Monthly summary of mortgage activities, Dec. 2001

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
DECEMBER 2001
**NEWS RELEASE** Steve Bridges is retiring as Commissioner of the Georgia Department of Banking and Finance with over 30 years of services to the Department and State Government. Steve's last day at the Department will be Friday, January 18, 2002. Steve's retirement will be a short one as he has agreed to be CEO of the Community Bankers Association of Georgia and will begin March 1, 2002 in this capacity. The Department wishes Steve well in this new and exciting opportunity. Pursuant to O.C.G.A. 7-1-34 and with the approval of the Governor, Senior Deputy Commissioner David G. Sorrell has been named Acting Commissioner. David Sorrell has served the Department in many positions with almost 28 years of service. He has served as Senior Deputy Commissioner since 1997. He has also served as Deputy Commissioner for Supervision and Director of Administration.
**IMPORTANT NOTE** DISTRIBUTING THE MONTHLY SUMMARY: Beginning January 2002, the Monthly Summary of Mortgage Activities will be emailed each month to licensees. The Department requests that all licensees provide the Department a valid email address in order that they may receive the Monthly Summary each month in a timely manner. For all other licensees, the Monthly Summary will be 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 email address, please contact the Mortgage Division at dbfmort@dbf.state.ga.us or at 770-986-1633 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/ The Division of Legal and Consumer Affairs, (770) 986-1007, handles consumer complaints regarding mortgage lenders and brokers and other entities regulated by the Department.
PER LOAN FEES - "Per loan" fees for the second half of 2001 are due by March 1, 2002. If you hold a Georgia Residential Mortgage Lender license, you will be mailed a "per loan" fee reporting form in the near future. Please use this form to remit your fees. 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 will be 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.
CEASE AND DESIST ORDERS ISSUED - DECEMBER Collins, Steve, LaFayette, GA - Cease and Desist Order issued 11-05-01 for conducting business without a mortgage license, and became final12-05-01. Dynasty Mortgage, Columbia, SC - Cease and Desist Order issued 11-05-01 for conducting business without a mortgage license, and became final 12-05-01. Robinson, Ann, LaFayette, GA - Cease and Desist Order issued 11-05-01 for conducting business without a mortgage license, and became final 12-05-01.
PLEASE NOTE: Robley Rigdon has returned to his duties as Deputy Commissioner for Mortgage after a one year assignment as Assistant Division Commander in NATO's Multi National Division in Bosnia with the Georgia National Guard. Robley resumed his full time duties as of November 1, 2001. Drexel Beck has resumed his duties as Director for Mortgage with responsibility for the field examiners and regulatory matters. The Department congratulates Robley on a job well done in Bosnia and welcomes him back.

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN DECEMBER 2001

ID# NAME

CODE

REVOKED EXPIRED

SUSPENDED

WITHDRAWN

5832 HARVEST MTG CO INC

LD

12/18/2001

5923 STANDARD MTG CORP OF

RD

12/28/2001

12095 TITLE WEST MTG INC

LD

12/04/2001

12748 WASHINGTON MTG SVCS

LD

12/28/2001

13095 MTG SPECIALISTS INC

BD

12/17/2001

13405 POSITIVE MTG INC

LD

12/28/2001

13423 AMERICAN DOLLAR

BD

12/31/2001

14057 UPI MORTGAGE

BD

12/31/2001

15234 VERITY LENDING SVCS

BD

12/28/2001

15692 VERTICAL LEND INC

BD

12/31/2001

16298 AMERICAN 1ST MTG LOAN

BD

12/10/2001

16518 PRINCETON FINL CORP

BD

12/18/2001

16825 MORTGAGE ZONE, INC.

BD

12/21/2001

DENIED

TOTAL: 13

ID# ISSUE DATE FINE REASON

6285

12/12/2001 UL

6756

12/10/2001 UL

6756

12/10/2001 B&R

6756

12/10/2001 B&R

6756

12/10/2001 B&R

7193

12/04/2001 B&R

12123

12/12/2001 1099

12123

12/12/2001 B&R

14903

12/12/2001 B&R

14903

12/12/2001 FILE

15300

12/04/2001 FILE

15300

12/04/2001 B&R

15300

12/04/2001 B&R

15433

12/04/2001 UL

15583

12/05/2001 AUD

16112

12/04/2001 B&R

FINES ASSESSED IN DECEMBER 2001

FINE PAID DATE COMPANY NAME

$1000.

Financial Mortgage Center, Inc.

$2000.

Carrington Funding Corporation

$500.

Carrington Funding Corporation

$500.

Carrington Funding Corporation

$500.

Carrington Funding Corporation

$500.

12/12/2001 Financial Guidance Advisors, Inc.

$1000.

VKI, Inc.

$500.

VKI, Inc.

$500.

12/26/2001 Your Choice Financial Services, Inc.

$500.

12/26/2001 Your Choice Financial Services, Inc.

$1000.

Alta Financial Corporation

$500.

Alta Financial Corporation

$500.

Alta Financial Corporation

$1000.

01/09/2002 Advantage Plus Mortgage Corp.

$1000.

12/13/2001 Mortgage Now, Inc.

$ 500

01/14/2002 Absolute Financial Services, Inc.

