![]() ![]() WHEREAS, the Division has made no finding that either Company has interpreted and applied such law in bad faith or for the purpose of intentionally avoiding its reporting obligations under HMDA and WHEREAS, an examination of ORM was conducted pursuant to General Laws chapter 255E, section 8, as of November 6, 2017, to assess ORM’s compliance with the laws and regulations applicable to its business WHEREAS, the Report of Examination (Report) issued pursuant to the Division’s examination of Quicken Loans as of Augalleged substantial non-compliance with applicable Massachusetts and federal statues, rules, and regulations governing the conduct of those engaged in the business of a mortgage lender in Massachusetts with respect to Quicken Loans' reporting of certain data elements under the Home Mortgage Disclosure Act (HMDA) WHEREAS, an examination of Quicken Loans was conducted pursuant to General Laws chapter 255E, section 8, as of August 2, 2016, to assess Quicken Loans’ lending performance under Mortgage Lender Community Investment standards described in the Division’s regulation 209 CMR 54.00 et seq. ![]() ![]() WHEREAS, QUICKEN LOANS INC., Detroit, Michigan (Quicken Loans) and ONE REVERSE MORTGAGE, LLC, San Diego, California (ORM ORM together with Quicken Loans, the Companies and each of ORM and Quicken Loans, a Company), are independent companies owned by a common parent, are each a licensed mortgage lender under Massachusetts General Laws chapter 255E, section 2, have each been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), and each having waived its rights, each enter into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated April 20, 2018, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage lender, the Companies each agree to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner) ![]()
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