California-based lender Mutual of Omaha Mortgage Inc. has agreed not to include misleading statements in its advertisements as part of a consent order with the Massachusetts Division of Banks.

The consent order, issued on Feb. 7, stems from a solicitation that mentioned the adverse market fee, which was assessed for several months by Fannie Mae and Freddie Mac on mortgage refinances. The solicitation was received by at least one Massachusetts consumer in November, months after the fee had been eliminated, according to a cease-and-desist order the Massachusetts Division of Banks had issued in January.

Mutual of Omaha Mortgage did not admit to the allegations or to violating any state or federal laws or regulations for mortgage lenders and mortgage brokers, the consent order said. The company agreed to the consent order “solely for the purpose of settling this matter.”

According to the original cease-and-desist order issued in January, a consumer had forwarded to the Division of Banks a copy of the solicitation, which said the consumer’s loan had been identified as one that could benefit from removing the adverse market fee.

The Division of Banks in January pointed out that the adverse market fee applied only to mortgages that were refinanced between December 2020 and August 2021, when the fee was eliminated. The solicitation was dated Nov. 4, 2021.

“The solicitation continued to state, ‘The removal of this fee will generate economic benefits for those, like you, with a conventional mortgage,’” the Division of Banks said in the January cease-and-desist order. “This statement is misleading as the removal of the fee would only affect a consumer if they were to refinance their mortgage. Also, unless they had refinanced between December 1, 2020 and August 1, 2021, the consumer had never paid the fee.”

The consent order issued this week replaced the previous cease-and-desist order. The agreement requires Mutual of Omaha Mortgage to revise its practices to ensure that solicitations and advertisements do not contain false or misleading statements. The company must also have senior management review solicitations and advertisements before they are distributed to consumers.

Mutual of Omaha Mortgage also agreed to pay a $25,000 administrative penalty.

Most of Mutual of Omaha Mortgage’s residential lending activity in Massachusetts involved refinances. The company did 624 residential mortgage loans in Massachusetts last year for $205.7 million, according to The Warren Group, publisher of Banker & Tradesman. Nearly 98 percent of the mortgages were refinances. While Mutual of Omaha had less than 1 percent of the Massachusetts market share, the company had nearly doubled its volumes and loans in the state compared to 2020.