Monthly summary of mortgage activities, Feb. 2003

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
FOR THE PERIOD ENDING FEBRUARY 2003
SUMMARY OF ACTIVITIES - MORTGAGE DIVISION
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**IMPORTANT NOTES**
DISTRIBUTING THE MONTHLY SUMMARY: The Monthly Summary of Mortgage Activities is E-mailed each month to licensees. The Department requests that all licensees provide the Department a valid E-mail address in order to receive the Monthly Summary each month in a timely manner. For all other licensees, the Monthly Summary is available on the Department's website http://www.state.ga.us/dbf/bulletins.html each month. This delivers the Mortgage Summary to you more rapidly and efficiently. If you have not already provided the Department with your E-mail address, please contact the Mortgage Division at dbfmort@dbf.state.ga.us or at 770986-1633 if you have any questions.
Licenses issued in Georgia are subject to revocation, withdrawal or suspension. To verify the current status of a license call 770-986-1269 or check our web site at http://www.state.ga.us/dbf/
PER LOAN FEES - "Per loan" fees for the second half of 2002 were due by March 1, 2003. If you hold a Georgia Residential Mortgage Lender license, you should have received a Reporting Form in January 2003. Please use this form to remit your fees. Contact the Department or use the internet form if you did not receive your copy. Regardless of the volume of loans (even "0" loans closed), you should send in the fee report. If you are a licensed mortgage broker or if you are exempt from licensing or registration a copy of the "per loan" fee reporting form can be found on our website or in Rule 80-5-1-.04 (2) issued by this Department. The fine for late filing of your Per Loan Fees is $1,000. These fines have been posted to the delinquent licensees. If you do not close the loan in your name, and your name is not on the security deed - you do not owe any "per loan" fees. Proper payment of these fees will be monitored by our examination team. Failure to pay the fees may result in non-renewal of your license.
The ANNUAL LICENSE RENEWAL process is now underway. Renewal application forms for the fiscal year 2004 mortgage licenses were distributed beginning February 7, 2003. A $300 late fine will be assessed against licensees who fail to return the renewal application form prior to April 1, 2003. As in prior years, all outstanding issues such as fines, fees, stale audits, complaint resolution, etc. must be resolved before your renewal license will be granted. Licensees who do not complete the renewal process by June 30, 2003, will have their licenses expire, and will have to cease operations. If you have not received your renewal application forms, please contact the Department immediately.
GEORGIA FAIR LENDING ACT This law has been amended. You may view the current changes by going to the following website: http://www.legis.state.ga.us/legis/2003_04/versions/sb53_SB_53_HCSFA_9.htm

MORTGAGE APPLICATION
The Mortgage Division has revised several application forms including Change In Management, Change In Address, and Change In Control. Please refer to the following website to review the current forms: http://www.ganet.org/dbf/mortgage_forms.html .
FINGERPRINT CARDS
Please remember that all persons submitting fingerprint cards to the Department should obtain the blank cards directly from the Department. One set consists of TWO cards. The fee for processing these cards is $30. This fee should be submitted to the Department in the form of a money order or certified check.
Also, it is important that the fingerprinting process be performed by trained law enforcement personnel. We have had many "self prepared" cards rejected by the GCIC and the FBI because the prints had avoidable problems (such as smudging)and as a result could not be processed. Cards which cannot be processed must be redone and reprocessed through the law enforcement system, which extends the processing time for the application.
Also remember that when having fingerprints taken, after the fingerprints are on the card, the card should be protected to insure that smudging does not occur due to contact with other objects.
SURETY BONDS AND RENEWALS
Beginning July 1, 2002, the law was changed regarding the surety bond. In addition to the requirements contained in O.C.G.A. 7-1-1003.2 for a bond, the bond requirement for any lender or broker license utilizing a bond is such that the bond shall have a stated term of one year or less, and shall expire on June 30 of each year.
Please remember that in order to renew your license a current bond must be in effect. The bonding companies will notify the Department of any cancellations 30 days prior to the expiration date fo the bond. If the Department received a cancellation notice regarding any licensee in June, the license will NOT be renewed unless the Department receives notice of reinstatement of the bond prior to expiration.
Licensees using bonds are encouraged to review the status of their bond with their bonding company to facilitate the renewal of their license and prevent the issuance of a revocation notice.
LOAN PROCESSORS
The Department is considering a change in its policy regarding third party, independent mortgage loan processors. If the Department makes the changes under consideration, third party, independent mortgage loan processors will be required to be licensed as a mortgage broker or be an exclusive, W-2 employee of a single mortgage licensee. Heretofore, the Department has allowed third party, independent mortgage loan processors to be excluded from the licensing requirements and has allowed mortgage licensees to do business with unlicensed mortgage loan processors or mortgage loan processing companies. The Georgia Fair Lending Act specifically addresses loan processors and includes "processing" in its definition of `creditor'. Additionally, loan processing now involves considerably more consumer contact. This exclusion may no longer be permitted by the Georgia Residential Mortgage Act (GRMA). Third party, independent mortgage loan processors may need to be licensed or qualify for the employee exemption permitted under GRMA. If the Department's policy does change, notice will be provided to existing licensees through future editions of the Monthly Summary and its website, www.state.ga.us/dbf. New licensees will be notified at the time their license is issued.

