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The Commissioner of Banks (Commissioner) having determined that TIMOTHY S. STURTEVANT (Timothy Sturtevant), has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255F, and applicable regulations found at 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 255F, section 11(a).
I. FINDINGS OF FACT
A. Unlicensed Mortgage Lender and Mortgage Broker Activity
No person shall act as a mortgage broker or mortgage lender with respect to residential property unless first obtaining a license from the commissioner;
Any person engaged in the business of making loans, or issuing commitments for mortgage loans.
Any person who for compensation or gain, or in the expectation of compensation or gain, directly or indirectly negotiates, places, assists in placement, finds or offers to negotiate, place, assist in placement or find mortgage loans on residential property for others.
It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact in an advertisement if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the mortgage broker or lender does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.
B. Engaging in Prohibited Acts and Practices
It is a prohibited act or practice for a Mortgage Loan Originator to conduct business with or to assist, aid or abet a person in the conduct of business who should be licensed as a Mortgage Loan Originator under M.G.L. chapter 255F or a mortgage lender or mortgage broker under M.G.L. c. 255E, and which the Mortgage Loan Originator knows or should know is an unlicensed Mortgage Loan Originator, mortgage broker or mortgage lender.
It is a prohibited act or practice for a Mortgage Loan Originator to engage in any unfair or deceptive practice toward any person.
C. Engaging in Unauthorized Mortgage Loan Originator Activity
The commissioner shall issue a mortgage loan originator license to an applicant therefore unless the applicant: (iii) has failed to demonstrate financial responsibility, character, reputation, integrity and general fitness such as to command the confidence of the community and to warrant a determination that such applicant will operate honestly, fairly, soundly and efficiently in the public interest, consistent with the purposes of this chapter...
When the relationship between the Employing Entity and the Mortgage Loan Originator is terminated, the license shall become inactive and the Mortgage Loan Originator shall not be authorized to engage in any residential mortgage loan origination activity unless and until the Mortgage Loan Originator's license has been re-assigned to another Entity and all Division procedures have been followed to re-assign and reactivate such license.
Misrepresentation to the Division in a Mortgage Loan Originator filing
i. Failure to update information regarding other businesses
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.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 3rd day of February, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts
This Temporary Order to Cease and Desist was terminated on May 19, 2014 pursuant to a Consent Order