Monthly summary of mortgage activities, Mar. 2006

Georgia Department of Banking & Finance

NON-DEPOSITORY FINANCIAL
INSTITUTIONS

Monthly Summary of Mortgage Activities For the Period Ending March 2006

Inside this issue:

FY 2007 Renewals

1

License Information

2

Advertising

2

Administrative Actions

3

Fines & Licensing

5

Actions

FY 2007 RENEWAL INFORMATION

FY 2007 Renewal Period
Information
The FY 2007 open license renewal application period ended April 1, 2006. A license renewal fee not received on or before the first day of April of each year is penalized a late fee of $300.
Any licensee who failed to renew their license by the April 1 deadline may still renew their license on-line (see information below). However, after the application information has been entered, the late renewal fee of $300 will be reflected on the payment screen in addition to the annual license renewal fee for the type of license being renewed.

The late renewal period will close June 30, 2006. If a licensee does not renew their license by the close of business on that day, the license will be considered to be expired.
No new mortgage business may be conducted under an expired license!
In order to conduct GRMA business, an expired license will have to be reinstated. To reinstate a license after June 30, 2006 applicants must complete and submit a "REINSTATEMENT APPLICATION". This is an option within the standard license application package. All required documentation noted in the application MUST be submitted, along with the reinstatement fee of $250, the license fee for the type of license held, and any outstanding assessed fines.

FY 2007 LICENSE DISTRIBUTION

FOR THOSE LICENSEES WHO HAVE
SUCCESSFULLY COMPLETED THE RENEWAL OF THEIR LICENSE FOR
FY2007, PLEASE NOTE THAT NEW
LICENSES FOR THE YEAR WILL BE MAILED OUT BEGINNING MID TO LATE
JUNE 2006.

IF YOU DO NOT RECEIVE YOUR NEW
LICENSE BY THE FIRST WEEK OF
JULY, PLEASE CONTACT THE OFFICE.

&

THANKS AGAIN

OUR FIRST YEAR OF "ON-LINE

ONLY" RENEWALS HAS BEEN A

SUCCESS.

FOR THOSE WHO

EXPERIENCED THE PROCESS DURING

PEAK LOAD TIME, WE APPRECIATE

YOUR PATIENCE, AND WE HOPE TO

HAVE AN UPGRADED SYSTEM BEFORE

THE NEXT RENEWAL PERIOD.

AGAIN, MANY THANKS!

The Renewal Application form WILL NOT be accepted to reinstate a license. All fines and fees must be paid before a
license will be issued.

2990 Brandywine Rd. Suite 200
Atlanta, GA 30341 Phone: 770.986.1269
Fax: 770.986.1029

Website

https://bkgfin.dbf.state.ga.us/MortgageDocs/FY2007Renewal.html

User ID Password

Your License Number Your SSN or EIN on file with the Department

Monthly Summary of Mortgage Activities For the Period Ending March 2006

Page 2

KEEPING YOUR
LICENSE
INFORMATION
CURRENT
One of the functions of an endeavor such as the new on-line renewal system is that it requires up-to-date licensee data in order for the licensee to renew.
Case in point: Requiring current SSNs or EINs. Many licensees trying to renew were unable to access the system because the Department's database did not reflect a change in the EIN number for the company, or the original license application used a spouse's or former partner's SSN, and a change in information was never updated in the licensee's record.
Please remember to notify the Department of any significant ID, contact, address, etc. information. Some information may only be updated by submitting a hardcopy letter notification, such as that for a change in SSN or EIN.
Other information may be changed by using the information update options on the website at:

http://www.state.ga.us/d bf/mortgage_forms.html# OnLIne
On that page you will see the options noted below.
Use these links to update the pertinent information which has already been entered and approved. Remember that NEW Branches and/or NEW Branch Managers (approved branch but with a new manager) require approval, and can only be entered by submitting a hardcopy application.
Contact the Department if you have other information updates for which there is no update link or form on the web.

Advertising

Billboards / advertising

signs, flyers, and web

sites are all considered

advertisements

for

purposes of the Georgia

Residential Mortgage Act

("GRMA") and must satisfy

all requirements of Section

7-1-1016 of the Official

Code of Georgia Annotated

(O.C.G.A.) & Department

Rule 80-11-1-.02. Ads for

loans regulated by GRMA

have the following

requirements: (1) may not

be false, misleading, or

deceptive; (2) shall

contain the name, license

number, and an office

address which conforms to

a name and address on

record

with

the

Department; and (3) shall

include the words

"Georgia

Residential

Mortgage Licensee" or, for

those advertisers licensed

in more than one state, a

listing of Georgia as a

state in which the

advertiser is licensed.

Additionally, every person

required to be licensed or

registered under GRMA is

required to maintain a

record of samples of its

advertisements, including

commercial scripts of all

radio and television

broadcasts for review by

the Department.

The reason often cited for advertising violations is that a loan officer or a branch manager, without licensee knowledge or approval, distributed nonconforming flyers, posted signs, or put up a web site that was missing one or more of the required advertising elements. To avoid such violations and fines, management should put in place adequate policies, procedures, guidelines, and controls for ads that assure compliance with the provisions of GRMA. Additionally, compliance with said procedures, guidelines, and controls should be monitored on an
ongoing basis.

UPCOMING SPEAKING ENGAGEMENTS
Deputy Commissioner for NDFI Rod Carnes will be speaking to the following organizations:
Savannah Mortgage
Bankers Association, Tuesday May 16, 2006, Savannah, GA.
Georgia Financial
Services Association, Monday, May 22, 2006, Savannah, GA.
Useful Links
DO-NOT-CALL RULES GEORGIA DO NOT CALL:
WWW.GANOCALL.COM
FEDERAL FTC DO NOT CALL: HTTP://WWW.FTC.GOV/ DONOTCALL/
FACTA: SAFEGUARDING CONSUMER
CREDIT INFORMATION & RECORDS DISPOSAL:
HTTP://WWW.FTC.GOV/ OPA/2004/11/FACTADIS POSAL.HTM
LEGISLATIVE INFORMATION:
http://
www.legis.ga.gov/ legis/2005_06/leg/ legislation.htm

Continued on Page 3

Administrative Actions

For the Period Ending March 2006 Page 3

CEASE AND DESIST ORDERS--ISSUED
Akinsunmi, Femi, Duluth, GA Cease and Desist Order issued April 21, 2005 became final on March 21, 2006.
American Fidelity, Inc., ((former license no. 13774) Cease and Desist Order issued February 2, 2006 became final on March 5, 2006.
Caquias, Sherila, Lawrenceville, GA Cease and Desist Order issued February 10, 2006 became final on March 3, 2006.
Executive Home Lending-Georgia, LLC, Ooltewah, TN (license no. 20337) Cease and Desist Order issued January 30, 2006 became final on March 1, 2006.
First Capital Funding Group, LLC, College Park, MD (license no. 20785) Cease and Desist Order issued February 13, 2005 became final on March 12, 2006.
Gaysovna, Emily, Buford, GA Cease and Desist Order issued February 24, 2006 became final on March 17, 2006.
Guerrero, Laura, Lawrenceville, GA Cease and Desist Order issued February 24, 2006 became final on March 17, 2006.
Hickman, Horace, Decatur, GA Cease and Desist Order issued February 13, 2006 became final on March 16, 2006.
Hurst, William T., III, Carrollton, GA, Carrollton, GA (license no. 19234) Cease and Desist Order issued February 2, 2006 became final on March 4, 2006.
Jenkins, Leonard, Savannah, GA Cease and Desist Order issued February 27, 2006 became final on March 30, 2006.
Kirkland, Travis Mitchell, Atlanta, GA Cease and Desist Order issued February 14, 2006 became final on March 17, 2006.
LowerRate.com, (former license no. 15284), Costa Mesa, CA Cease and Desist Order issued February 2, 2006 became final March 5, 2006.
Makinde, Olusegun Abayome, Fayettevile, GA Cease and Desist Order issued February 14, 2006 became final on March 7, 2006.
Continued on Page 4

Administrative Actions

For the Period Ending March 2006 Page 4

CEASE AND DESIST ORDERS--ISSUED (Continued)
Martin, Diana, Atlanta, GA Cease and Desist Order issued July 12, 2004 became final on March 2, 2006.
Pupo, Paul, Norcross, GA Cease and Desist Order issued February 24, 2006 became final on March 17, 2006.
Savannah Discount Housing, Inc., Savannah, GA (license 16972) Cease and Desist Order issued February 14, 2006 became final on March 20, 2006.
Universal Holdings Associates, LLC, Savannah, GA (license no. 13849) Cease and Desist Order issued February 14, 2006 became final on March 21, 2006

CEASE AND DESIST ORDERS--LIFTED
None

FINAL CONSENT ORDERS--ISSUED
None

SUPERIOR COURT INJUNCTIONS
Funk, Karen, Snellville, GA - Superior Court Order issued March 9, 2006 became final on March 9, 2006.

Continued on Page 5

Monthly Summary of Mortgage Activities For the Period Ending March 2006
FINE PUBLICATION

Page 5

Information regarding fines assessed against a specific licensee, and against whom there are no pending administrative actions, is available on an individual licensee basis by submitting a written request to the following e-mail address: dbfmort@dbf.state.ga.us

FINE REASON

6 Licensees fined for Advertising Violations 2 Licensees fined for Acq. of 25% ownership
without notice 2 Licensees fined for Background Check 4 Licensees fined for Books & Records 1 Licensee fined for failure to Consumer Complaint

1 Licensee fined for Employment of a Felon 1 Licensee fined for Loan files not properly maintained 51 Licensees fined for $6.50 fees not paid 1 Licensee fined for Prohibited Acts 1 Licensee fined for doing business with
unlicensed entity

ID# 21179 21255
21278
5889

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN MARCH 2006

MB

ORIGINAL

COMPANY NAME Southern Lenders, Inc.

CITY Waycross

ST

CODE

GA

B

APPROVAL 03-03-2006

RENEWAL 03-03-2006

REINSTATED

Alairian Mortgage Company,

Tucker

GA

B

Inc.

Guarantee Mortgage Corpora- Covington

GA

B

tion

Springfield Financial Corporation + Douglasville GA

B

03-03-2006 03-03-2006 06-18-1993

03-03-2006 03-03-2006 03-10-2006

20040 DCG Home Loans, Inc. *

Irvine

CA

L

21202 Shalom Mortgage, Inc.

Kennesaw

GA

B

21243 Mary Popham Walker

Carrollton

GA

B

21138 D & L Brokerage, Inc.

Brooklyn

NY

L

21162 Lighthouse Mortgage Group,

Kennesaw

GA

B

LLC

13975 Lowry Mortgage Network +

Atlanta

GA

B

18987 Advanced Funding Associates * Atlanta

GA

L

20802 U R Services, Inc. *

Alpharetta

GA

L

21083 21220

Innovative Financial Solution, Inc.
Set2Go Loans, Inc.

Erie Irvine

PA

B

CA

B

21263 Susan W. Bruno

Dahlonega

GA

B

21267 EFC Realty Group II, Inc.

Marietta

GA

B

21241 FBS Capital, Inc.

Alpharetta

GA

B

21268 New Choice Mortgage, LLC

Lithonia

GA

B

TOTAL: 18

01-14-2005 03-10-2006 03-17-2006 03-24-2006 03-24-2006
10-09-1998 06-11-2004 10-14-2005 03-03-2006
03-03-2006 03-03-2006 03-03-2006 03-10-2006 03-10-2006

03-10-2006 03-10-2006 03-17-2006 03-24-2006 03-24-2006
03-31-2006 03-31-2006 03-31-2006 03-03-2006
03-03-2006 03-03-2006 03-03-2006 03-10-2006 03-10-2006

Continued on Page 6

Monthly Summary of Mortgage Activities For the Period Ending March 2006

Page 6

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SURRENDERED, WITHDRAWN OR DENIED IN MARCH 2006

ID#

Name

6185 Flexible Solutions Inc

7271 7493 12199

Cmty Hm Mtg Inc Mlsg Inc Long Beach Mtg Co

12322 Access Cap Inc

12489 Bombardier Cap Inc 13849 Universal Holdings Assoc

14282 Southland Log Hms Mtg CO 17135 Alpha Mtg Svcs Inc

15235 D&M Finl Corp 16972 Savannah Discount Housing

17429 17976
18750

RCI Mtg Inc Platinum Plus Financial Services, Inc. Mtg Land Inc

19234 Hurst, William T III 19797 Lumina Mtg Co Inc

19985 Sanders, Brenda Knight 20189 Wilson, Dean

20337 20701 20785

Executive Hm Lending-Ga Clocktower Mtg Co Inc 1st Cap Funding Grp Llc

TOTAL: 21

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

REVOKED
03-21-2006 03-21-2006

EXPIRED
03-21-2006 03-20-2006 03-04-2006 03-01-2006 03-12-2006

SURRENDERED

WITHDRAWN DENIED 03-09-2006 03-31-2006 03-28-2006 03-06-2006 03-15-2006 03-31-2006
03-15-2006 03-29-2006 03-14-2006
03-08-2006
03-30-2006 03-24-2006 03-29-2006
03-06-2006

MB CODES B = BROKER L = LENDER R = REGISTRANT

*

Upgrade Broker to Lender

+

Downgrade Lender to Broker

#

Upgrade Lender to Registrant



Downgrade Registrant to Lender

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This publication is e-mailed monthly to interested parties and is also available from the Department's website at: http://www.state.ga.us/dbf/bulletins.html If you would like to be added to our distribution list, please send an e-mail to: dbfmort@dbf.state.ga.us. Please include your name, company, and phone number. To unsubscribe, please notify the Department at the same e-mail address noted.