Monthly summary of mortgage activities, June 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 JUNE 2003
SUMMARY OF ACTIVITIES - MORTGAGE DIVISION WEBSITE: www.dbf.state.ga.us
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**ANNOUNCEMENTS**
RETIREMENTS AND APPOINTMENTS
Governor Sonny Perdue has appointed David G. Sorrell as Commissioner of Banking and Finance to serve the remainder of the previous term ending on January 20, 2004, and a four year term to commence thereafter. David G. Sorrell began his career with the Department in 1974 as an examiner in northeast Georgia. Mr. Sorrell served as acting commissioner in January 2002, when his predecessor, Steven Bridges, retired.
It has recently been announced that, Deputy Commissioner for Mortgage Robley Rigdon plans to retire prior to yearend. In order to provide for a smooth and orderly transition, Robert M. Braswell is being appointed as the Department's new Deputy Commissioner for Mortgage. Rob Braswell has served as District Director in the Department's Northwest examination district (District 1) since October 1997. In this capacity, he has had responsibility for the direct supervision/examination of state-chartered banks, credit unions and holding companies encompassing the northwest area of the State. Rob began his career with the Department in 1984 as an Assistant Financial Examiner. He served as Supervisory Examiner in District 1 for four years prior to becoming District Director, and is well qualified for this new challenge in the Mortgage Division.
In addition, Drexel Beck, Director for Mortgage, has announced his intention to retire after 30 years of service with the Department. His retirement is effective September 1, 2003.
PER LOAN FEES - "Per loan" fees for the first half of 2003 are due by September 1, 2003. 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 under the "Other Forms" option on the "Forms and Applications" page 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 report. 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. However, lenders must return the form even if no loans were closed or no fees were due. Proper payment of these fees will be monitored by our examination team.

BACKGROUND CHECKS AND FINGERPRINT CARDS
Please be aware of the fact that not all police and law enforcement agencies offer background check and/or fingerprint card preparation services. They also are not required to do so. In metro Atlanta, the following are some of the jurisdictions that DO - Cobb County, City of College Park, City of Chamblee, City of Fayetteville, Gwinnett County. Private companies may also provide this service.
The Department has available on our web site the following forms - 1) Employee and Officer/Director background check forms that must be submitted to the Department if the Department runs the background checks on the company officials or employees, and 2) a generic form for general public use at law enforcement agencies and that is provided for licensee use when checking covered employees. This generic form may or may not be accepted by the law enforcement agency you plan to use to run your background checks.
However, it is the Department's understanding that some law enforcement agencies that provide the service may require the use of their own specific background check authorization forms. Gwinnett County is an example of an agency that requires their own forms.
In addition, some agencies will allow you to wait and obtain the results of the background check, while some agencies require you to drop it off and they will mail the results.
Therefore, law enforcement offices may or may not offer the background check service, and if they do they may require their own forms to be used, and you may not get the results the same day.
The Department encourages you to call the agency you wish to use and determine their policy on charges, services offered, forms required, and results distribution.
Please remember that if you are having fingerprint cards prepared, the cards used must have been issued to you by the Department. The law enforcement agencies do not provide the cards for your use. These completed cards must then be returned to the Department for processing.
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.
E-MAILING THE DEPARTMENT The Department would like to encourage you to correspond with us using e-mail. Providing written details in the e-mail regarding any questions or concerns you may have allows the Department to forward the request to the appropriate person who handles that area, and if sufficient details are provided in the request, that person can then 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.
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 .
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 770-986-1633 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/
CEASE AND DESIST ORDERS - Issued The following individuals had Cease & Desist Orders issued on May 14, 2003 and became final on June 13, 2003:
Susan Adams, Susan Chung, Charles Han, Brian Kane, Donna McDermott and William McDermott.
CEASE AND DESIST ORDER - Lifted
None
FINAL CONSENT ORDER
On June 10, 2003, the Department entered a Final Consent Order with Cross Country Mortgage Services, Inc., license #15715.

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

ID#
6468 7177 7238 11431 11597 11624 12158 12350 12362 12580 12969 14847 15602 16162 16763 17228 17257 17484 18126

NAME
D&A INC EMIGRANT MTG CO INC AMER MUTUAL MTG LLC TAYLOR MOBILE HOMES CHAMPION WINDOW & ENCL DAIMLERCHRYSLER SVCS NA SOUTHERN EXTERIORS INC DIRECT LENDING INC MTG STUDIO LLC GOSHEN LENDING INC KINGDOM MTG LLC TRI DIMENSIONAL SVCS INC AMER PIONEER FINL SVC CAP HM LN INC MOUNTAIN HOME MTG INC WOODSTOCK GENERAL AXIS MTG INC BBS MTG CO LLC CORNEL JENKINS

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

REVOKED

EXPIRED

SUSPENDED

06/10/2003 06/06/2003 06/16/2003
07/01/2002
06/16/2003 06/03/2003 06/03/2003 06/27/2003

WITHDRAWN
06/30/2003 06/17/2003 06/04/2003
06/19/2003 06/30/2003 06/06/2003 06/27/2003 06/01/2003 06/01/2003
06/01/2003 06/13/2003

DENIED

TOTAL: 19

FINES ASSESSED IN JUNE 2003

ID#

ISSUE

DATE

FINE

PAID DATE

COMPANY NAME

CITY

ST

5631

06/02/2003

$500.

06/19/2003 Community Mortgage Services, Inc.

Roswell

GA

6018

06/26/2003

$250.

Realty Mortgage Corporation

Flowood

MS

6018

06/26/2003

$500.

Realty Mortgage Corporation

Flowood

MS

7377

06/16/2003

$500.

Jones Mobile Home Sales, Inc.

Bainbridge

GA

7377

06/16/2003

$250.

Jones Mobile Home Sales, Inc.

Bainbridge

GA

7407

06/02/2003

$500.

06/23/2003 Wells Fargo Financial Tennessee, Inc.

East Ridge

TN

11379

06/02/2003

$2000.

06/26/2003 BNC Mortgage, Inc.

Irvine

CA

12350

06/17/2003

$1000.

Direct Lending, Inc.

Martinez

GA

12350

06/17/2003

$500.

Direct Lending, Inc.

Martinez

GA

12350

06/17/2003

$500.

Direct Lending, Inc.

Martinez

GA

12350

06/17/2003

$500.

Direct Lending, Inc.

Martinez

GA

12350

06/17/2003

$250.

Direct Lending, Inc.

Martinez

GA

12395

06/19/2003

$3000.

American Capital Mortgage Corporation

Tucker

GA

12395

06/19/2003

$500.

American Capital Mortgage Corporation

Tucker

GA

12676

06/01/2003

$500.

Pine Valley Mortgage Corporation

Duluth

GA

FINES ASSESSED IN JUNE 2003

ID#

ISSUE

DATE

FINE

PAID DATE

COMPANY NAME

CITY

ST

12676

06/01/2003

$1000.

Pine Valley Mortgage Corporation

Duluth

GA

12676

06/01/2003

$1000.

Pine Valley Mortgage Corporation

Duluth

GA

12839

06/16/2003

$500.

06/30/2003 Dale Hodges Mobile Homes, Inc.

Valdosta

GA

13695

06/03/2003

$500.

06/13/2003 Southern Highlands Mortgage, LLC

Blairsville

GA

14277

06/18/2003

$1000.

MEW Enterprises, Inc.

Mableton

GA

14277

06/18/2003

$1000.

MEW Enterprises, Inc.

Mableton

GA

15520

06/26/2003

$300.

06/26/2003 American Residential Funding, Inc.

Costa Mesa

CA

15715

06/10/2003

$1000.

06/16/2003 Cross Country Mortgage Services, Inc.

Lawerenceville

GA

15801

06/16/2003

$500.

Genesis Mortgage Inc.

St. Marys

GA

15801

06/16/2003

$500.

Genesis Mortgage Inc.

St. Marys

GA

15801 15801 16144 16144

06/16/2003 06/16/2003 06/26/2003 06/26/2003

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

Genesis Mortgage Inc. Genesis Mortgage Inc. Rodney Smith, Inc. Rodney Smith, Inc.

St. Marys

GA

St. Marys

GA

Lawrenceville

GA

Lawrenceville

GA

16183 16685 16978 16978

06/02/2003 06/30/2003 06/26/2003 06/26/2003

$500. $500. $500. $500.

Mortgage Lenders of America, LLC

Overland Park

KS

Freedom Point Financial Corporation

Columbia

MD

Melinda Drew

Cartersville

GA

Melinda Drew

Cartersville

GA

17035

06/26/2003

$1000.

Endeavor Capital, LLC

Atlanta

GA

17035

06/26/2003

$500.

Endeavor Capital, LLC

Atlanta

GA

17035

06/26/2003

$500.

Endeavor Capital, LLC

Atlanta

GA

17087

06/26/2003

$500.

Southeastern Mortgage Solutions, Inc.

