it has received a notice, in writing, that the prospective borrower has completed a reverse mortgage counseling program which has been approved by the executive office of elder affairs and which shall include instruction on reverse mortgage loans. The counseling program shall include, but is not limited to...
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 24th day of September, 2008
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts