Monthly summary of mortgage activities, June 2000

G;fl
3, 00 , pi
/'1b
2000/

Monthly Summary of M~rtgage_Activities
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565

JUNE 2000 SUMMARY OF ACTIVITIES - MORTGAGE DIVISION

Please review the enclosed list for details on licensee additions and deletions which occurred during June. The Mortgage Division received 212 applications for a new license or registration and 7 applications for reinstatement of previously revoked licenses. Eighty-nine licenses were either revoked or withdrawn during June. There were 2,771 current licensees/registrants as of June 30, 2000.

LICENSES ISSUED IN GEORGIA ARE SUBJECT TO REVOCATION, WITHDRAWAL OR SUSPENSION. TO VERIFY THE CURRENT STATUS OF A LICENSE CALL 770-986-1633 OR CHECK OUR WEB SITE AT http://www.state.ga.us/dbf/

ECEIVED
Documents
J If"" ' - - - . _,...

The Department has established the initial version of its Frequently Asked Questions (FAQ) page on its website (see above). You should check this page periodically for changes. The next update should occur in August to
fleet this year's legislative changes and the new regulations.

In June, 5 mortgage broker/lender examinations were performed by the Mortgage Division examination team. Also, the Mortgage Division received 2,722 mortgage-related telephone calls. Of these calls, 454 were verbal consumer inquiries; and 165 were verbal consumer complaints. The Division of Legal and Consumer Affairs, (770) 9861633, is charged with the responsibility of handling legal inquiries and consumer complaints.

If you are a current licensee and would like to be notified when the Monthly Mortgage Summary is available on the Internet, please E-mail a message to dbfmort@dbf.state.ga.us. Be sure to include your license number and the name of your company in your message. If you do not have E-mail but do have a local Atlanta FAX number (area codes 770, 404, 678, or 800, or 888), have a 9600 or 14400 baud modem, are not currently receiving the Monthly Mortgage Summary by fax, and would like to have the Summary faxed to you, please send a fax to DBFMORT at the Department's Mortgage Division at 770-986-1029.

PER LOAN FEES - "Per loan" fees for the second half of 1999 were due by March 1, 2000. "Per loan" fees for the first half of 2000 are due by September 1, 2000. A copy of the "per loan" fee reporting form can be found on the Department's website or in Rule 80-5-1-.04(2) issued by this Department. The fine for late filing of your $6.50 fees more than 60 calendar days late is $1,000. Please remember that your license will not be renewed until these fees and, if applicable, fines are reported and paid.

PLEASE BE SURE TO READ THE FOLLOWING:

Ie ANNUAL LICENSE RENEWAL process which normally begins in August has been moved to early 2001. Those licensees who have no outstanding issues with this Department will be granted a 6-month extension on their license until June 30, 2001. You will receive an extension certificate in the mail. Those licensees who have outstanding issues pending before this Department (such as fines, $6.50 fee payments and

reports, administrative issues, etc.) will need to resolve these issues prior to the extension being granted. Those licensees who do not resolve these issues will have their licenses expire at the end of this calendar year. To summarize the changes in the renewal process scheduled for your FY 2002 license, renewal application forms will be distributed on or about February 1, 2001. Renewal Applications Forms must be returned to the
apartment prior to April 1, 2001. Failure to return your renewal application form prior to the due date may delay the processing of your renewal application until after the expiration date. A $300 late fine will be assessed against your license for failure to return the renewal application form prior to April 1, 2001. As mentioned above, all outstanding issues such as fines, fees, complaint settlements, stale audits, inadequate tangible net worth, etc., must be resolved before your renewal license witf be granted. Licensees who do not complete the renewal process by June 30, 2001, will have their licenses expire, and will have to cease operations. Lenders whose licenses expire will have to divest of Georgia residential loan portfolios and servicing rights.
NOTES TO THE JUNE 2000 SUMMARY:
ERROR IN MAY SUMMARY
In May, the license of M & M Mortgage Co., lnc., Stone Mountain, G~ was revoked in error. This license
(#11509) has been reinstated.
CEASE AND DESIST ORDERS ISSUED - JUNE
Jon Browne & Associates Financial Group, Inc., Stone Mountain, GA - Cease and Desist Order issued 6-7-00, and became final 6-27-00.
~hapin & Associates (Terry M. Haimes), Atlanta, GA - Cease and Desist Order issued 5-15-00, and became final 6-4-00.
Haimes, Terry M., Atlanta, GA - Cease and Desist Order issued 5-15-00, and became final 6-4-00.
Hall, Horace, Jr., Stone Mountain, GA - Cease and Desist Order issued 5-15-00, and became final 6-4-00.
Kurtz, Louise Angelyn, Atlanta, GA- Cease and Desist Order issued 5-15-00, and became final 6-4-00.
Titan Mortgage Lending, Inc., Savannah, GA - Cease and Desist Order issued 5-15-00, and became final 6-4-00.
CEASE AND DESIST ORDERS LIFTED
Howard, Brigitte J., Atlanta, GA - Cease and Desist Order issued 8-27-97, lifted 6-5-00.
Important Notice: Withdrawal of Proposed Rule
nn June 8, 2000, the Department circulated to its mortgage licensees and registrants a revised proposed new rule, Jmber 80-11-4-.04, reflecting the concept of a Limited Mortgage Broker License. Comment to the first version
of the rule was substantial, and with the second revised rule the Department attempted to eliminate some of the objections. Three comment letters to the revised version were received; two were vehemently negative, one requested further significant changes.

As indicated by the comments received in connection with this proposal as well as the original proposal , the limited license concept is problematic. Further, the industry is obviously not in support of the concept. Therefore, the Department has determined not to adopt the proposed rule.
EXPERIENCE AND EDUCATION (Modified Repeat comment}
Recent amendments to O.C.G.A. Section 7-1-1004 enable the Department to establish experience and education requirements as a prerequi.siite for the tssuance of a Georgia residential mortgage broker license. Numerous requests from individuals in the mortgage industry generated this law. The Department issued rules for comment on April 17, 2000, such rules set out the requirements. Generally, applicants for a broker license will be required to have two years experience soliciting, processing, placing and negotiating mortgage loans, or in the alternative, may complete 40 credit hours of training in courses required and approved by the Department. This requirement only needs to be met once, but in order to use education or experience, such education must have been completed within one year prior to the date of approval of the license, and the experience must have been completed within the three years prior to the date of approval of the license. Four of the education hours must be on Georgia laws and rules. Current licensees under certain conditions will not be required to satisfy these requirements. Licensees and Registrants wiU receive a copy of the proposed rules at a later date.
NOTIFICATION (Repeat Comment)
During the 2000 legislative <SeSSion,, a new law was passed to exempt certain entities from being required to be either licensed or registered wffll this Department. Those entities are mortgage lenders and brokers who are
100% owned subsidiaries of financial institutions authorized to accept federal,Y insured deposits (Banks, Credit '11ions, Savings and Loan Assocrations). Each of those institutions should withdraw their License or Reg istration ""nd complete our "Notification" form. This form allows us to be abre to contact these institutions should we need to contact them regarding a consumer issue.
COUNTERFEIT LICENSES (AGAIN)
WARNING: Examples of counterfeit 2000 licenses continue to be sent to this office. For example, there is a counterfeit Iicense for #14902, Ace Mortgage Corporation, 8998 Montegue Terrace North, Brooklyn Park, MN , 55443, being circulated by an unlicensed individual. This license expired 1-1-2000. Fines amounting to $300 remain unpaid for this company. Licensed brokers and lenders are reminded that fines will be issued for dealing with unlicensed brokers. All lenders are advised to call to confirm the license status of each broker with which they do business. Brokers must be aware that it is not legal to co-broker with unlicensed parties. See Rule 80-11-3 for a listing of the fines which will be imposed.

I LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JUNE 2000

~ I IEJ ~ I I COMPANY NAME

IICITY

ORIGINAL RENEWAL REINSTATED E APPROVAL

5709 MetroFirst Mortgage Corp.+ ATLANTA

GA B

06/24/1993

06/02/2000

6723 Continental Mtg+

SMYRNA

GA B

11/19/1993

06/02/2000

11645 New Homes Financial+

ROSWELL

GA B

05/31/1996

06/02/2000

13131 Your Equity Source, LLC+ 15516 Cobb Housing, Inc.

CLEARWATER
MARIETTA

FL B
GA L

01/09/1998 06/02/2000

06/02/2000 06/02/2000

15638 Southwest Equities, Inc.

PHOENIX

AZ B

06/02/2000

06/02/2000

I
B

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JUNE 2000

I IICITY IEJ ~ I I I COMPANY NAME

ORIGINAL RENEWAL REINSTATED E APPROVAL

15640 Alternative Funding

SHALIMAR

FL B

06/02/2000

06/02/2000

15659 Carol E. Thomas

LITHONIA

GA B

06/02/2000

06/02/2000

15684 Tina Rena Jackson

LITHONIA

GA B

06/02/2000

06/02/2000

15701 Annie Lester

BONAIRE

GA B

06/02/2000

06/02/2000

15705 Thomas Stovall

DOUGLASVILLE GA B

06/02/2000

06/02/2000

15724 Marcia Thomas Smith

SYLVESTER

GA B

06/02/2000

06/02/2000

6775 Residential Funding Group+ TUCKER

GA B

01/14/1994

06/09/2000

15317 David Martin Golloher

CUMMING

GA B

06/09/2000

06/09/2000

15583 Mortgage Now, Inc.

BROOKLYN HTS. OH L

06/09/2000

06/09/2000

15686 Victory Mortgage, Inc.

CARROLLTON

GA B

06/09/2000

06/09/2000

15695 Mortgage Division, Inc. (The) CONYERS

GA B

06/09/2000

06/09/2000

15699 Green Finance & Leasing,

ACWORTH

GA B

06/09/2000

06/09/2000

15709 . Equistar Financial

ST.

FL B

06/09/2000

06/09/2000

15715 Cross Country Mortgage

LAWRENCEVILL GA B

06/09/2000

06/09/2000

15726 Republic State Mortgage Co. HOUSTON

TX L

06/09/2000

06/09/2000

15730 LenderMax Funding, Inc.

CUMMING

GA B

06/09/2000 06/09/2000

15738 Dana R. Gilmer

SUWANEE

GA B

06/09/2000 06/09/2000

15740 Patricia Berry

EAST POINT

GA B

06/09/2000

06/09/2000

15753 Solar Shield Industries, Inc. 6494 First Bankers Mortgage+

ODENVILLE FT.

