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This order was terminated pursuant to a Consent Order on June 3, 2010.
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2009-124
FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
In the Matter of
UNION CAPITAL MORTGAGE BUSINESS TRUST
Mortgage Company License No.: MC2202
The Commissioner of Banks ("Commissioner") having determined that UNION CAPITAL MORTGAGE BUSINESS TRUST ("Union Capital" or the "Corporation"), located at 1137 North Main Street, Randolph, Massachusetts, 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) and chapter 255F, section 8(b).
FINDINGS OF FACT
A. Failure to Provide Books and Records.
A licensee shall keep and use such business records in such form and at such location as said commissioner shall, by regulation, determine, which shall enable said commissioner to determine whether such licensee is complying with the provisions of this chapter and any rules or regulations promulgated hereunder by said commissioner and any other law, rule or regulation applicable to the conduct of the business for which it is licensed under this chapter.
Each mortgage lender required to be licensed by M.G.L. c. 255E, § 2 and 209 CMR 42.05 shall retain for a minimum of three years after final payment is made on any mortgage loan or the mortgage loan is sold, whichever occurs first, copies of the note, settlement statement, truth-in-lending disclosure, correspondence, papers or records relating to the loan and such other documents as the Commissioner may require.
Each mortgage broker required to be licensed by M.G.L. c. 255E, § 2 and 209 CMR 42.08 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; a copy of the settlement statement; an account of fees received in connection with the loan; correspondence; papers or records relating to the loan; and such other documents as the Commissioner may require.
B. Unfair or Deceptive Acts and Practices
a. Deceptive Business Practices
It is a prohibited act or practice for a mortgage broker of mortgage lender to falsify income or asset information on a mortgage loan application or mortgage loan documents.
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.
(a) Borrower AProperty Address: Rock Avenue, Dorchester, MALoan Originator: Miguel Serrano
Property Address: Stellman Road, Unit 2, Roslindale, MALoan Originator: John K. Richman
(b) Borrower BProperty Address: Stellman Road, Unit 3, Roslindale, MA,Loan Originator: John K. Richman
(c) Borrower CProperty Address: Highland, Unit 2 and Unit 3 Roxbury, MALoan Originator, John K. Richman
(d) Borrower D:Property: Tyler Street, Malden, MALoan Originator: James Edward Hirbour
b. Deceptive Business Practices: Misrepresentation of Occupancy Status
Occupancy. Borrower shall occupy, establish, and use the property as the Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.
(a) Borrower E:Property: Topliff Street, Dorchester, MAProperty: Geneva Avenue, Unit 2, Dorchester, MALoan Originator: John K. Richman
(b) Borrower F:Property: Loring Avenue, Salem, MAProperty: Salem Street, Salem, MALoan Originator: James Edward Hirbour
(c) Borrower G:Property: D Street, Units 1 and 2 South Boston, MALoan Originator: John K. Richman
c. False and/or Misleading Representations of Prospective Borrowers' Income
C. Other Violations
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 12th day of November, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts