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received 22 applications for a new license or registration and 2 application for reinstatement of previously revoked or withdrawn license. Forty-one licenses were either revoked or withdrawn during June.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 1 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. 2 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 3 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 5 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 6 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 Return to Bulletins/Summaries Page Return to DBF Home Page 7