OUT OF STATE BROKERS
The Official Code of Georgia Section 7-1-1003.1 states, in part, that if the applicant for a new or renewal mortgage broker license does not have a physical place of business in Georgia, then a license or a renewal may only be issued if the applicant's home state also does not require that in order to be licensed a mortgage broker must have a physical place of business in their home state. This location must be staffed by at least one supervised employee. It can not be a post office box or any other place where the public receives mail, deliveries, or messages. Currently the states of Alabama, Massachusetts, New Jersey, North Carolina, Pennsylvania, South Carolina, and Texas have the requirement that brokers have a physical place of business in their home state.
CEASE AND DESIST ORDERS - Issued
Megamerica Mortgage Group, Inc. (license no. 12718) San Antonio, TX - Cease and Desist Order issued 0220-03 and became final 02-20-03.
Randles, Michael D., Stone Mountain, GA - Cease and Desist Order issued 03-02-01 and became final 04-0101.
CEASE AND DESIST ORDER - Lifted
Weaver, Otis (Equity Mortgage Funding, Inc. - license no. 13406) Atlanta, GA - Cease and Desist Order issued 07-10-02 was LIFTED on 02-03-03.
FINAL CONSENT ORDER
None

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN FEBRUARY 2003

ID#
5991 7101 12137 12365 12718 13019 13042 13805 13916 14315 14412 14490 14912

NAME
SWAINSBORO FINANCIAL AEGIS MTG CORP YARBROUGH, RHONDA 1ST CHOICE FIN SVCS LTD MEGAMERICA MTG GRP INC OLYMPUS SERVICING LP UNITED FINL MTG CORP E & Y MTG CORP INC SURETY MTG INC AFFORDABLE REMODELING WAYNE FRIER HM CTR BIL-RAY ALUMINUM SIDING C ALLSTATE MTG BROKERS INC

CODE
LD LD BD BD BD LD LD BD LD BD BD BD BD

REVOKED
02/13/2003
02/18/2003 02/18/2003

EXPIRED

SUSPENDED

WITHDRAWN
02/18/2003 02/11/2003

02/06/2003 02/25/2003 02/28/2003 02/20/2003 02/06/2003 02/03/2003 02/19/2003

02/06/2003

DENIED

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN FEBRUARY 2003

ID#
15261 16303 16307 16389 16450 16585 16912 16995 17777

NAME

CODE

HOMEWISE ENTERPRISES INC BD

RLI MTG SVCS LLC

LD

ROYAL CROWN MTG INC

LD

DJM MTG

BD

YOUR MORTGAGE LENDER

LD

PROFESSIONAL MTG CORP

LD

EWEB FUNDING GRP LLC

LD

NORTHSTAR FINL SVCS INC

BD

CAPITOL COMMERCE MTG CO. LD

REVOKED
02/27/2003 02/03/2003
02/11/2003

EXPIRED

SUSPENDED

WITHDRAWN
02/04/2003 02/10/2003

02/03/2003 02/01/2003 02/10/2003
02/21/2003

DENIED

TOTAL: 22

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN FEBRUARY 2003

ID#
13971 15746 17790 17956 17964 18035 18036 18104
5813 16361 17904 18068 18086 18103 18013 18030 18096 15380 18067 18074 18075 18087 18127 18137 18141 18142 18145

