Monthly summary of mortgage activities, Mar. 2003

Monthly Summary of Mortgage Activities
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200, Atlanta, GA 30341-5565
FOR THE PERIOD ENDING MARCH 2003
SUMMARY OF ACTIVITIES - MORTGAGE DIVISION
---------------------------------------------------------------------------------------------------------------------------------------------------**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/
PER LOAN FEES - "Per loan" fees for the second half of 2002 were due by March 1, 2003. If you hold a Georgia Residential Mortgage Lender license, you should have received a Reporting Form in January 2003. Please use this form to remit your fees. Contact the Department or use the internet form if you did not receive your copy. Regardless of the volume of loans (even "0" loans closed), you should send in the fee report. 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 have been posted to the delinquent licensees. 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. Proper payment of these fees will be monitored by our examination team. Failure to pay the fees may result in non-renewal of your license.
In addition, if a licensee withdraws their mortgage license the per loan fees are still due for the period during which the license was withdrawn.
The ANNUAL LICENSE RENEWAL process is now underway. Renewal application forms for the fiscal year 2004 mortgage licenses were distributed beginning February 7, 2003. A $300 late fine will be assessed against licensees who did not return the renewal application form by the close of business on April 1, 2003. As in prior years, all outstanding issues such as fines, fees, stale audits, complaint resolution, etc. must be resolved before your renewal license will be granted. Licensees who do not complete the renewal process by June 30, 2003, will have their licenses expire, and will have to cease operations. If you have not received your renewal application forms, please contact the Department immediately.

LOAN PROCESSORS
BEGINNING OCTOBER 1, 2003, INDEPENDENT LOAN PROCESSORS WILL BE REQUIRED TO BE LICENSED AS MORTGAGE BROKER IN ORDER TO PROCESS GEORGIA RESIDENTIAL MORTGAGE LOANS.
License Applications for loan processors to obtain a Georgia mortgage broker license will be available on the Department's website, www.state.ga.us/dbf, no later than June 1, 2003. For those who wish to apply early, the existing mortgage broker license application may be used.
Mortgage brokers and mortgage lenders who currently utilize the services of an independent loan processor will be required to verify that the independent loan processor is properly licensed. After October 1, 2003, mortgage brokers and mortgage lenders who continue to utilize the services of independent loan processor who is not properly licensed will be fined $1,000 per loan processed in violation of the Georgia Residential Mortgage Act and their license shall be subject to suspension or revocation [Rule 80-11-3-.01 (1) (a)].
Loan processors who work exclusively for a single mortgage broker or mortgage lender, or who work for a licensed mortgage processing company, and who are supervised on a daily basis by that mortgage broker or mortgage lender or mortgage processor and who are compensated on a W-2 basis or who otherwise qualify for the employee exemption in Section 7-1-1001 (11) O.C.G.A. will not be required to be licensed.
Independent loan processors who wish to be licensed and continue to process Georgia residential mortgage loans will be required to meet all licensing requirements necessary to obtain a mortgage broker license. These requirements will include proof of required education, criminal background history, surety bond, satisfactory credit history, use of allowed business name, proper registration of incorporation and trade names, etc.
Approval of the license application will take approximately 10 to 12 weeks; however, some applications will take longer to approve. Applicants should be fully aware of this processing time to avoid possible delays in their ability to conduct business.
FY2003 HOUSEKEEPING BILL
The Department's housekeeping bill was passed by the General Assembly on April 10, 2003. A full recap of the provisions of the bill affecting mortgage licensees will be presented in next month's summary. However, please be aware of the following important changes in the licensing provision of the bill. Note that the following changes go into effect July 1, 2003.
BROKERS
Section 7-1-1003.2, relating to financial requirements for licensing and registration, was amended to change the minimum net worth requirement option for brokers from $25,000 to $100,000. The bond option remains the same at $50,000. Please note that beginning July 1, 2003, this new net worth requirement will be in effect. This does not affect the renewals that are in process for the 2003-2004 annual licenses. However, new applicants applying after July 1, 2003 and licensees who renew beginning with the 2004-2005 renewal period who wish to use the net worth option in lieu of a bond to meet the financial requirements for a license will have to meet the new $100,000 audited net worth requirement.
Another change provides that if the broker is an approved HUD mortgage loan correspondent, then the broker may provide annual proof of such HUD approval in lieu of the $50,000 bond. The broker must provide verification of their HUD approval status and a copy of their most recent certified audit reflecting the HUD approved tangible net worth presently set at $63,000. This audit must also have to meet the Department's requirements set forth in Department rule 80-11-2-.05 concerning audits, which require that the audit not be more than 15 months old, dated no more than 12 months from the last audit provided, and be performed by a properly licensed CPA or RPA. The code sections as amended are as follows:

7-1-1003.2 (a) Each licensed mortgage broker must provide the department with a bond. The bond for a mortgage broker shall be in the principal sum of $50,000 or such greater sum as the department may require and the bond shall meet the other requirements of subparagraph (c) (2) (B) of this Code section. In lieu of a bond, a mortgage broker may:
(1) Provide the department with an audited financial statement that discloses that the broker has a bona fide and verifiable tangible net worth of $100,000; or
(2) Provide the department with evidence from the United State Department of Housing and Urban Development that the broker is a loan correspondent under Title I, Title II, or Title I and Title II for each year the broker is licensed by the department. Such requirement shall be continuous in nature."
LENDERS Section 7-1-1003.2, relating to financial requirements for licensing and registration, was amended to provide a bond option for lenders. This new option allows the lender to provide a bond in the amount of $150,000 in lieu of providing the required audited financial statement reflecting a minimum tangible net worth of $250,000. The bond and audit requirements for HUD approved lenders was not affected by these revisions.
The code section as amended is as follows:
7-1-1003.2 (b) Except as otherwise provided in subsection (c) of this code section, the department shall not license or register any mortgage lender unless the applicant or registrant provides the department with a bond. The bond for a mortgage lender shall be in the principal sum of $150,000.00 or such greater sum as the department may require and which bond shall meet the other requirements of subparagraph (c) (2) (B) of this Code section. In lieu of bond a lender may provide the department with an audited financial statement covering the most recent fiscal year preceding the date of the application or registration and such other financial data as the department may require that disclose that the applicant or registrant has a bona fide and verifiable tangible net worth of $250,000.00 or such greater amount as the department may reasonably require, which net worth must be continuously maintained as a condition of licensure or registration."
FINGERPRINT CARDS
Please remember that all persons submitting fingerprint cards to the Department should obtain the blank cards directly from the Department. One set consists of TWO cards. The fee for processing these cards is $30. This fee should be submitted to the Department in the form of a money order or certified check.
Also, it is important that the fingerprinting process be performed by trained law enforcement personnel. We have had many "self prepared" cards rejected by the GCIC and the FBI because the prints had avoidable problems (such as smudging)and as a result could not be processed. Cards which cannot be processed must be redone and reprocessed through the law enforcement system, which extends the processing time for the application.
Also remember that when having fingerprints taken, after the fingerprints are on the card, the card should be protected to insure that smudging does not occur due to contact with other objects.
APPLICATION PROCESSING
Review Period
Due to budget cutbacks statewide, the number of law enforcement agency personnel used to process the fingerprint cards has been reduced. As a result, the Department has been informed that it will take approximately 10 to 12 weeks to process these cards through the state and federal systems and receive the results. Please be aware of this situation when you file any application with the Department which requires fingerprint cards, such as the license, change in control and change in management applications.

