Monthly summary of mortgage activities, Feb. 2001

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance 2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
FEBRUARY 2001
Please review the enclosed list for details on licensee additions and deletions which occurred during February. The Mortgage Division received 21 applications for a new license or registration and 12 applications for reinstatement of previously revoked or withdrawn licenses. Twenty-six licenses were either revoked or withdrawn during February. One license received an emergency Suspension. There were 2898 current licensees/registrants as of February 28, 2001.
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/
In February, 17 regular mortgage broker/lender examinations were performed by the Mortgage Division examination team. Also, the Mortgage Division received 2238 mortgage related telephone calls. Of these calls, 375 were verbal consumer inquiries; and 53 were verbal consumer complaints. The Division of Legal and Consumer Affairs, (770) 986-1633, 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.
PLEASE BE SURE TO READ THE FOLLOWING:
PER LOAN FEES - "Per loan" fees for the last half of 2000 are due by March 1, 2001. A copy of the "per loan" fee reporting form can be found 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. These fines will be posted to the delinquent licensees on May 1, 2001. Non-reporting of $6.50 per loan fees will delay the
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renewal of your license. If you do not close the loan in your name, and your name is not on the security deed - you do not owe any $6.50 fees. Regardless of the volume of loans (even "0" loans closed), you should send in the $6.50 fee report. Proper payment of per loan fees will be monitored by our examination team.
The ANNUAL LICENSE RENEWAL process is now underway. Renewal application forms for the fiscal year 2002 mortgage licenses were distributed beginning February 5, 2001. A $300 late fine will be assessed against licensees who fail to return the renewal application form prior to April 1, 2001. As in prior years, all outstanding issues such as fines, fees, stale audits, complaint settlements, etc. must be resolved before your renewal license will 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 license expires will have to divest of Georgia residential loan portfolios. If you have not received your renewal application forms, please contact the Department immediately.
AUDITED FINANCIAL STATEMENTS - Lenders and some Brokers have licenses which are dependent upon the filing of current audited financial statements with this office. Those whose audits which are more than 15 months old may be subjected to fines and/or revocation of their license. It is the RESPONSIBILITY of the licensee, as professionals licensed to operate in the mortgage industry to insure that these audits are current AT ALL TIMES. Care must be taken to employ a CPA who has time to service your account in a manner so as to protect your license. Requests for an extension will not be granted. License renewals will not be granted for those licensees whose audits are not current. Please keep in mind that the net worth requirements in Georgia are predicated on tangible assets. Assets including but not limited to items such as "goodwill" and accounts "due from" shareholders, affiliated companies, directors or officers will not count as tangible assets.
PLEASE NOTE:
Commissioner Bridges has appointed Drexel Beck as Acting Deputy Commissioner for Mortgage Affairs. This interim appointment is due to Robley Rigdon's long term military assignment to Bosnia, where he will assume the duties of Assistant Division Commander in NATO's Multi National Division. Robley is expected to return to his DBF duties during the last quarter of 2001.
CEASE AND DESIST ORDERS ISSUED
Debt Elimination Group, Inc., Fayetteville, NC - Cease and Desist Order issued 1-16-01 and became final 2-15-01
Timber Lake Mortgage Company, Atlanta, GA - Cease and Desist Order issued 12-23-00 and became final 2-12-01.
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FINES ASSESSED IN FEBRUARY 2001

ID# ISSUE DATE FINE REASON FINE PAID DATE COMPANY NAME

7069 02/19/2001 UL

$1000.

Quality Homes Company

7069 02/19/2001 OTH

$1000.

Quality Homes Company

13037 02/19/2001 CIC

$500.

Greater Homes Company

13037 02/19/2001 UL

$1000.

Greater Homes Company

14987 02/08/2001 B&R

$500. 02/26/2001 Investors Funding Group

15105 02/08/2001 UL

$1000. 03/06/2001 P&R Mortgage Services, Inc.

15355 02/19/2001 BR

$250.

James E. Webb

15698 02/16/2001 FILE

$500.

Park West Mortgage, Inc.

15698 02/16/2001 B&R

$500.

Park West Mortgage, Inc.