AL B
Fl B

06/09/2000
I
01/09/1993

06/09/2000 06/16/2000

11453 Heritage Mortgage, LLC.+

TUCKER

GA B

03/01/1 996

06/16/2000

12448 Loan Finders of SC, Inc.+

CHARLESTON

SC B

05102/1997 06/16/2000

14747 BJD Mortgage Co, Inc.+

JACKSONVILLE FL B

07/23/1999 06/16/2000

14957 Home Savers, LLC*

ATLANTA

GA L

08/13/1999 06/16/2000

15556 CWABS, Inc.

CALABASAS

CA L

06/16/2000

06/16/2000

15628 American Community

ROSWELL

GA B

06/16/2000 06/16/2000

15697 DOT.COM Lending Services, NORCROSS

GA L

06/16/2000 06/16/2000

15700 Frankie Ryals

CARROLLTON

GA B

06/16/2000 06/16/2000

15702 Douglas Iron

MARIETTA

GA B

06/16/2000 06/16/2000

15703 Patricia Askew

LITHONIA

GA B

06/16/2000 06/16/2000

15704 Irma Head Blake

SNELLVILLE

GA B

06/16/2000 06/16/2000

15711 Connie J. Baker

DOUGLASVILLE GA B

06/16/2000 06/16/2000

15712 James M. Rossi

ROSWELL

GA B

06/16/2000 06/16/2000

15722 Susan Ellison

CARROLLTON

GA B

osI1612000 06/16/2000

15723 Jerry L. Turner

DULUTH

GA B

06/16/2000 06/16/2000

15727 Avatar Financial Corp

HATBORO

PA L

06/16/2000 06/16/2000

15748 Jimmy Drake

MABLETON

GA B

06/16/2000 06/16/2000

15763 Principal Residential

DES MOINES

IA L

06/16/2000 06/16/2000

5877 U.S.A. Mortgage, Inc.*

CLEVELAND

TN L

06/24/1993 06/23/2000

12243 Ohio Mortgage Co, Inc.+

BROOKLYN

OH B

03/28/1997 06/23/2000

13547 American Lending Grp, Inc.+ LEXINGTON

KY B

07/10/1998 06/23/2000

14015 Central Mtg & Investments+ ATLANTA

GA B

01/08/1999 06/23/2000

15694 Donald Johnson, Sr.

PORTAL

GA B

06/23/2000 06/23/2000

15698 Park West Mortgage, Inc.

KENNESAW

GA B

06/23/2000

06/23/2000

15713 Carol Franklin

STONE

GA B

06/23/2000

06/23/2000

15725 Donald L. Young

CARROLLTON

GA B

06/23/2000

06/23/2000

15742 Micki M. McGuire

ROSWELL

GA B

06/23/2000

06/23/2000

15761 Aabsolute Mortgage

TALLAHASEE

FL B

06/23/2000

06/23/2000

I

Ll(.;cN:Scf::S/HEl:il:STRANT:S APPROVED UR HE:.IN:S f Ar ED IN JUNE 2UUU

I

r:J ICOMPANY NAME

IICITV

IEJ ~ I I ORIGINAL RENEWAL REINSTATED E APPROVAL

.5762 Claire S. Lavan

LAWRENCEVILL GA B

06/23/2000 06/23/2000

15773 Ritchie & Associates, Inc.

VIDALIA

GA B

06/23/2000 06/23/2000

15781 American Financial

PHOENIX

AZ L

06/23/2000 06/23/2000

15783 CWMBS, Inc.

CALABASAS

CA L

06/23/2000 06/23/2000

6297 NF Investments, Inc.+

ATLANTA

GA B

06/19/1993 06/30/2000

12558 Triangle Mortgage, Inc.+

NORCROSS

GA B

06/13/1997 06/30/2000

13123 Ameristar Mortgage Corp+

ATLANTA

GA B

01/09/1998 06/30/2000

15716 Par Mortgage, LP

EDISON

NJ B

06/30/2000 06/30/2000

15736 Lisa R. Burns

CALHOUN

GA B

06/30/2000 06/30/2000

15737 Jacine E. W iiIiams

STONE

GA B

06/30/2000 06/30/2000

15739 Christine Green

COLUMBUS

GA B

06/30/2000 06/30/2000

15741 Diana Miles

LITHONIA

GA B

06/30/2000 06/30/2000

15743 Petra Noel

COLUMBUS

GA B

06/30/2000 06/30/2000

15744 Hassan N. Rashadeen

MACON

GA B

06/30/2000 06/30/2000

15745 All Star Mortgage, Inc.

COLUMBUS

GA B

06/30/2000 06/30/2000

15749 Gary S. McKenna

STONE

GA B

06/30/2000 06/30/2000

15750 Brandon Laird Clay

STONE

GA B

06/30/2000 06/30/2000

15751 Jeanette L. Anderson

STONE

GA B

06/30/2000 06/30/2000

15752 Amerifund Financial, Inc.

TACOMA

WA L

06/30/2000 06/30/2000

15754 Lending Center, Inc. (The)

LAVONIA

GA B

06/30/2000 06/30/2000

15760 East West Financial, Inc.

SUWANEE

GA B

06/30/2000 06/30/2000

15782 Dennis A. Brazil

LITHONIA

GA B

06/30/2000 06/30/2000

5784 Suzanne Spikes

CONYERS

GA B

06/30/2000 06/30/2000

15786 Elena S. Williams

ATLANTA

GA B

06/30/2000 06/30/2000

15787 Annette Wilkinson ,

ATLANTA

GA B

06/30/2000 06/30/2000

15788 James David Russo

DULUTH

GA B

06/30/2000 06/30/2000

15789 Equity Financial Mortgage,

STONE

GA B

06/30/2000 06/30/2000

15792 Steven M. Cannon

ATLANTA

GA B

06/30/2000 06/30/2000

15793 Millennium Capital, Inc.

LAWRENCEVILL GA B

06/30/2000 06/30/2000

15796 Writealoan.com, Inc.

WOODSTOCK GA B

06/30/2000 06/30/2000

15800 National Preferred Funding, CARMEL

IN B

06/30/2000 06/30/2000

15805 Dove Mortgage, Inc.

HINESVILLE

GA B

06/30/2000 06/30/2000

15817 Vaden A. McDonald

SNELLVILLE

GA B

06/30/2000 06/30/2000

12305 MetFund Mortgage

VIENNA

VA B

03/28/1997 06/02/2000 06/02/2000

13595 U.S. Mortgage Corp.
I = TOTAL: 89 11 B BROKER

PINE BROOK

NJ L

= L LENDER R = REGISTRANT

05/22/1998 06/09/2000 06/09/2000
+ Downgrade Lender to Broker * Upgrade Broker to Lender

