Monthly summary of mortgage activities, Oct. 2002

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
OCTOBER 2002 SUMMARY OF ACTIVITIES - MORTGAGE DIVISION
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**IMPORTANT NOTES**
DISTRIBUTING THE MONTHLY SUMMARY: The Monthly Summary of Mortgage Activities is E-mailed each month to licensees. The Department requests that all licensees provide the Department a valid E-mail address in order to receive the Monthly Summary each month in a timely manner. For all other licensees, the Monthly Summary is 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 E-mail address, please contact the Mortgage Division at dbfmort@dbf.state.ga.us or at 770986-1633 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/
LOAN PROCESSORS
The Department is considering a change in its policy regarding third party, independent mortgage loans processors. If the Department makes the changes under consideration, third party, independent mortgage loan processors will most likely be required to be licensed as a mortgage broker or be an exclusive, W-2 employee of a single mortgage licensee. Heretofore, the Department has allowed third party, independent mortgage loan processors to be excluded from the licensing requirements and has allowed mortgage licensees to do business with unlicensed mortgage loan processors or mortgage loan processing companies. The Department now believes this exclusion is not permitted by the Georgia Residential Mortgage Act (GRMA), and that third party, independent mortgage loan processors should be licensed or should qualify for the employee exemption permitted under GRMA. The Georgia Fair Lending Act specifically addresses loan processors and includes loan processors in its definition of `lender'. If the Department's policy does change, notice will be provided to existing licensees through future editions of the Monthly Summary and its website, www.state.ga.us/dbf. New licensees will be notified at the time their license is issued.
NOTIFICATION OF CHANGE IN ADDRESS
Pursuant to Section 7-1-1006 (e) of the Official Code of Georgia, each licensee shall notify the Department in writing of any change in the address of the principal place of business. Notification of a change in address shall be submitted no later that 15 days before the change is made.
To facilitate this requirement for licensees, the Department is providing a Notification Of A Change In Address form on the Internet at the following address under the drop-down list for Additional License Forms, Applications & Notifications: http://www.ganet.org/dbf/mortgage_forms.html
Please use this form to notify the Department of any change in the address of the company. This form must be

signed by the responsible executive officer of the company.
NOTIFICATION OF CHANGE IN MANAGEMENT
Pursuant to Section 7-1-1006 (e) of the Official Code of Georgia, each licensee shall notify the Department in writing of any change in the address of the principal place of business or of any additional location of business in Georgia, any change in registered agent or registered office, any change of principal officer, director, contact person for consumer complaints, any individual who directs the affairs or establishes policy, or ultimate equitable owner of 10 percent or more of any corporation or other entity licensed under this article, or of any material change in the licensee's financial statement. Notice of a change in address or an addition of a new location shall be submitted no later than 15 days before the change is made. Notice of other changes must be received by the Department no later than 30 business days after the change is effective. Any additional information and documents, if any, must be provided on 8-1/2" by 11" paper. Reporting forms are available on the website publications page www.dbf.state.ga.us/dbf/mortgage_forms.html under "Additional License Forms and Applications". A new form Notice of Change in Management - is also now available to report changes in officers as noted above.
CREDIT REPORTS
The ease of use of the Internet to obtain credit reports has facilitated the ability of individuals to complete the various applications with the Department which require submission of personal financial and credit history information. However, the screen and page nature of the Internet does not make it apparent to the user that they may not be getting the entire contents of their credit report on just the one screen which shows the credit information.
There are often several screens of information under different tabs, and one of the more important pieces of information which is often on another screen or tab and must be submitted to the Department with an individual's credit information is the Public Records section of their report.
The complete credit report is required for license applications, changes in management, for branch managers applications, etc. Please be aware of this fact that regardless of whether you use the Internet to obtain credit information or obtain a hardcopy from the credit reporting agency, you must obtain the entire credit report and submit this to the Department. Failure to do so will delay the processing of the application until the entire report is provided by the applicant.
Georgia Fair Lending Act - A REMINDER!!
The Georgia Fair Lending Act (HB 1361) went into effect October 1, 2002. This law has a significant impact on your lending and brokering activities and we encourage you to review the questions and answer database which has been compiled from questions submitted by industry licensees and other professionals. Information and other resources regarding this legislation can be found at www.state.ga.us/dbf/GAFLAresources.html.
If you have additional questions please submit them to gafla@dbf.state.ga.us. In order to ensure that everyone receives consistent interpretations of this law, telephone inquires should be deferred to the E-mail request for information. Also, please keep in mind that mortgage loan processors as defined in the Act are considered creditors. The Department will attempt to answer as quickly as possible new issues which may be submitted and which have not been previously addressed. Please reference that your correspondence regards the Georgia Fair Lending Act in order to expedite the Department's handling of the correspondence. Answers appear on our website.
We encourage you to review the information available so that you have the proper procedures in place prior to the effective date of the legislation.

