Monthly summary of mortgage activities, June 2001

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance 2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
JUNE 2001
Please review the enclosed list for details on licensee additions and deletions which occurred during June. The Mortgage Division received 22 applications for a new license or registration and 2 application for reinstatement of previously revoked or withdrawn license. Forty-one licenses were either revoked or withdrawn during June. There were 2,851 current licensees/registrants as of June 30, 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 June, seven regular mortgage broker/lender examinations were performed by the Mortgage Division examination team. Also, the Mortgage Division received 3,267 mortgage related telephone calls. Of these calls, 510 were verbal consumer inquiries; and 254 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.
PER LOAN FEES - "Per loan" fees for the first half of 2001 are due by September 1, 2001. If you have reported the "per loan" fees to the Department during the past 12 months or 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. 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 on or after September 1, 2001. 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. Regardless of the volume of loans (even "0" loans closed), you should send in the fee report. Proper payment of these fees will be monitored by our examination team.
The ANNUAL LICENSE RENEWAL process for the FY 2002 licensing period is now over. Renewal application forms were mailed February 5, 2001. A $300 late fine was assessed against licensees who failed to return the renewal application form prior to April 1, 2001. Licensees who did not complete the renewal process by June 30, 2001, have expired and must cease activities covered by the Georgia Residential Mortgage Act. Lenders whose license expired will have to divest of their Georgia residential loan portfolios. Former licensees seeking to reinstate an expired license must file a complete new application supported by updated information on
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the principals and payment of all outstanding fines and fees. 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 and assets not held in the name of the licensee will not count as tangible assets.
NEW BOND FORM On July 1, 2001 the law was changed to clarify that the Department had the right to claim against a broker's or lender's bond for fines, fees and penalties. A new bond form has been adopted which will be required to be executed by all new license applicants who rely on a bond to meet licensing standards. Also, any bond reinstatements must be on the new form. This form is available for download from our web site.
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 is serving as Assistant Division Commander in NATO's Multi National Division. Robley is expected to return to his DBF duties during the last quarter of 2001.
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ID# ISSUE DATE FINE REASON 6220 06/21/2001 FEE 6342 06/25/2001 FILE

FINES ASSESSED IN JUNE 2001

FINE PAID DATE COMPANY NAME

$1000. 06/27/2001 Relocation Financial Services, Inc.

$23500.

Caversham Financial, Inc.

6342 06/25/2001 B&R

$57500.

Caversham Financial, Inc.

11738 06/25/2001 CIC

$500.

Westminster Mortgage Corporation

11738 06/25/2001 BR

$250.

Westminster Mortgage Corporation

11738 06/25/2001 B&R

$1000.

Westminster Mortgage Corporation

11738 06/25/2001 FEL

$2000.

Westminster Mortgage Corporation

11738 06/25/2001 FILE

$14000.

Westminster Mortgage Corporation

11738 06/25/2001 1099

$16000.

Westminster Mortgage Corporation

12586 12605 12637

06/11/2001 BR 06/07/2001 1099 06/21/2001 FEE

$500. $1000. $1000.

06/19/2001 Mitchell Adam Austin 06/27/2001 Priority Mortgage, Inc.
Suncoast Schools Federal Credit Union

13123 13123 13123 13123 13123 13123 13123 13434 13983

06/14/2001 BR 06/18/2001 OTH 06/18/2001 FILE 06/18/2001 FILE 06/18/2001 B&R 06/18/2001 B&R 06/18/2001 B&R 06/11/2001 BR 06/21/2001 FEE

$250. $19000.
$500. $500. $500. $500. $500. $250. $1000.

06/14/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 06/26/2001 Ameristar Mortgage Corporation 07/02/2001 Southern Mortgage Investment Corp.
Union Bancshares Mortgage Corp.

14398 14697

06/01/2001 BR 06/21/2001 FEE

$250. $1000.

06/09/2001 American First Mortgage, LLC Stohr Capital Group, Inc.

15189 15189 15207

06/18/2001 NSF 06/18/2001 NSF 06/21/2001 FEE

$35. $700. $1000.

06/28/2001 J & S Financial Services 06/28/2001 J & S Financial Services
Birmingham Bancorp Mortgage

16025 06/21/2001 FEE

$1000.

First Beneficial Mortgage Corporation

16064 06/21/2001 FEE

$250. 06/29/2001 B.E.M.C. Mortgage Corp.

CITY

ST

Also, any bond MA

Stockbridge

GA

Stockbridge

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Sylvania

GA

Doraville

GA

Tampa

FL

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Atlanta

GA

Marietta

GA

Holiday

FL

Acworth

GA

Bellevue

W

Macon

GA

Macon

GA

West Bloomfield MI

Charlotte

NC

Westmont

IL

1099 AUD B&R BR CD CIC EMP FEE FEL

*FINE REASON

1099 employees

FILE

Audit

LAR

Books & records

NSF

Unapproved branch

REL

Violation of Cease & Desist Order REN

Acq. of 25% ownership without UL

approval

OTH

Employer under C&D or revocation

$6.50 fees not paid

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 REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN JUNE 2001

ID# NAME

CODE REVOKED EXPIRED SUSPENDED WITHDRAWN DENIED

5730 FIDELITY NATL MTG

RD

06/21/2001

5788 WAY ACCEPTANCE CO

LD

06/29/2001

6243 TRANSOUTH MTG CORP

LD

06/14/2001

6394 1ST JEFFERSON MTG

LD

06/14/2001

6398 CAROLINA FIRST BK

RD

06/20/2001

6480 ACCURATE MTG SERVICE LD

06/07/2001

6549 AMERICAN LIBERTY MTG

LD

06/25/2001

6579 MONEY TREE INC

LD

06/29/2001

7307 GREEN ACRES MOBILE

BD

06/25/2001

7424 WHITE, JOHN W

BD

06/14/2001

7469 PROMETHEAN FINANCE

BD

06/13/2001

11506 CROSS KEYS CAPITAL LP LD

06/13/2001

11579 FIDELITY FUNDING MTG

BD

06/18/2001

12214 MTG SPECIALISTS INC

BD

06/13/2001

12659 UNITED NATL MTG LLC

LD

06/29/2001

12756 HIGGINBOTHAM, HORACE BD

06/29/2001

13020 CUSTOM MTG INC

LD

06/29/2001

13038 PATTERSON & MILLER

BD

06/29/2001

13452 NORTH GA DISCOUNT

BD

06/13/2001

13729 COPPOLINO, EDITH K

BD

06/29/2001

14026 MICROSOFT

BD

06/29/2001

14408 CARRELL, J. CRAIG

BD

06/07/2001

14507 CHEROKEE MTG, LLC

BD

06/29/2001

14667 PERRY, VERNON L

BD

06/29/2001

14726 DIERS, JOEY A

BD

06/29/2001

14755 ALSTON MTG INC

BD

06/13/2001

14760 FORSYTH COUNTY CAP & BD

06/29/2001

14784 INGRAM, REECE E

BD

06/19/2001

14863 FIRSTPLUS BANK

RD

06/25/2001

14988 CITIFINL MTG CO

LD

06/04/2001

15013 DLF ENTERPRIZES

BD

06/04/2001

15224 BUYERS DIRECT MTG

RD

06/29/2001

4

15288 ADVANTA BANK CORP.

RD

15368 CHICAGO UNITED MTG,

BD

15549 STONE STREET MTG, LLC BD

15566 STARNET MTG, INC.

LD

15600 AFFORDABLE HOME

LD

15638 SOUTHWEST EQUITIES,

BD

15667 LOANGENIE.COM, INC.

LD

15754 LENDING CTR INC THE

BD

15845 USA HOME CENTER

BD

15850 POWERS, FOLASHADE

BD

15903 MAYER, JEANNE T

BD

16172 JEFFERSON MTG GRP,

LD

16259 CLASSIC MTG

BD

16422 GOLDPOINT MTG INC

BD

06/13/2001

TOTAL: 46

06/29/2001 06/29/2001 06/29/2001 06/29/2001 06/18/2001 06/04/2001 06/14/2001 06/04/2001
06/29/2001 06/29/2001 06/19/2001 06/29/2001 06/29/2001

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JUNE 2001

ID# COMPANY NAME CITY

ST MB CODE

ORIGINAL RENEWAL REINSTATED APPROVAL

15102 OnePipeline.com, Inc. + SALT LAKE CITY

UT B

12/10/1999 06/01/2001

16167 NoteWorld, LLC

TACOMA

WA L

06/01/2001 06/01/2001

16442 Thornburg Mortgage Home SANTA FE

NM L

06/01/2001 06/01/2001

16509 Best Home Mortgages, Inc CHAMBLEE

GA B

06/01/2001 06/01/2001

16517 Southside Lending, Inc PEACHTREE

GA B

06/01/2001 06/01/2001

16518 Princeton Financial

EDINA

MN B

06/01/2001 06/01/2001

16519 T&S Associates, Inc.

DULUTH

GA B

06/01/2001 06/01/2001

14957 Home Savers, LLC +

ATLANTA

GA B

08/13/1999 06/08/2001

16436 Gold Coast Mortgage Group,
16450 Your Mortgage Lender, LLC
16520 Superior Lending, LLC

STONE CLEARWATER ROSWELL

GA B FL L GA B

06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001

16521 Universal Mortgage

SNELLVILLE

GA B

06/08/2001 06/08/2001

16525 Peggy Lynn Nicholson

CARROLLTON

GA B

06/08/2001 06/08/2001

16526 Mary Ann Small

LAWRENCEVILL

GA B

06/08/2001 06/08/2001

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16527 American Mortgage and ROSWELL