COMPANY NAME

CITY

ST

Edward D. Jones & Co., LP #

ST. LOUIS

MO

Quincy Fortson

ALBANY

GA

Nations Investment, Inc.

FLORISSANT

MO

Suk Hyoun Yoon

DULUTH

GA

Jason Keith Rogers

KENNESAW

GA

Peggy Jo Massey

KENNESAW

GA

Richard E. Schmidt

LILBURN

GA

Future Unlimited, LLC

CUMMING

GA

First Realty Mortgage +

ROSWELL

GA

Hogarty Funding Group, Inc. *

PLEASANTON

CA

Easy Mortgage Brokers, LLC

COLUMBUS

GA

Solid Rock Mortgage, Inc.

MONROE

GA

Storehouse Mortgage, LLC

STONE MOUNTAIN GA

Good Quest Financial

DULUTH

GA

F & T Mortgage, Inc.

ADDISON

TX

Horizon Financial Consultants,

SAVANNAH

GA

1st Nations Mortgage

CHARLOTTESVILLE VA

All Credit Mtg Lenders, LLC +

DUNWOODY

GA

Buckingham Mortgage

ROCKVILLE

MD

Green Oak Mortgage, LLC

HOSCHTON

GA

Pinnacle Financial Solutions, Inc. ATLANTA,

GA

MortgageLoanz.com, Inc.

CHAMBLEE

GA

Mattie Sue Callahan

JASPER

GA

James H. Spinks

WARNER ROBINS

GA

Charles Edward Thompson,Jr.

MACON

GA

Michael Flynn Browning

CORDELE

GA

Primacy Mortgage, Inc.

DULUTH

GA

MB CODE
R B B B B B B B B L B B B B B B B B B B B B B B B B B

ORIGINAL APPROVAL
10/09/1998 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 06/18/1993 04/13/2001 02/14/2003 02/14/2003 02/14/2003 02/14/2003 02/21/2003 02/21/2003 02/21/2003 03/24/2000 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003

RENEWAL
02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/07/2003 02/14/2003 02/14/2003 02/14/2003 02/14/2003 02/14/2003 02/14/2003 02/21/2003 02/21/2003 02/21/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003 02/28/2003

REINSTATED

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN FEBRUARY 2003

ID# COMPANY NAME

CITY

18146 13356 15152

Jay Barr Burton & Burton Mortgage, Inc. Southern Mtg Unlimited, Inc. *

WOODSTOCK TALLAHASSEE TIFTON

ST MB CODE
GA B FL B GA L

ORIGINAL APPROVAL
02/28/2003 03/27/1998 11/12/1999

RENEWAL
02/28/2003 02/21/2003 02/21/2003

REINSTATED
02/21/2003 02/21/2003

TOTAL: 30

B = BROKER L = LENDER R = REGISTRANT

+ Downgrade Lender to Broker * Upgrade Broker to Lender # Upgrade Broker to Registrant

FINES ASSESSED IN FEBRUARY 2003

ID#

ISSUE

DATE

FINE

FINE

REASON

PAID DATE

COMPANY NAME

CITY

ST

5661 02/11/2003 B&R

$500.

Central Mortgage Corporation

Smyrna

GA

5818 02/27/2003 B&R

$500.

Cash Credit Corporation (Iowa)

Austell

GA

5818 02/27/2003 FILE

$500.

Cash Credit Corporation (Iowa)

Austell

GA

6199 02/19/2003 BR

$250.

Invest America Mortgage Corp.