New Applications Business Address
Because of the delays in processing of applications due to volume and criminal history investigations, many license applicants have noted that they must pay for a business location from which no revenue is being generated until that license is granted.
Applicants have always had the ability to negotiate business location leases which contain a contingency clause in which the lessee will not occupy the property and no rent will be due pending approval of the license. In the event that the prospective licensee can not find a property with this type of lease agreement option, applicants can provide a proposed business address in the application.
If the application is then approved and the licensee has had to change the place of business from the location noted in the original application, the licensee must inform the Department of the change in business location prior to doing business from that location. Failure to inform the Department of this change will result in a fine under O.C.G.A 7-1-1006 (e) which states that a "licensee must notify the Department in writing of any change in the address of the principal place of business ....Notice of a change in address.... Shall be submitted no later than 15 days before the change is made...". The fine amount is $250 as noted in the Department Rule 80-11-1-.01 (b).
E-MAILING THE DEPARTMENT
The Department would like to encourage you to correspond with us using e-mail.
Providing written details regarding any questions you may have in an e-mail allows the Department to send the request to the appropriate person who handles that area, and with sufficient details in the request, that person can more efficiently provide you an answer.
The e-mail address is DBFMORT@DBF.STATE.GA.US
A detailed message which will be distributed to the proper individual will help us help you. In the event you still need additional information, please contact us by phone.
GEORGIA FAIR LENDING ACT
This law has been amended. You may view the current changes by going to the following website: http://www.legis.state.ga.us/legis/2003_04/versions/sb53_SB_53_HCSFA_9.htm
MORTGAGE APPLICATION
The Mortgage Division has revised several application forms including Change In Management, Change In Address, and Change In Control. Please refer to the following website to review the current forms: http://www.ganet.org/dbf/mortgage_forms.html .
SURETY BONDS AND RENEWALS
Beginning July 1, 2002, the law was changed regarding the surety bond. In addition to the requirements contained in O.C.G.A. 7-1-1003.2 for a bond, the bond requirement for any lender or broker license utilizing a bond is such that the bond shall have a stated term of one year or less, and shall expire on June 30 of each year.
Please remember that in order to renew your license a current bond must be in effect. The bonding companies will notify the Department of any cancellations 30 days prior to the expiration date fo the bond. If the Department received a cancellation notice regarding any licensee in June, the license will NOT be renewed unless the Department receives notice of reinstatement of the bond prior to expiration.
Licensees using bonds are encouraged to review the status of their bond with their bonding company to facilitate

the renewal of their license and prevent the issuance of a revocation notice.
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, North Carolina, Pennsylvania, South Carolina, and Texas have the requirement that brokers have a physical place of business in their home state.
CEASE AND DESIST ORDERS - Issued
Bond Street Mortgage, LLC (license no. 15581) Tucker, GA - Cease and Desist Order issued 03-07-03 and became final 03-27-03.
Miller, Mark (c/o of Mortgage Resource Group, Inc. license no. 16351) - Cease and Desist Order issued July 22, 2002 became final February 27, 2003.
Montanari, Michael (c/o of Mortgage Resource Group, Inc. license no. 16351) - Cease and Desist Order issued July 22, 2002 became final February 27, 2003.
CEASE AND DESIST ORDER - Lifted
Dollar, Lester Randall (c/o R37G, LLC (license no. 16930) 118 Main Street, P.O. Box 907, Thomson, GA - Cease and Desist Order issued 03-07-03 was LIFTED on 03-12-03.
FINAL CONSENT ORDER
On February 27, 2003, the Department entered a Consent Order with Mortgage Resource Group, Inc., license #16351, in which Mortgage Resource Group, Inc. surrendered its license. On March 17, 2003, the Department entered a Consent Order with Carteret Mortgage Corporation, license #13177 to resolve the issue of Carteret Mortgage Corporation operating a number of unlicensed branches with unlicensed branch managers.

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN MARCH 2003

ID#
11384

NAME
NEPTUNE POOLS INC

CODE
BD

REVOKED
03/25/2003

EXPIRED

SUSPENDED WITHDRAWN

DENIED

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SUSPENDED, WITHDRAWN OR DENIED IN MARCH 2003

ID#
11392 12448 12778 14558 15060 15083 15208 15290 16391 16437 16963 17166 17406 17897

NAME
BANCMORTGAGE LOAN FINDERS PACIFIC GUARANTEE MTG 1ST STOP MTG & FINL SVCS ATL MTG & REALTY INC TIERONE BK STERLING COAST TO COAST ABC MTG SVCS INC TRIMARK FUNDING INC SHOWCASE MTG STEPHENS, LEUCRETIA R HAWN, SALLY A LOAN FUNDING CORP AMER CLARENCE JOHNSON

CODE
RD BD LD BD BD RD BD BD BD BD BD BD LD BD

REVOKED
03/25/2003 03/27/2003 03/03/2003
03/28/2003 03/28/2003 03/05/2003

EXPIRED

SUSPENDED

WITHDRAWN
03/25/2003

03/11/2003

03/06/2003

03/14/2003

03/28/2003 03/07/2003

DENIED

TOTAL: 15

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN MARCH 2003

ID# COMPANY NAME

18097 18107 18109 18110 18120 18121 18128 18129 18135 18140 18157 18158 18159 18160 18167 18168 17864 18034 18073 18108

Tri-State Homes of Tifton, Inc. Terry Gordon Pettus II Robert C. Hutchison John W. Williams Michael Brian Thomas William Ronald Greene Joseph Gregory Taylor Barry Joseph Domangue, Jr. Pinnacle Funding, LLC Kim J. Rowell First Performance Mortgage Dunwoody Mortgage Services, Superior Funding Group, LLC Janice W. Barefoot Mortgage Warehouse, LLC Richard R. Paige E Source Mortgage, Inc. Melton Eugene Massey Lee Financial Corporation Billy C. Upton

CITY
TIFTON TRENTON THOMASVILLE ALPHARETTA LAWRENCEVILLE KENNESAW COLUMBUS HIRAM ATLANTA LILBURN HAPEVILLE ATLANTA DOUGLASVILLE FORT VALLEY ATLANTA ALPHARETTA WORCESTER TUCKER SMYRNA 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 MA L GA B GA L GA B

ORIGINAL APPROVAL
03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003

RENEWAL
03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003

REINSTATED

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN MARCH 2003

ID# COMPANY NAME

18115 18130 18132 18134 18136 18180 18211 18214 17537 18094 18117 18124 18125 18181 18224
7414 16198 16517

Wilmington Finance, Inc. Bill V. Sumner John J. Hardy David C. Lanier Ridley Insuranace and Financial Ronald Eugene Forkey, Jr. Ronald W. Lewis Archie Lanier Hatcher Complete Mtg Funding, LLC + Julie Melissa Farrer Trinity Capital Mortgage, LLC Glenda June Carver Drennon J. W. Management, Inc. Sharon Renee Hogges Destiny Mortgage, Inc. First Consumer Credit, LLC Mortgage Makers Southside Lending, Inc. +

CITY
PLYMOUTH SWAINSBORO LOGANVILLE MARIETTA SMYRNA TOCCOA JONESBORO ALBANY CANTON ROME STONE MOUNTAIN ROME MARIETTA SMYRNA ELLENWOOD DALLAS MARIETTA FAYETTEVILLE

ST MB CODE
PA R 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 TX L GA B GA L

ORIGINAL APPROVAL
03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 10/11/2002 03/07/2003 03/07/2003 03/07/2003 03/07/2003 03/14/2003 03/14/2003 10/20/1995 12/01/2000 06/01/2001

RENEWAL
03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/14/2003 03/28/2003 04/02/2003 04/02/2003 04/02/2003 04/02/2003 04/02/2003 04/02/2003 03/14/2003 03/14/2003 03/21/2003

REINSTATED
03/14/2003 03/14/2003 03/21/2003

TOTAL: 38

B = BROKER L = LENDER R = REGISTRANT

+ Downgrade Lender to Broker * Upgrade Broker to Lender

FINES ASSESSED IN MARCH 2003

ID#

ISSUE

DATE

FINE REASON

FINE

PAID DATE

COMPANY NAME

CITY

ST

5665 03/21/2003 1099

$1000. 03/27/200 Georgia Mortgage, Inc.

Roswell

GA

5671 03/05/2003 FEE

$250. 03/24/200 KLW, Inc

Macon

GA

5850 03/05/2003 FEE

$250.

Tower Financial Services, Inc.