EMPLOYMENT OF FELONS
An unfortunate trend has been noticed in the Mortgage Industry in Georgia. While we rarely receive an application from an individual who is unable to complete the licensing requirements due to a problem with their criminal background, we often discover that these individuals are seeking employment from persons licensed by this Department. Please be reminded that the provisions of O.C.G.A. 7-1-1004(d) allow the Department to revoke any license where a felon is on staff. If the Department discovers that a licensee has employed a felon who has not complied with the remedies allowed by Section 7-1-1004 (c), the licensee will be fined $1,000 for each violation, and will be issued a Notice of Intent to Revoke their license. The Department intends to pursue this problem aggressively.
OUT OF STATE BROKERS
The Official Code of Georgia Section 7-1-1003.1 states, in part, that if the applicant for a new or renewal mortgage broker license does not have a physical place of business in Georgia, then a license or a renewal may only be issued if the applicant's home state also does not require that in order to be licensed a mortgage broker must have a physical place of business in their home state. This location must be staffed by at least one supervised employee. It can not be a post office box or any other place where the public receives mail, deliveries, or messages. Currently the states of Alabama, Massachusetts, New Jersey, Pennsylvania, and South Carolina have the requirement that brokers have a physical place of business in their home state.
CEASE AND DESIST ORDERS - Issued
Countryside Home Loans, Inc. - Cease and Desist Order issued 10-07-02, and became final on 10-27-02.
E- Loan, Inc. - Cease and Desist Order issued 10-07-02, and became final on 10-27-02.

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN OCTOBER 2002

ID#
16654 16711 16143 16409
5694 5791 5850 7057 7103 7437 12305 12370 13239 14195 14252 15029

NAME
RT CAPITAL, LLC AMERICAS MTG CTR INC MURRAY, LISA M WORLD RESOURCE MTG US MTG LENDING CORP MTGWORKS INC TOWER FINANCIAL SVCS REAL ESTATE FINL SVCS INC EQUIPRIME MTG LARSON, KENNETH L METFUND MTG CORP CARRIER, PAUL LUDWIG SUCCESS MTG SVCS MORGAN, BERNARD DH CAP, LLC 1ST METROPOLITAN MTG CO

CODE
BD BD BD BD BD BD LD LD LD BD BD BD BD BD BD LD

REVOKED
08/01/2002
10/15/2002 10/01/2002 10/08/2002

EXPIRED

SUSPENDED

WITHDRAWN
08/09/2002

09/25/2002 09/30/2002 10/01/2002 10/18/2002 10/28/2002 10/23/2002 10/01/2002 10/07/2002

10/10/2002
10/10/2002 10/03/2002

DENIED

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN OCTOBER 2002

ID#
15284 15793 16149 16449 17102 17367 17550 17786

NAME
LOWERRATE.COM, INC. MILLENNIUM CAP INC COMPUTER MTGS AMER INC EQUITY ATLANTA GREENE, GEORGE H MORGAN, CRAIG W PEOPLES CHOICE MTG CHRISTINA L. JONES

CODE
BD BD BD BD BD BD BD BD

REVOKED
10/10/2002

EXPIRED

SUSPENDED

WITHDRAWN
10/25/2002 10/28/2002

10/25/2002 10/16/2002 10/10/2002 10/18/2002 10/25/2002

DENIED

TOTAL: 24

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN OCTOBER 2002

ID# COMPANY NAME

14979 16891 17498 17524 17602 17611 17628 17537 17565 17598 17608 17616 17627 17631 17644 17702 17719 17729 17753 17754 17755 17756 17757 17758 17759 17761 17763

Franklin First Financial Ltd * D&D Financial Group, Inc. * First American Mortgage Trust Smart Guy Mortgage, Inc. Gary D. Dunagan Charles Merritt Massey Naomi Kaufman Complete Mortgage Funding, Cory Orsen Hester Alton E. Smith Robyn C. Brockington Frederick Lawrence Highsmith Janice Rebecca Thompson Duane Hartness Johnnie Faye Rosser Exceptional Residential Vista Lending, Inc. Peach State Residential Pam Bevil Hoke N. Brantley Randolph Clarence Dean, Jr. Thomas M. Dekle Jeffrey A. Glover Connie Hardaway William Morgan Harvill, Jr. Floria Izadi Girard L. McEntee

CITY

ST

WEST HEMPSTEAD NY

ALEXANDRIA

IN

BROOKLINE

MA

MORROW

GA

MACON

GA

MILLEDGEVILLE

GA

ATLANTA

GA

CANTON

GA

LILBURN

GA

STATESBORO

GA

JESUP

GA

VALDOSTA

GA

DOUGLASVILLE

GA

DEMOREST

GA

RIVERDALE

GA

ATLANTA

GA

ATLANTA

GA

LILBURN

GA

DALTON

GA

AUGUSTA

GA

EAST ELLIJAY

GA

ATHENS

GA

STONE MOUNTAIN GA

ALPHARETTA

GA

WOODSTOCK

GA

KENNESAW

GA

ATLANTA

GA

MB CODE
L L L B B B B L B B B B B B B B B B B B B B B B B B B

ORIGINAL APPROVAL
10/01/1999 11/09/2001 10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002

RENEWAL
10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/04/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002 10/11/2002

REINSTATED

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN OCTOBER 2002

ID# COMPANY NAME

CITY

17764 17769 17771 17683 17707 17708 17709 17710 17711 17712 17715 17716 17717 17739 17740 17741 17742 17743 17744 17745 17748 17749 17750 17752 17760 17762 17765 17767 17770 11531 12347 17136 17511 17520 17554 17563 17564 17573 17649 17659 17666 17682 17688 17701 17723 17738

Philip McGregor Bill Thompson William A. Wilson Stanley R. Rockett Phillip Ollon Gay Jimmy M. Anthony, Sr. Robert Ashley Lee Proctor Woods Calvin DuBose, Jr. Maggie Dutton Clarence Michael Johnston Stanley C. Houston Ann M. Sullivan Chad Bradley Randolph H. Bryan Joseph Bernard DeBose David C. Gallman Judy T. Gladney Teresa S. Grubbs William V. Hardison Matthew Mixon Leonard E. Schaeffer III William J. Taylor Kenneth Wayne Adams Scott Hubbard Loyd G. Massey, Jr. Douglas Stanley Mikula Janice S. Roberts Connie R. Wilkes Hometrust Mortgage , Inc. * Leahy and Walker Finl * H&S Homes, LLC Mortgage Academy of Georgia, Aclarian, Inc. Michael R. Diffee Simone H. Ford Paul Wendell Rumsey, Jr. Ron E. McCleave Jason Travis Pate Paul A. Thomas Perry Brent Conrad Daniel P. Ross Ray W. Brooks Down's Financial, Inc. Merrill Lynch Mortgage Lending, Joseph C. Bedsole

LITHONIA FAYETTEVILLE ATHENS DOUGLAS SOPERTON STATESBORO MARIETTA WRENS ALPHARETTA ST. SIMONS IS. ALBANY BLAKELY MCDONOUGH LAWRENCEVILLE COCHRAN ATLANTA LOGANVILLE LAWRENCEVILLE GRIFFIN BRUNSWICK CLARKESVILLE THOMSON COVINGTON CARROLLTON COVINGTON ATLANTA MARIETTA MACON COLUMBUS ATLANTA COSTA MESA EATONTON DETROIT VALRICO KENNESAW CALHOUN LITHONIA SMYRNA VALDOSTA WARNER ROBINS JONESBORO DOUGLAS ADEL DENVER WASHINGTON DOUGLASVILLE