Atlanta

GA

6199 6578 6842 7233

02/19/2003 02/13/2003 02/13/2003 02/24/2003

MGR FILE FILE MGR

$250.

Invest America Mortgage Corp.

Atlanta

GA

$500. 02/26/200 Southeast Mortgage of Georgia, Inc.

Lawrenceville

GA

$500. 02/19/200 Real Estate Depot, Inc., The

Atlanta

GA

$750.

Morgan Stanley DW, Inc.

New York

NY

7399 7399 7399 7403 7486 12121 12121

02/13/2003 02/13/2003 02/13/2003 02/21/2003 02/11/2003 02/27/2003 02/27/2003

FEL B&R FILE B&R B&R BR MGR

$1000. $500. $500. $500. $500. $250. $250.

First Georgia Mortgage & Financial

Newnan

GA

First Georgia Mortgage & Financial

Newnan

GA

First Georgia Mortgage & Financial

Newnan

GA

Gene Austin

Augusta

GA

Taylor Construction Company, Inc.

Dunwoody

GA

Associates Housing Finance, LLC

Irving

TX

Associates Housing Finance, LLC

Irving

TX

12252 02/05/2003 CIC

$500. 02/10/200 American Mortgage Services, Inc.

Norcross

GA

13087 02/17/2003 FILE

$500.

Square One Mortgage, LLC

Lithonia

GA

13167 02/27/2003 B&R

$500.

EEWC, Inc.

Tucker

GA

13167 02/27/2003 1013

$1000.

EEWC, Inc.

Tucker

GA

13406 02/04/2003 B&R

$500.

Equity Mortgage Funding Group, Inc.

Atlanta

GA

13406 02/04/2003 B&R

$500.

Equity Mortgage Funding Group, Inc.

Atlanta

GA

13406 02/04/2003 FILE

$500.

Equity Mortgage Funding Group, Inc.

Atlanta

GA

13802 02/04/2003 NSF

$350.

Innovative Mortgage Solutions, LLC

Norcross

GA

13802 13964 13964 14888 14888

02/04/2003 02/19/2003 02/19/2003 02/13/2003 02/13/2003

NSF CIC CIC B&R B&R

$25. $500. $500. $500. $500.

Innovative Mortgage Solutions, LLC

Norcross

GA

Northland Services, Inc.

Duluth

GA

Northland Services, Inc.

Duluth

GA

Federated First Mortgage Corporation

Hilton Head

SC

Federated First Mortgage Corporation

Hilton Head

SC

14985 02/27/2003 B&R

$500.

American Mortgage & Financial

Mauldin

SC

14985 02/27/2003 BR

$250.

American Mortgage & Financial

Mauldin

SC

FINES ASSESSED IN FEBRUARY 2003

ID#

ISSUE

DATE

FINE

FINE

REASON

PAID DATE

COMPANY NAME

CITY

ST

14985 02/27/2003 MGR

$250.

American Mortgage & Financial

Mauldin

SC

14985 02/27/2003 B&R

$500.

American Mortgage & Financial

Mauldin

SC

14985 15144 15380 16543

02/27/2003 02/24/2003 02/21/2003 02/13/2003

CIC B&R NSF BR

$500. $500.
$25. $250.

American Mortgage & Financial

Mauldin

SC

Myarb Realty Corp.

Ozone Park

NY

All Credit Mortgage Lenders, LLC

College Park

GA

Professional Mortgage Network, Inc.

Marietta

GA

FINE REASON

1013 1099 B&R BR CD CIC EMP FEE FEL

Prohibited Acts 1099 employees
Books & records Unapproved branch
Violation of Cease & Desist Order Acq. of 25% ownership without approval
Employer under C&D or revocation $6.50 fees not paid
Employment of a felon

FILE LAR
MGR NSF
REL REN
UL OTH

Loan files not properly maintained Late filing Written Annual Report
Unapproved branch managers Check returned for insufficient funds
Relocation of office without notice Renewal filed late
Doing business with unlicensed entity Miscellaneous other