Atlanta

GA

5860 03/05/2003 FEE

$1000.

Cotton State Mortgage, Inc.

Atlanta

GA

5993 6018 6024 6245

03/06/2003 03/05/2003 03/05/2003 03/05/2003

B&R FEE FEE FEE

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

Mortgage Associates Inc

Greensboro

GA

Realty Mortgage Corporation

Flowood

MS

Washtenaw Mortgage Company

Ann Arbor

MI

CitiFinancial Mortgage Company, Inc.

Irving

TX

6266 6333 6333 6342

03/05/2003 03/18/2003 03/18/2003 03/05/2003

FEE BR MGR FEE

$1000. $250. $750.
$1000.

Cendant Mortgage Corporation

Mount Laurel

NJ

Sunshine Mortgage Corporation

Smyrna

GA

Sunshine Mortgage Corporation

Smyrna

GA

Caversham Financial, Inc.

Stockbridge

GA

6431 6443 6443 6443

03/05/2003 03/21/2003 03/21/2003 03/21/2003

FEE BR MGR B&R

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

Trustcorp Mortgage Company

South Bend

IN

Southern Financial Mortgage Corporation Cumming

GA

Southern Financial Mortgage Corporation Cumming

GA

Southern Financial Mortgage Corporation Cumming

GA

FINES ASSESSED IN MARCH 2003

ID#

ISSUE

DATE

FINE REASON

FINE

PAID DATE

COMPANY NAME

CITY

ST

6443 6443

03/21/2003 FILE 03/21/2003 B&R

$500. $500.

Southern Financial Mortgage Corporation Cumming

GA

Southern Financial Mortgage Corporation Cumming

GA

6661 6663 6931 7048

03/05/2003 03/05/2003 03/05/2003 03/03/2003

FEE FEE FEE FILE

$1000. 03/17/200 Freedom Mortgage Corporation

Mt. Laurel

NJ

$1000.

American Mortgage Exchange, Inc.

Norcross

GA

$1000. 03/20/200 Great Northern Financial Corporation

Rolling Meadows

IL

$500. 03/28/200 Brookhaven Mortgage, Inc.

Atlanta

GA

7103 7360 7393 7448

03/05/2003 03/21/2003 03/03/2003 03/20/2003

FEE FILE B&R B&R

$250. 03/27/200 EquiPrime, Inc.

Birmingham

AL

$500.

Piedmont Mortgage Corporation

Atlanta

GA

$500. 03/21/200 Ranch Park Homes, Inc.

Milledgeville

GA

$500.

Pioneer Financial Services, Inc.

Atlanta

GA

7448 11492 11523 11831

03/20/2003 03/05/2003 03/05/2003 03/21/2003

FILE FEE FEE B&R

$500.

Pioneer Financial Services, Inc.

Atlanta

GA

$1000.

National Home Loan Corporation

Deerfield Beach

FL

$650. 03/17/200 CMA Mortgage, Inc.

Pendleton

IN

$500.

Melvin Williams Manufactured Homes,

Augusta

GA

11831 03/21/2003 FILE

$500.

Melvin Williams Manufactured Homes,

Augusta

GA

11831 03/21/2003 B&R

$500.

Melvin Williams Manufactured Homes,

Augusta

GA

11831 03/21/2003 B&R

$500.

Melvin Williams Manufactured Homes,

Augusta

GA

11927 03/05/2003 FEE

$1000. 03/20/200 CNB National Bank

Lake City

FL

12502 12688 12979 13011 13410

03/21/2003 03/05/2003 03/05/2003 03/05/2003 03/05/2003

B&R FEE FEE FEE FEE

$500. 03/25/200 Homeguard Financial Group, Inc.

Powder Springs

GA

$1000. 03/18/200 Decision One Mortgage Company, LLC

Charlotte

NC

$1000.

Monument Mortgage, Inc.

San Ramon

CA

$250. 03/17/200 H & M Lenders, Inc.

Newnan

GA

$1000.

Community Home Mortgage Corporation Melville

NY

13475 03/05/2003 FEE

$1000.