Atlanta

GA

FINE REASON

1 licensee fined for Prohibited Acts

1 licensee fined for renewal filed late

17 licensees fined for Books & Records

6 licensees fined for files not properly maintained

1 licensees fined for Unapproved Branch

2 licensees fine for relocation of office without notice

2 licensees fined for employment of a felon

4 licensees fined for doing business with unlicensed

1 licensee fined for 1099 employees

entity

1 licensee fined for Acq. of 25% ownership without approval

1 licensee fined for being employed under C&D or revocation

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JUNE 2003

ID# COMPANY NAME

6812 18405 18407 18408

Menna Company * Sanford L. Carter Jeanne S. White Lisa Stewart

CITY
MARIETTA HINESVILLE BUFORD ALBANY

ST MB CODE
GA L GA B GA B GA B

ORIGINAL APPROVAL
03/18/1994 06/06/2003 06/06/2003 06/06/2003

RENEWAL
06/06/2003 06/06/2003 06/06/2003 06/06/2003

REINSTATED

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JUNE 2003

ID# COMPANY NAME

CITY

18414 18415 18417 18260 18265 18275 18343 18349 18406 18409 18412 18413 18416 18420 18421 18432 18433 18434 18435 18438 18439 18442
7310 13242 17116 18453 18457 18460 18461 18480 18492
6287 13434 17454 18466 18467 18484 18491 18495 13865 18023
6837 11511 17207

Diversified Home Loans, Inc. Savannah River Mortgage Paul W. Cheatham Great Lakes Capital Acceptance, Wilson E. Daniels, Jr. Sentinel Mortgage Company Stuckey Enterprises Inc. Wayne Frier Home Center of Homecore Mortgage Corporation, Robert Steven Outlaw Neighborhood Financial Services, Alpha Mortgage Finance, LLC Brian K. Miller Patrick Michael Lynch Lois Ann Love Linda A. Pallatto A.T.U. Properties, Inc. PFS Mortgage Loans, Inc. BridgePoint Mortgage, LLC Sensible Mortgage Solutions, Inc. Allegiance Housing of Byron, Inc. KSK & Associates, Inc. National Guaranty Mtg * Hunter Mortgage Company * Affiliate Lending Corporation + Hal Franklin Smith Pamela Berdette Hobbs Timothy Matthews Towers Michael D. Sullivan Carol Lynn Emanuel Fidelity Mortgage Services Express Mortgage Svcs, Inc. + Southern Mtg Invest Corp. + South County Financial Services, Creative Mortgage Resources, First Capital Mortgage of Central Fast Lane Loan, Inc. Metro North Mortgage, Inc. Billie Jo Stokes America's Choice Mtg, Inc. * Franher Joseph David L. McClure Essie Mae Walker Nadege Charles

SMYRNA RINCON SMYRNA CHICAGO MACON SARASOTA MARTINEZ BYRON DULUTH CHATTANOOGA DULUTH ATLANTA ATLANTA SMYRNA HOSCHTON GAINESVILLE STOCKBRIDGE ALPHARETTA ATLANTA JACKSONVILLE THOMSON NORCROSS ATLANTA ATLANTA ATLANTA CALHOUN MCDONOUGH SUGAR HILL HOSCHTON WARNER ROBINS ST. SIMON ISLAND GAINESVILLE MARIETTA KENNESAW ATLANTA LONGWOOD DULUTH CUMMING JOLIET AUGUSTA MCDONOUGH CUMMING ELLENWOOD KENNESAW

ST MB CODE

GA B GA B

GA B

IL

L

GA B

FL

L

GA L GA B GA B TN B

GA B GA B GA B GA B

GA B GA B GA B GA L

GA B

FL

B

GA B

GA B

GA L

GA L GA B GA B GA B

GA B GA B GA B GA B

GA B GA B GA B GA B

FL

B

GA B

GA B

IL

B

GA L GA B GA B GA B

GA B

ORIGINAL APPROVAL
06/06/2003 06/06/2003 06/06/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 09/08/1995 02/13/1998 03/01/2002 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 02/04/1994 04/17/1998 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 08/28/1998 12/27/2002 03/04/1994 03/29/1996 04/12/2002

RENEWAL
06/06/2003 06/06/2003 06/06/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/13/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/20/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/27/2003 06/13/2003 06/06/2003 06/13/2003 06/13/2003 06/27/2003

REINSTATED
07/28/2000 06/06/2003 06/13/2003 06/13/2003 06/27/2003

TOTAL: 48

B = BROKER L = LENDER R = REGISTRANT

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