CITY

ST

Smyrna

GA

Smyrna

GA

Smyrna

GA

Smyrna

GA

Lithonia

GA

Stone Mountain GA

Roswell

GA

Kennesaw

GA

Kennesaw

GA

1099 B&R BR CD CIC EMP FEE FEL

*FINE REASON

1099 employees

Books & records

FILE

Unapproved branch

LAR

Violation of Cease & Desist Order NSF

Acq. of 25% ownership without REL

approval

REN

Employer under C&D or revocation UL

$6.50 fees not paid

OTH

Employment of a felon

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

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LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN FEBRUARY 2001

ID# COMPANY NAME CITY

ST MB

ORIGINAL APPROVAL

RENEWAL REINSTATED

CODE

16244 Nation's Standard Mortgage

TARRYTOWN NY L

02/02/2001 02/02/2001

16246 Southern Housing Center, Inc.

MILLEDGEVILLE GA B

02/02/2001 02/02/2001

16275 Windward Mortgage of ALPHARETTA GA B

02/02/2001 02/02/2001

16288 William H. Gunn

STONE

GA B

02/02/2001 02/02/2001

16299 GE Mortgage Inc.

CHAMBLEE

GA B

02/02/2001 02/02/2001

16304 Buddy F. Nethery

EAST RIDGE

TN B

02/02/2001 02/02/2001

16281 T.L.H. Mortgage Corporation

NORCROSS

GA B

02/09/2001 02/09/2001

16297 NationWise Mortgage ATLANTA

GA B

02/09/2001 02/09/2001

16312 Georgia Mortgage Group, Inc.

ATLANTA

GA B

02/09/2001 02/09/2001

16315 Loan Place (The)

NORTHCHARLES SC B

02/09/2001 02/09/2001

15709 Equistar Financial Corp. ST. PETERSBURG FL L *

06/09/2000 02/16/2001

16298 American First Mortgage

ATLANTA

GA B

02/16/2001 02/16/2001

16306 Jane P. Garbutt

DUBLIN

GA B

02/16/2001 02/16/2001

16331 A.S.H. Mortgage Company,

GAINESVILLE GA B

02/16/2001 02/16/2001

16231 Herbert D. Ryals, Jr. LEESBURG

GA B

02/23/2001 02/23/2001

16308 Select Mortgage Services, Inc.

LILBURN

GA B

02/23/2001 02/23/2001

16313 PSE Group, Inc.

ACWORTH

GA B

02/23/2001 02/23/2001

16318 Advanced First Financial.

CHATTANOOGA TN B

02/23/2001 02/23/2001

16330 TRG Mortgage, Inc. POWDER

GA B

02/23/2001 02/23/2001

6020 Landmark Mortgage GRETNA

LA L

06/18/1993 02/02/2001 02/02/2001

7070 J. E. Harmond Mortgage ATLANTA Co.

GA B

02/24/1995 02/09/2001 02/09/2001

11931 NuMax Mortgage Corporation

GERMANTOWN M L

10/18/1996 02/09/2001 02/09/2001

12314 Hamilton Insurance Services

DULUTH

GA L

03/21/1997 02/09/2001 02/09/2001

15059 Empire Home Lending BOCA RATON FL L

10/01/1999 02/09/2001 02/09/2001

TOTAL: 24

B = BROKER L = LENDER R = REGISTRANT

* Upgrade Broker to Lender + Downgrade Lender to Broker

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LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED

ID# NAME 5709 MetroFirst Mtg Corp 5893 Crossland Mtg Corp 6214 Charles F Curry Co 6662 Community Family Mtg Inc 6732 Preferred Credit Inc 6975 1st Nationwide Mtg Corp 11553 Mid-South Invest Corp 11839 Advanta Fin Corp 12248 Sovereign Mtg Grp Inc 12286 Trinity Home Mtg Corp 12859 AmeriCredit Mtg Svcs 13050 A. Chris Pickel 13246 1st Finl Funding Grp 13249 Community One Mtg 13561 Riggs, Jordan B 13764 Concept 21 Mtg 13781 El Shadai Consumer Servs 13910 Pepper Harris Corp 14244 Great Ameri Mtg, Inc. 14399 M3 Mortgage 14428 Finance Source (The) 14485 Bombardier Cap FL, Inc. 14940 RBMG Servicing 15132 Turnpike Mobile Homes 15324 R&L Mtg Svcs 15710 Eagle Mtg Svcs LLC 16148 Roberson Grp Inc (The)

IN FEBRUARY 2001

CODE REVOKED EXPIRED SUSPENDED WITHDRAWN DENIED

BD

02/09/2001

LD

02/23/2001

LD

02/16/2001

BD

02/05/2001

BD

02/16/2001

RD

02/26/2001

LD

02/16/2001

LD

02/28/2001

BD

02/01/2001

BD

02/27/2001

LD

02/26/2001

BD

02/20/2001

LD

02/05/2001

BD

02/05/2001

BD

02/16/2001

BD

02/23/2001

BD

02/16/2001

BD

02/23/2001

BD

02/05/2001

BD

02/26/2001

BD

02/20/2001

LD

02/16/2001

LD

02/27/2001

BD

02/20/2001

BD

02/16/2001

LD

02/20/2001

BD

02/16/2001

TOTAL: 27

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