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21 applications for a new license or registration and 12 applications for reinstatement of previously revoked or withdrawn licenses. Twenty-six licenses were either revoked or withdrawn during February.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 1 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. 2 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 3 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 4 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 5 Return to Bulletins/Summaries Page Return to DBF Home Page 6