ST MB CODE
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 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 MI B FL B GA B GA B GA B GA B GA B GA B GA B GA B GA B CO L DC L GA B

ORIGINAL APPROVAL
10/11/2002 10/11/2002 10/11/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 04/12/1996 03/21/1997 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002

RENEWAL
10/11/2002 10/11/2002 10/11/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/18/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002

REINSTATED

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN OCTOBER 2002

ID# COMPANY NAME

17746 17751 17783 17785 17788 17789 17798 17800 17803 17805 17806

R. Browning Holland Frank H. Worley Janet L. Harris Melinda Kay Griggs Robert L. Paschall Lisana D. Owens Hallen Mortgage Corporation Victor Dale Brantley Eileen Brewster William Douglas Timms David F. Griggs

CITY
DULUTH TOCCOA CALHOUN CALHOUN ALPHARETTA HAPEVILLE ROSWELL BAXLEY ATLANTA CALHOUN CALHOUN

ST MB CODE
GA B GA B GA B GA B GA B GA B GA B GA B GA B GA B GA B

ORIGINAL APPROVAL
10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002

RENEWAL
10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002 10/25/2002

REINSTATED

TOTAL: 84

B = BROKER L = LENDER R = REGISTRANT

+ Downgrade Lender to Broker * Upgrade Broker to Lender

FINES ASSESSED IN OCTOBER 2002

ID#

ISSUE

DATE

FINE REASO N

FINE

PAID DATE

COMPANY NAME

CITY

ST

5635 10/11/2002 AUD

$1000. 10/17/200 Century Mortgage Corporation

Dunwoody

GA

5792 10/03/2002 FILE

$500. 10/15/200 Royal American Mortgage, Inc.

Atlanta

GA

5849 10/08/2002 B&R

$500. 10/31/200 Goff/Coley Enterprises, Inc.

Atlanta

GA

5849 10/08/2002 FILE

$500. 10/31/200 Goff/Coley Enterprises, Inc.

Atlanta

GA

5850 5858 5959 5959

10/11/2002 10/18/2002 10/22/2002 10/22/2002

AUD B&R B&R FILE

$1000. $500. $500.
$1000.

Tower Financial Services, Inc.

Atlanta

GA

Power Mortgage Company of Georgia,

Woodstock

GA

Official Mortgage & Investments, Inc.

Riverdale

GA

Official Mortgage & Investments, Inc.

Riverdale

GA

5959 5959 6002 6002 6009

10/22/2002 10/22/2002 10/18/2002 10/18/2002 10/11/2002

1013 1013 FILE B&R AUD

$1000. $4000.
$500. $500. $1000.

Official Mortgage & Investments, Inc.

Riverdale

GA

Official Mortgage & Investments, Inc.

Riverdale

GA

NDB Mortgage Services Inc.

Atlanta

GA

NDB Mortgage Services Inc.

Atlanta

GA

Mainstreet Mortgage Makers, Inc.

Tampa

FL

6199 10/11/2002 AUD

$1000.

Invest America Mortgage Corp.

Atlanta

GA

6317 10/22/2002 UL

$1000.

Darryl Haysbert

Atlanta

GA

6317 10/22/2002 FILE

$500.

Darryl Haysbert

Atlanta

GA

6690 10/08/2002 FILE

$500. 10/25/200 Tri Star Mortgage, Inc.

Lilburn

GA

6692 10/11/2002 AUD

$1000. 10/21/200 Taylor, Bean & Whitaker Mortgage Corp. Atlanta

GA

6830 10/11/2002 AUD

$1000.

American Acceptance Mortgage, Inc.

Chattanooga

TN

6867 10/18/2002 FILE

$500.

HomeQUEST, Inc.