SouthPoint Financial Services, Inc.

Alpharetta

GA

13795 03/05/2003 FEE

$1000.

Golden First Mortgage Corp.

Melville

NY

13916 03/05/2003 FEE

$250. 03/13/200 Surety Mortgage, Inc.

Columbia

SC

13969 03/05/2003 FEE

$1000. 03/17/200 American Benefit Mortgage, Inc.

Aliso Viejo

CA

14516 14635 14770 14817

03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE

$1000. $1000. $1000.
$250.

Americorp Credit Corporation

Temecula

CA

First Funding Mortgage Corp.

Rosedale

NY

Business Mortgage, Inc.

Clearwater

FL

Nationwide Funding Group, Ltd.

Escondido

CA

15029 03/05/2003 FEE

$1000.

1st Metropolitan Mortgage Co.

Chicago

IL

15031 03/05/2003 FEE

$1000.

Streamline Holding, LLC

Naples

FL

15053 03/05/2003 FEE

$1000.

Mega Capital Funding, Inc.

Northridge

CA

15192 03/05/2003 FEE

$1000. 03/12/200 Home Capital, Inc.

Atlanta

GA

15200 15396 15532 15581

03/05/2003 03/21/2003 03/21/2003 03/10/2003

FEE FILE B&R FEL

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

Infinity Mortgage Company, Inc.

Norfolk

MA

American Financial Services Group, Inc.

Savannah

GA

Peach City Mortgage, Inc.

College Park

GA

Bond Street Mortgage, LLC

Tucker

GA

15652 16095 16131 16151

03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE

$1000. $1000. $1000. $1000.

People's Choice Home Loan, Inc. Available Mortgage Funding, LLC Interland Associates, Inc. MHshopper.com,Inc

Irvine

CA

Dallas

TX

Savannah

GA

Huntington Beach

CA

16184 16184 16201

03/21/2003 03/21/2003 03/05/2003

B&R B&R FEE

$500. $500. $1000.

First Option Mortgage

Baltimore

MD

First Option Mortgage

Baltimore

MD

Security Mortgage Funding, Inc.

Canton

GA

FINES ASSESSED IN MARCH 2003

ID#

ISSUE

DATE

FINE REASON

FINE

PAID DATE

COMPANY NAME

CITY

ST

16349 16361

03/05/2003 FEE 03/24/2003 1099

$1000. $1000.

HomeSource Capital Mortgage Co., LP

Jupiter

FL

Hogarty Funding Group, Inc.

Pleasanton

CA

16361 16726 16832 16832

03/24/2003 03/21/2003 03/21/2003 03/21/2003

B&R FILE 1099 B&R

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

Hogarty Funding Group, Inc. GK Capital, LLC JNS Mortgage Services, Inc. JNS Mortgage Services, Inc.

Pleasanton

CA

Atlanta

GA

Decatur

GA

Decatur

GA

16832 16832 16870 17079

03/21/2003 03/21/2003 03/21/2003 03/05/2003

B&R FILE UL FEE

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

JNS Mortgage Services, Inc.

Decatur

GA

JNS Mortgage Services, Inc.

Decatur

GA

Linda Mitchell-Lamison

Lawrenceville

GA

Fidelity Home Mortgage Corporation

Baltimore

MD

17211 17244 17302 17508

03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE 03/05/2003 FEE

$1000. $1000. $1000. $1000.

Lending Group, Inc. (The)

Jacksonville

FL

Reliant Mortgage Company, LLC

Wakefield

MA

Home Loan Center, Inc. (California)

Irvine

CA

MegaStar Financial Corporation

Denver

CO

17705 03/05/2003 FEE

$1000.

Summit Home Mortgage, Inc.

Minnetonka

MN

FINE REASON

1013 Prohibited Acts 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

FILE
MGR NSF REL REN UL OTH

Loan files not properly maintained
LAR Late filing Written Annual Report
Unapproved branch managers Check returned for insufficient funds
Relocation of office without notice Renewal filed late
Doing business with unlicensed entity Miscellaneous other