LICENSEES/REGISTRANTS R~VOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN

JUNE 2000

[ ~ INAME

I llcoDE I I REVOKED II EXPIRED 11 SUSPENDED I I WITHDRAWN 11 DENIED

5676 Mtg Funding Network Inc

LO

06/09/2000

5772 AccuBanc Mtg Corp

LO

06/27/2000

6040 Banc One Finl Svcs Inc

LO

06/12/2000

6045 Venture Mtg Inc

LO

06/02/2000

II

LICENSEES/REGISTRANTS REVOKED,

EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN JUNE 2000

I I ID# INAME

II II I llcoDE REVOKED 11 EXPIRED 11 SUSPENDED WITHDRAWN 11 DENIED

6064 Money Centre Inc (The)

LO

06/23/2000

6258 C&M Mtg $ervices Inc

BO

06/14/2000

6372 Mountain States Mtg Cente LO

06/27/2000

6402 Mtg Loan Center Inc

BO

06/07/2000

6600 Scenic Mtg Co

BO

06/09/2000

6769 TMI Financial Inc

LO

06/27/2000

6925 B&H Credit Svcs

BO

06/09/2000

6955 Veterans Choice Mtg

LO

06/27/2000

7003 Westmark Mtg Corp

LO

06/27/2000

7055 Approved Residential Mtg

LO

06/27/2000

7261

Mtg Consultants Inc

LO

06/27/2000

7304 Treasure Coast Mtg Corp

LO

06/27/2000

7362 NCS Mtg Services LLC

LO

06/27/2000

7364 DMR Financial Ser

LO

06/02/2000

7415 Advanced Equity Inc

BO

06/07/2000

11690 1st Colonial Mtg of NJ

LO

06112/2000

11812 Dollar Bk FSB

RD

06/28/2000

11885 Classic Finl Corp

LO

I 06/08/2000

11945 America's Lending Center LO

06/27/2000

12059 Fairbank Mtg

LO

~

~11 2 NationsCredit Manuf Hous RD

06/30/2000 06/16/2000

12192 Companion Serv Co LLC

LO

06/12/2000

12355 Chase Mtg Brokers Inc

BO

06/27/2000

12454 Bell Finl Grp Inc

LO

06/27/2000

12461 Equitable Mtg Corp Savann LO

06/08/2000

12492 Natl Lending Center Inc

LO

06/09/2000

12493 Equity Rewards Finl

LO

06/27/2000

12509 Member Mtg Serv Ltd

LO

06/27/2000

12528 Union 1st Funding Grp

LO

06/15/2000

12559 ContiW est Corp

LO

06/07/2000

12649 Pinnacle Development Grp LO

06/27/2000

12698 Tico Credit

LO

06/16/2000

12760 1st City Finl

LO

06/27/2000

12782 EQ Finl Acceptance Corp

LO

06/16/2000

12882 PMC Mortgage Company

LO

06/27/2000

12903 American General Finance LO

06/09/2000

13018 Home Mtg Svcs

LO

06/27/2000

13067 Statewide Home Mtg Inc

BO

06/27/2000

13086 Pacific Mtg & Inv Co

LO

06/27/2000

13092 JAM Invest Corp

LO

06/27/2000

13116 1st Home Accept Mtg Corp LO

06/27/2000

13153 Sierra Cap Accept

LO

06/27/2000

1203 Intuit Lender Svc Inc

BO

06/12/2000

.J342 Waters, Kimberly M.

