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In the Matter of
THE LENDING GROUP, INC
Mortgage Lender License No. ML2581
The Commissioner of Banks ("Commissioner") having determined that THE LENDING GROUP, INC., ("The Lending Group" or the "Corporation"), located at 13901 Sutton Park Drive South, Suite 150, Jacksonville, Florida 32224 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).
We regret to inform you that as of this time [The Lending Group] must suspend all operations due to having no funding capacity…we are in pursuit of additional funding sources, the timing and probability of these sources are unknown…We could have funding in place as early as next week but we do not want to commit to an exact date... Our plan at this time is to relieve all employees from their role at TLG while we try to meet the new requirements of our existing warehouse lender and try to secure new facilities. For now, to be clear, any and all loans that have not funded, will not fund with us unless we secure our facility and re-close. Any and all loans waiting to close will not close with us until we can guaranty funding.
A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of any of the following significant developments…expiration, termination or default, technical or otherwise, of any existing line of credit or warehouse credit agreement.
Licensees shall provide thirty days prior written notice of any change or closing of a Massachusetts location to the Commissioner and shall contain such other information as the Commissioner may require.
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
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 5th day of June, 2007.
By: Steven L. Antonakes
Commissioner of Banks