16528 William Curtis Stanley

CALHOUN

16532 Brenda Louise Belman

SMYRNA

16534 Nathan Johnson, Jr.

LITHONIA

16536 Lynn Latham Bradley

LAWRENCEVILL

16537 Dwight E. Robins, Sr.

STONE

16538 Tania Renia Garland

CALHOUN

16541 Edward D. Jackson

ATLANTA

16542 John Anthony Whitehead, Jr.
16559 Daryl Marshall Billingsley

ATLANTA CARROLLTON

16564 Pai Moua Xiong

CHAMBLEE

16565 Tracey Lavelle Whaley, Sr. ATLANTA

16566 Jeff L. Hughes

MONROE

16567 Charles Willard Wohlers DECATUR

16581 Pheobe Maria Brown

SAVANNAH

16587 Patricia Davis

ATLANTA

16588 Priscilla Ann Jackson

LITHONIA

16590 Donald Ray Davis

ATLANTA

12207 Macon Mortgage, Inc. * MACON

16444 Sierra Pacific Mortgage RANCHO

16446 Jamie D. Savage

AUBURN

16448 Eagle Mortgage Investments
16530 Faye Wildes-Todd

FLOWERY LITHIA SPRINGS

16551 David Ward Soderlind

SAVANNAH

16563 Custom Mortgage Services,
16570 Svetlana Arkhipov

SUWANEE ATLANTA

16574 Nadiya Jivani

LILBURN

16579 Savannah Residential

NORFOLK

16589 Quinton Blanks

CARROLLTON

12199 Long Beach Mtg #

ORANGE

14093 AMG Mortgage Corporation +
16516 Consumer Disclosure, Inc

ATLANTA FISHERS

16529 Bruce Gordon Smith

WARNER

16543 A. J. Harger

MARIETTA

16547 Lee Financial Advisors, Inc.
16557 Longleaf Mortgage, LLC

FAYETTEVILLE JACKSONVILLE

12684 ATM Funding, Inc. +

GAINESVILLE

GA B GA B GA B GA B GA B GA B GA B GA B GA B
GA B GA B GA B GA B GA B GA B GA B GA B GA B GA L CA L GA B GA B
GA B GA B GA B
GA B GA B VA L GA B CA R GA B
IN L GA B GA B GA B
FL B GA B

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06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001

06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001

06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 02/07/1997 06/15/2001 06/15/2001 06/15/2001

06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/08/2001 06/15/2001 06/15/2001 06/15/2001 06/15/2001

06/15/2001 06/15/2001 06/15/2001

06/15/2001 06/15/2001 06/15/2001

06/15/2001 06/15/2001 06/15/2001 06/15/2001 02/28/1997 12/11/1998

06/15/2001 06/15/2001 06/15/2001 06/15/2001 06/22/2001 06/22/2001

06/22/2001 06/22/2001 06/22/2001 06/22/2001

06/22/2001 06/22/2001 06/22/2001 06/22/2001

06/22/2001 10/03/1997

06/22/2001 06/29/2001

16531 Dorothy E. Smart

LITHONIA

16546 Susan Marie Kirkland

CALHOUN

16549 Gulfstates Mortgage

PELHAM

16554 Ron F. Parker

COLUMBUS

16561 Quality Mortgage Services, MARIETTA

11534 Guardhill Financial Corp. + NEW YORK

6635 Stewart Finance Company UNION POINT

11945 Diversified Capital

MEMPHIS

7449 Tompkins Company (The) AUGUSTA

GA B GA B AL B GA B GA B NY B GA B TN L GA B

06/29/2001 06/29/2001 06/29/2001 06/29/2001 06/29/2001 04/12/1996 04/01/1994 12/20/1996 11/24/1995

06/29/2001 06/29/2001 06/29/2001 06/29/2001 06/29/2001 06/01/2001 06/01/2001 06/08/2001 06/22/2001

08/25/2000 06/01/2001 06/08/2001 06/22/2001

TOTAL: 60

B = BROKER L = LENDER R = REGISTRANT

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

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