CITY

ST

Fayetteville

GA

Tucker

GA

Tucker

GA

Tucker

GA

Tucker

GA

Sharpsburg

GA

Atlanta

GA

Atlanta

GA

Kennesaw

GA

Kennesaw

GA

Marietta

GA

Marietta

GA

Marietta

GA

Augusta

GA

Brooklyn Heights

OH

Jasper

GA

1099 AUD B&R BR CD CIC EMP FEE FEL

*FINE REASON

1099 employees Audit 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 NSF REL REN UL OTH

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

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN DECEMBER 2001

ID# COMPANY NAME

CITY

ST

MB

ORIGINAL RENEWAL

CODE APPROVAL

16764 Kurt Bradley Williams

AUSTELL

GA

B

12/07/2001 12/07/2001

16785 Calusa Investments, LLC

CHANTILLY

VA L

12/07/2001 12/07/2001

16907 Madison Mortgage Corporation

SMYRNA

GA

L

12/07/2001 12/07/2001

16911 EliteAgents, Inc.

FAIRFIELD

NJ

L

12/07/2001 12/07/2001

16941 Chris L. Collins

STATESBORO

GA

B

12/07/2001 12/07/2001

16943 Sheer Mortgage, Inc

SNELLVILLE

GA

B

12/07/2001 12/07/2001

16952 Everett Elmo White

MARIETTA

GA

B

12/07/2001 12/07/2001

16953 Lamonte Glenn Lucas

ATLANTA

GA

B

12/07/2001 12/07/2001

16954 Faith Promise, Inc.

SAVANNAH

GA

B

12/07/2001 12/07/2001

16799 Mortgage Resources of America,

CUMMING

GA

B

12/14/2001 12/14/2001

16894 IMPACT LENDING, INC.

NEW PORT

FL

L

12/14/2001 12/14/2001

16924 Faith Mortgage Corporation

COVINGTON

GA

B

12/14/2001 12/14/2001

16937 Harry M. Abbate

MARIETTA

GA

B

12/14/2001 12/14/2001

16959 Peggy Rowe Hosey

CARROLLTON

GA

B

12/14/2001 12/14/2001

16961 SouthMor Mortgage Corporation

MEMPHIS

TN

L

12/14/2001 12/14/2001

16963 Leucretia R. Stephens

BAINBRIDGE

GA

B

12/14/2001 12/14/2001

16968 South Georgia Mortgage

STATESBORO

GA

B

12/14/2001 12/14/2001

16972 Savannah Discount Housing, Inc.

SAVANNAH

GA

B

12/14/2001 12/14/2001

16980 Heartland Lending, Inc

MARIETTA

GA

B

12/14/2001 12/14/2001

16981 Amass Loan Center, LLC

ATLANTA

GA

B

12/14/2001 12/14/2001

16983 Katherine Denise Lankford

LITHONIA

GA

B

12/14/2001 12/14/2001

16987 Paul Mark W ood

CARTERSVILLE

GA

B

12/14/2001 12/14/2001

16859 Equity Lenders, Inc.

WHITE

GA

B

12/21/2001 12/21/2001

16913 Bancom Financial Services, Corp.

MIAMI

FL

B

12/21/2001 12/21/2001

16932 SouthEastern Capital Mortgage,

OXFORD

AL

B

12/21/2001 12/21/2001

16936 Allstate Equity Mortgage, Inc.

WOODSTOCK

GA

B

12/21/2001 12/21/2001

16962 Amy M. Houtchens 16974 Novelle Financial Services, Inc.

ATLANTA

GA

B

NEWPORT BEACH SCCA

L

12/21/2001 12/21/2001 12/21/2001 12/21/2001

16990 Carroll Len McDade

SMYRNA

GA

B

12/21/2001 12/21/2001

16991 Patricia L. McDorman

SNELLVILLE

GA

B

12/21/2001 12/21/2001

16996 Cynthia Hogan Dent

AUGUSTA

GA

B

12/21/2001 12/21/2001

16997 Ronald William Pilgrim

AUGUSTA

GA

B

12/21/2001 12/21/2001

16998 Jason Royce Chandler

CARROLLTON

GA

B

12/21/2001 12/21/2001

16999 Intell Mortgage Services, Inc.

DULUTH

GA

B

12/21/2001 12/21/2001

17000 Dwayne P. McDorman

SNELLVILLE

GA

B

12/21/2001 12/21/2001

17011 Southeast Funding Associates,

ATLANTA

GA

B

12/21/2001 12/21/2001

16866 Carolyn Pamela Griffin

UNION CITY

B

12/28/2001 12/28/2001

16935 Home Source Mortgage

SPARTANBURG

L

12/28/2001 12/28/2001

16978 Melinda Drew

ACWORTH

GA

B

12/28/2001 12/28/2001

16984 Metrociti Mortgage, LLC

ENCINO

CA

L

12/28/2001 12/28/2001

17002 Loan & Mortgage Network, Inc.

AMES

IA

B

12/28/2001 12/28/2001

17010 G Squared Financial, LLC

ATLANTA

GA

B

12/28/2001 12/28/2001

17021 Old Barrister Mortgage, LLC

ATLANTA

GA

B

12/28/2001 12/28/2001

17022 Angela Nile Yu

MCDONOUGH

GA

B

12/28/2001 12/28/2001

7504 Shabtay Varon

ATLANTA

GA

B

12/15/1995 12/14/2001

15272 Turner Mortgage Company, LLC

DUBLIN

GA

B

01/14/2000 12/28/2001

REINSTATED
12/14/2001 12/28/2001

TOTAL: 46

B = BROKER L = LENDER R = REGISTRANT

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