BO

06/21/2000

13392 Gulfstream Finl Servs NC

LO

06/27/2000

13455 Great Eastern Funding LLC LO

06/27/2000

II LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN
JUNE 2000

I I ID# !NAME

I II I llcoDE I REVOKED 11 EXPIRED 11 SUSPENDED WITHDRAWN 11 DENIED

13496 Magellan Hm Lns Ltd

LO

06/07/2000

13660 Goodrich & Pennington Mtg LO

06/08/2000

13719 Paradigm Mtg Assoc Inc

LO

06/27/2000

13744 American Mtg Sol Inc

LO

06/27/2000

13766 Commerce Mtg Co LLC

RD

06/28/2000

13777 Goldnet Funding Inc

LO

06/23/2000

13844 K. Hovnanian Mtg Inc

LO

06/27/2000

13865 America's Choice Mtg Co

LO

06/27/2000

13884 Lincoln Finl Mtg Corp

LO

06/27/2000

14037 Accent Mobile Homes Inc

BO

06/27/2000

14077 Indianapolis Securites

BO

06/27/2000

14120 Principal Mtg

BO

06/14/2000

14153 Power Mtg Corp

BO

06/27/2000

14167 IndyMac Mtg Obliga. II

LO

06/14/2000

14169 IndyMac Mtg Obligations

LO

14178 Newcastle Mtg Co,p

lD

06/27/2000

06/14/2000

14181 B.M.B. Mtg

LO

06/,'27/2000

14239 Custom Sunrooms, Inc.

BO

06/08/2000

14332 Mtg Development Co

BO

. 06/27!12.00'0

14355 A-Wise Lnd Co Inc

BO

06/27/2000

'-370 A Aaccess Mtg Corp of N F BO

06/27/2000

14514 Dunne & Co Mtg Lenders, I BO

06/27/2000

14609 Executive Lending Svcs, I

LO

06/08/2000

14697 Source Financial

LO

06/27/2000

14727 Recore One Mtg

LO

06/27/2000

14732 Am Mtg Funding Corp

LO

06/27/2000

14733 Plaza Funding, LLC

BO

06/22/2000

14751 Greer, Steven A

BO

06/19/2000

14839 Old Stone Mtg Co LLC

LO

06/27/2000

14877 New Atlantic Mtg, Inc.

BO

06/20/2000

14889 NLI

LO

06/27/2000

14901 Hm Loan Specialists Inc

LO

06/27/2000

14904 Mtgonline.com

LO

06/27/2000

14938 Midwest Mtg Inc

LO

06/27/2000

14968 Benefit Funding Corp

LO

06/08/2000

15036 SFM Mtg

LO

06/27/2000

15138 Watermark Finl Partners,

LO

06/08/2000

15187 Emmco The Mtg Svc

LO

06/08/2000

15520 American Residential Fund BO

06/16/2000

15636 W orldspan Finl

LO

06/09/2000

15665 MLY Mtg Co

BO

06/30/2000

15679 Grocott, Edward L

BO

06/09/2000

,767 Irvin, Gail

BO

06/30/2000

I ,0768

IParks, Johnnie B TOTAL: 94

BO

06/30/2000

I
EJ ISSUE DATE
6487 06/26/2000

FINE REASON
REL

FINES ASSESSED IN JUNE 2000

FINE

PAID I DATE

$250 .

COMPANY NAME Dependable Mortgage Corporation

ICITV
Dalton

I
IEJ GA

1099 B&R BR CD CIC EMP FEE FEL

FINE REASON

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

FlLE
tAR
NSF REL REN UL 0 TH

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

GEORGIA RESIDENTIAL MORTGAGE ACT FEE STATEMENT
SEMIANNUAL STATEMENT OF PER LOAN FEES

1. Name of Remitter - - - - - - - - - - - - - - - - - - -
2. Fee Statement for - - - - - - - through - - - - - - - -
3. License/Registration Number - - - - - -
4. Number of mortgage loans (covered by Article 13) closed during reporting period.
5. Tota1 Amount Enc1osed - - - - -

80-5-1-04 Levy, Collection and Reaittance of Georgia Residential Mortgage Act Per Loan Fee. Amended.

Ca) Each borrower who obtains a mortgage loan as defined in Article 13 shall pay to the Department a per loan fee of S6.50. Any person who closes mortgage loans that are subject to regulation under Article 13. regardless of whether said person is required to be licensed or registered under Article 13. shall act as collecting agent for payment to the Department of
said per loan fee for each mortgage loan closed by that person on and after January 1. 1994 . Amortgage loan shall be deemed to have been closed by a person if such person is indicated as the secured party on the security deed or any other loan document that establishes a lien on the residential real estate taken as collateral for the mortgage loan.

Cb) The fees payable under the provisions of subsection (a) shall be payable to the Department by the collecting agent. who is the person responsible for remittance of such fees on a semiannual basis. More specifically, such fees for the period January 1 through June 30 of each year shall be remitted to the Department no later than the first business day of September of each year and such fees for the period July 1 through December 31 of each year shall be remitted to the Department no later than the first business day of March of each year .... A fee statement indicating the number of mortgage loans closed during the applicable reporting period by the person remitting the payment should be enclosed with the payment.

INSTRUCTIONS:

AU liceo1H1 must return this form even if no loans were closed or no fees were

due. Brokers whose investors collect the fees will enter zero in numbers 4 and 5. Lenders who are

"Servicers only' will do the same.

Department of Banking and Finance Mortgage Division
2990 Brandywine Road, Suite 200 Atlanta, GA 30341-5565
(770) 988-1269