Norcross

GA

6959 10/25/2002 B&R

$500.

Kimcor Mortgage, Inc.

Chamblee

GA

6959 10/25/2002 FILE

$500.

Kimcor Mortgage, Inc.

Chamblee

GA

FINES ASSESSED IN OCTOBER 2002

ID#

ISSUE

DATE

FINE REASO N

FINE

PAID DATE

COMPANY NAME

CITY

ST

7062 10/11/2002 AUD

$1000. 10/16/200 Springs Mortgage Corporation

Fort Mill

SC

7086 10/25/2002 FEL

$1000.

Southern Siding and Window Company,

Augusta

GA

7086 10/25/2002 B&R

$500.

Southern Siding and Window Company,

Augusta

GA

7086 10/25/2002 FILE

$500.

Southern Siding and Window Company,

Augusta

GA

7245 10/11/2002 AUD

$1000. 10/18/200 Aames Capital Corporation

Los Angeles

CA

7383 10/18/2002 B&R

$500.

Sunset Carson Housing Inc.

Statesboro

GA

7383 10/18/2002 B&R

$500.

Sunset Carson Housing Inc.

Statesboro

GA

7387 10/11/2002 AUD

$1000. 10/18/200 CMH Homes, Inc.

Maryville

TN

11435 10/11/2002 AUD

$1000. 10/18/200 First Mortgage Corporation

Diamond Bar

CA

11599 10/03/2002 B&R

$500.

Total Mortgage Lending, Inc.

Monroe

GA

11649 10/11/2002 AUD

$1000. 10/18/200 Aames Funding Corporation

Los Angeles

CA

11813 10/11/2002 AUD

$1000.

World Finance Corporation of Georgia

Marietta

GA

12121 10/11/2002 AUD

$1000.

Associates Housing Finance, LLC

Irving

TX

12375 10/11/2002 AUD

$1000.

21st Mortgage Corporation

Knoxville

TN

12480 10/03/2002 FILE

$500.

MBM Capital

Roswell

GA

12746 10/11/2002 AUD

$1000.

Ocean West Enterprises, Inc.

Tustin

CA

12967 10/03/2002 FILE

$500. 10/28/200 Mortgage Center, Inc. (The)

Cullman

AL

13127 10/22/2002 NSF

$75.

Dumas Mortgage Corporation

Norcross

GA

13906 10/11/2002 AUD

$1000.

Bottomline Mortgage, Inc.

Pasadena

CA

15056 10/11/2002 AUD

$1000. 10/17/200 Mortgage Capital Associates, Inc.

Los Angeles

CA

15063 10/03/2002 FILE

$500. 10/16/200 Preferred Mortgage Services, Inc

College Park

GA

15380 10/22/2002 NSF

$25.

All Credit Mortgage Lenders, LLC

College Park

GA

15683 10/11/2002 AUD

$1000.

Alliance Capital Corp.

Levittown

NY

15748 10/02/2002 B&R

$500. 10/25/200 Jimmy Drake

Mableton

GA

16256 10/11/2002 AUD

$1000.

Main Line Mortgage of South Florida, Inc. Coral Springs

FL

16809 10/08/2002 FILE

$500.

Innovative Funding Solutions, Inc.

Conyers

GA

16824 10/02/2002 FEL

$2000. 10/18/200 U. S. Financial Services, Inc.

Alpharetta

GA

16824 10/02/2002 B&R

$500. 10/18/200 U. S. Financial Services, Inc.

Alpharetta

GA

16824 10/02/2002 FILE

$1500. 10/18/200 U. S. Financial Services, Inc.

Alpharetta

GA

16824 10/02/2002 FILE

$500. 10/18/200 U. S. Financial Services, Inc.

Alpharetta

GA

16907 10/11/2002 AUD

$1000. 10/24/200 Madison Mortgage Corporation

Smyrna

GA

16912 10/11/2002 AUD

$1000.

EWEB Funding Group, LLC

Gaithersburg

MD

FINE REASON

1099 1099 employees

B&R BR CD CIC EMP FEE

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

LAR NSF REL REN UL OTH

FILE 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