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The Commissioner of Banks ("Commissioner") having determined that VILLAGE CAPITAL AND INVESTMENT, LLC D/B/A VILLAGE HOME MORTGAGE., ("Village Home Mortgage" or the "Company"), located at 700 East Gate Drive, Suite 400, Mount Laurel, New Jersey, 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 TEMPORARY ORDER TO CEASE AND DESIST AND NOTICE OF ADMINISTRATIVE PENALTY ("Order") pursuant to General Laws chapter 255E, section 7(b) and General Laws chapter 255E, section 11.
FINDINGS OF FACT
A. Substantial Non-Compliance with the Terms of the Order
Village Home Mortgage shall cease mailing any Solicitations to Massachusetts consumers that contain any representations or statements that could be considered false, misleading or have the tendency or capacity to be misleading including but not limited to:
It is a prohibited act or practice for a mortgage broker or mortgage lender to make false promises to influence, persuade, or induce a consumer to a sign 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.
B. Failure to Implement and Maintain Required Revised Procedures
Village Home Mortgage shall revise its advertising practices and procedures to ensure that all solicitations and advertising materials used by the Company do not contain any representations or statements that could be considered false, misleading, or have the tendency or capacity to be misleading;
Village Home Mortgage shall take all necessary steps to ensure that the Solicitation or any similar solicitation is not published or distributed to consumers in Massachusetts;
Village Home Mortgage shall implement, establish and maintain a system of internal controls to monitor the Company's compliance with the laws and regulations applicable to advertising practices including, but not limited to Massachusetts General Laws chapter 140D, the Division's regulations 209 CMR 32.00 et seq. and 209 CMR 42.12A; and the Office of the Attorney General's regulation 940 CMR 8.00 et seq;
Village Home Mortgage shall establish, implement and maintain policies and procedures to ensure that all advertisements are thoroughly reviewed by senior management prior to publication or distribution to consumers. Such procedures shall include a review of the criteria utilized to generate mailing lists to ensure that targeted solicitations are appropriate for the consumers to whom such solicitations are distributed.
C. Failure to Disclose Correct License Number
A Licensee shall also disclose the type and number of its license(s) in all advertisements.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST AND NOTICE OF ADMINISTRATIVE PENALTY
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 25th day of May, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts