Monthly mortgage summary, Jan. 2008

NDFI

MONTHLY MORTGAGE SUMMARY

January 2008
Georgia Department of Banking & Finance-- Non Depository Financial Institutions Division Monthly MSuomntmhalyrySuomf mMoarrytgoafgMe oArcttgiavgietieAsctfiovrittiehse fPoerritohde EPnedriiondg EJnadnuinagryAp2r0i0l 82007

Inside this issue:

Page 1

NEWS

FY2009 Renewals 1

Continuing Ed

2

FY 2009 RENEWALS

NEWS ITEMS
W HERE & HOW TO FILE A RENEWAL link is available from the main mortgage forms web page:

Advertising

3

Appointment

3

ADMINISTATIVE ITEMS

Administrative Actions

4-5

Fines

5

Licenses Revoked, Expired...Denied

6

Licenses Approved & Reinstated

7

B eginning with the FY2009 License Renewal period, renewal notices to licensees will be distributed by E-MAIL only!

https://bkgfin.dbf.state.ga.us/MortgageDocs/ FY2009Renewal.html

The Department has endeavored to obtain your e-mail addresses for some time now in an effort to expedite the distribution of information and deliver other timely communications.

W HAT TO DO ALL licensees will be responsible for the following on-line:

As this has been an on-going effort, the Department will this year send out electronic renewal notices ONLY! So, in order to obtain renewal information and passwords to timely file renewal applications, licensees MUST provide the Department with a correct e-mail address. If you are reading this and did not receive it in your e-mail and you are the control person for your license, then the Department DOES NOT have your current e-mail address. Contact us as soon as possible to receive your notice and information. Notices will be sent to only one address
per licensee, and note NO OTHER RENEWAL NOTICE WILL BE SENT TO THE LICENSEES!

Updating and correcting license information;
Completing the Calendar Year 2007
operating information questionnaire;
Making fee and fine payments and attesting
to the renewal information.
The licensee will be notified by either email or fax ONLY if additional information is required. Applicants who have no qualifying conditions to their renewal should receive no further notice from the Department after completion of the application until they receive their license.

Useful Links MORTGAGE FORMS: DBF.GEORGIA.GOV/
DBFMTGFORMS
UPDATING LICENSE INFORMATION
DBF.GEORGIA.GOV/
DBFMTGFORMS
MORTGAGE SUMMARY DBF.GEORGIA.GOV/
DBFMTGSUMMARY

FY2009 license renewal notices will be sent during the first full week of February 2008. You may contact the office at renewal@dbf.state.ga.us if you have not received your renewal notification by February 11. Please note the following:
O N-LINE ONLY! NO hardcopy renewal application forms are available. Renewals must be made on-line. In the event you are absolutely unable to access the on- line renewal application contact the Department.

N EW FEATURES NO hardcopy applications accepted.
Payment must be made by ACH draft or credit card.
Licensee notified by e-mal or fax ONLY if there are outstanding issues.
License certificates will be sent via E-Mail beginning in mid-June.

(See RENEWALS Continued on page 2)

Page 2

January 2008

News--Continued

Renewals (Continued from page 1)

twelve hours of in-class or on-line time. Basically they

C ONTINUING EDUCATION-BROKERS

have been told that if they can "test-out" without spending the time, then a certificate can be issued.

The continuing education requirement went into effect

with the FY2008 licensing period.

First of all, the purpose of the CE requirement is to

provide information on industry issues about which the

General Requirements:

licensee has limited or little knowledge, or to provide

updates on industry legislation, trends and developments.

12 Hours of Continuing Education credit must be The purpose is NOT to test the licensees on knowledge

obtained between April 1 through March 31 of each that they should already have and with which to "test-

licensing year--the qualifying 12 months for the current renewal period.

out" .

Licensees who fail to obtain credits by the April 1 Such a "test-out" program offered by any education deadline have until June 30 of that year to make up the provider approved by the Department is unacceptable,

credits, but will receive a $1,000 fine for failure to have and if such a program is discovered, that provider's

obtained credits in the qualifying 12 months for that continuing education courses will not be accepted for that

renewal period.

year and the issued certificates will not be valid to meet

continuing education requirements. Any licensee affected

If the CE hours are then not obtained in the make- by such a program will be notified. Failure to timely

up period, the renewal will not be approved.

complete acceptable continuing education will prevent

Any person newly licensed after April 1 is required timely renewal and subject the licensee to fines. While

to obtain 12 hours of CE credit in order to renew their this may seem punitive to a licensee taking the course, it

license in the next year.

in fact is not and would not be--licensees know that CE

requirements are stated as "12 hours" for a reason, and If you received a new license between January 1 and testing out does not meet the purpose of a 12 hour March 31 of any year, license RENEWAL is required for requirement. the current year, obtaining CE Credits is not.

And on that subject.....

SURETY COMPANIES

Continuing Education
As noted, Department of Banking and Finance Rule 80-11- 4-.01, all brokers and processors must complete a minimum of twelve hours of continuing education ("CE") coursework dealing with elements of the mortgage broker process, federal law and rules, Georgia law and rules, applications and required documentation, fraud, ethics, or other topics pertinent to the operation of a mortgage brokering business in Georgia. At least one hour must be on fraud detection and prevention. This training can be completed on-line or in-class, but it is anticipated that at least 50 minutes of course time will be required for each hour of continuing education credits earned.

A REMINDER TO ALL LICENSEES THAT IT IS IMPORTANT TO KNOW THE STATUS OF YOUR SURETY BOND COMPANY.
The Georgia Insurance Commissioner's Office regulates the agency status for all companies and individuals authorized to conduct insurance business in Georgia.
With the recent problems in the mortgage industry, several large insurers are anticipating earnings concerns and may no longer be writing surety bonds in Georgia. It is important that you check the status of your surety provider.

It has come to the Department's attention, however, that some continuing education providers are issuing certificates to licensees for CE's without requiring the

January 2008

Page 3

News--Continued

ADVERTISING

Fund Transfer Act. FTC said the letters on mortgage advertising resulted from the agency's review of advertising

that claimed very low monthly payment amounts or interest

S tate Law:

rates without adequate disclosure of other important loan

What is advertising?

The Department of Banking and

terms. The agency said it is pursuing several nonpublic investigations of home mortgage advertisers for potential

Finance Rule 80-11-1-.02(f) defines it as material used or intended to be used to induce the public to apply for a

Truth in Lending Act violations. View the FTC's letter.

mortgage loan. Intended is easy; these are the newspaper

and magazine ads, flyers, billboards, direct mail, or

electronic advertisements geared specifically to have

customers give you a call. It is often the other material

used that has licensees calling the Department for

guidance.

Your web site is advertising. "Pop up" ads on the internet

or via email are advertising. Material given to a real estate

agent is advertising. So is material provided to another

licensee, such as rates, even for current customers. Why? Because all are generated for the purpose of soliciting

APPOINTMENT

mortgage loan business. Business cards are specifically excluded under advertisement, but a letter from your company would be considered advertising if it was being

Deputy Commissioner for the NonDepository Financial Institutions

used to solicit business.

Division Rod Carnes has been

selected to chair the Mortgage

All advertisements must have the name of the license and Fraud Committee of the American

address on record, the words "Georgia Residential Mortgage Association of Residential Mortgage

Licensee", and the license number. The licensee must Regulators (AARMR).

maintain a sample of each advertisement. Other conditions

apply. Fines may be assessed for violations as prescribed President of AARMR David

under Department of Banking and Finance Rule 80-11-3-.01 Bleicken, who serves as the Director with the Bureau of

(11) and (20). Refer to Code Section 7-1-1016 of the Licensing, Investigation and Consumer Services of the

Official Code of Georgia Annotated and the Department of Pennsylvania Department of Banking, welcomed Rod as

Banking and Finance Rule 80-11-1-.02 for more details.

Chairman of this committee, indicating that Rod's

experience and skills in mortgage regulation will prove to

be invaluable to this committee.

F ederal Law:

The focus of this committee is on enhancing regulatory

In 2007, the Federal Trade Commission issued more detection and prevention of mortgage fraud within the

than 200 warning letters to mortgage brokers, lenders and industry as well as providing consumers with information

media outlets about mortgage advertising that might to improve their knowledge for making sound decisions

violate federal laws. The agency outlined its enforcement regarding their most important asset, their homes.

activities in an annual report to the Federal Reserve Board Congratulations, Rod!

on activities related to the Truth in Lending Act, Consumer

Leasing Act, Equal Credit Opportunity Act and Electronic

SPEAKING ENGAGEMENTS
There are no upcoming speaking engagements for February, 2008.

Page 4

January 2008

Administrative Actions

CEASE AND DESIST ORDERS--ISSUED

1st Patriot Mortgage, Inc., Orange Park, FL (license no. 22216) Cease and Desist Order issued December 21, 2007 became final on January 21, 2008.
Alicea, Kimberly, Lithonia, GA Cease and Desist Order issued December 19, 2007 became final on January 9, 2008.
American Heritage Mortgage Group, Inc., Tampa, FL (license no. 21353) Cease and Desist Order issued December 10, 2007 became final on January 9, 2008.
Braswell, William, Atlanta, GA Cease and Desist Order issued December 21, 2007 became final on January 21, 2008.
Bruce, Glen, Tucker, GA Cease and Desist Order issued December 19, 2007 became final on January 9, 2008.
Community Mortgage Corporation, Brockton, MA (license no. 22090) Cease and Desist Order issued December 18, 2007 became final on January 19, 2008.
Deocap Corporation, San Francisco, CA (license no. 22087) Cease and Desist Order issued December 18, 2007 became final on January 17, 2008.
Emerald Crown Services, Inc., Covington, GA Cease and Desist Order issued December 3, 2007 became final on January 4, 2008.
Etete, Woyengitonbara "Bonita", Suwanee, GA Cease and Desist Order issued December 11, 2007 became final on January 1, 2008.
Equinox Corporation (Delaware), Irvine, CA (license no. 22147) Cease and Desist Order issued December 10, 2007 became final on January 9, 2008.
Gelin, Marie, Fairburn, GA Cease and Desist Order issued December 14, 2007 became final on January 4, 2008.
Howard, Robert H., Rex, GA Cease and Desist Order issued December 18, 2007 became final on January 18, 2008.
Nguyen, Evaline (aka Ha Truong), Tucker, GA Cease and Desist Order issued December 11, 2007 became final on January 1, 2008.
Premier Funding, LLC dba Home Investment Mortgage of America, Fayetteville, GA, (license no. 16874) Cease and Desist Order issued December 11, 2007 became final on January 10, 2008.
Tennessee Valley Mortgage Corporation, Chattanooga, TN (license no. 15480) Cease and Desist Order issued December 21, 2007 became final on January 21, 2008.

January 2008

Page 5

CEASE AND DESIST ORDERS--LIFTED
Advanced Mortgage Solutions, LLC, Douglasville, GA (license no. 20431) Cease and Desist Order issued December 19, 2007 was lifted on January 18, 2008.

FINAL CONSENT ORDERS --ISSUED
Ridley, Toni Andrews, Decatur, GA Consent Order issued on January 18, 2008 became final on January 18, 2008.

SUPERIOR COURT INJUNCTIONS
None

FINE INFORMATION
Information regarding fines assessed against a specific licensee, 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

8 Licensees fined for Advertising Violations 5 Licensees for Prohibited Acts 1 Licensees for Employment of a Felon 3 Licensees fined for Loan Files Not Properly Maintained 2 Licensees fined for doing business w/ Unlicensed Entity 1 Licensee fined for Employee under Cease & Desist Order or Revocation

3 Licensees fined for Background Checks Violation 5 Licensees fined for Books & Records 1 Licensee fined for failure to Respond to a Consumer
Complaint 3 Licensee fined for Miscellaneous/Other 1 Licensee fined for Unapproved Branch Manager

Page 6

January 2008

LICENSEES/REGISTRANTS REVOKED, EXPIRED, SURRENDERED, WITHDRAWN OR DENIED

ID# 13905 14028

NAME PINNACLE FINL CORP BISHOPS GATE RES MTG TR

CODE LD LD

IN JANUARY 2007

REVOKED

EXPIRED

SURRENDERED

WITHDRAWN 01-11-2008 01-11-2008

DENIED

14324 GELIN & ASSOCIATES, INC. 14400 OPTION ONE MTG SVCS INC

BD

01-04-2008

LD

01-10-2008

15480 TN VALLEY MTG CORP

BD

16167 NOTEWORLD LLC

LD

16417 HOMESIDE MTG LLC

BD

16517 SOUTHSIDE LENDING INC

LD

16874 PREMIER FUNDING LLC

LD

17298 HERITAGE LOANS INC

BD

18177 ELITE MTG NETWORK INC

BD

19175 GREENLAW, DIANNA PREECE

PD

01-21-2008 01-10-2008

01-03-2008 01-14-2008 01-10-2008
01-16-2008 01-18-2008 01-25-2008

19248 19625 20204

TMC LENDING INC BURTON, LUTHER PREMIER MTG FUNDING,INC.

20478 GLOBAL EMPIRE PROPERTY

BD

BD

LD

01-04-2008

BD

01-09-2008

01-07-2008 01-17-2008

20497 GLOBAL LENDING PARTNERS

BD

01-10-2008

20840 OPTIMUM FUNDING GRP INC

BD

01-11-2008

21308 PROQUEST MTG LLC

LD

21353 AMER HERITAGE MTG GRP INC

LD

01-09-2008

01-02-2008

21410 EMPYREAN MTG LLC

BD

21461 JAY C AGAN INC

BD

21951 FUTURE MTG LLC

BD

22021 CAPFIRST MTG LLC

BD

22087 DEOCAP CORP

BD

22090 CMTY MTG CORP (MA)

LD

22147 EQUINOX CORP (DE)

PD

22216 1ST PATRIOT MTG INC

BD

22687 REGENCY LENDING SOLUTIONS

PD

01-17-2008 01-19-2008 01-09-2008 01-21-2008

01-04-2008 01-02-2008 01-07-2008 01-22-2008
01-02-2008

TOTAL: 29

January 2008

Page 7

ID# 23066 23081

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN JANUARY 2008

COMPANY NAME

CITY

ST MB CD

ORIGINAL

RENEWAL

Top of Mind Networks, LLC Post Creek Mortgage, LLC

Sandy Springs Roswell

GA

B

GA

B

APPROVAL 01-04-2008
01-04-2008

01-04-2008 01-04-2008

REINSTATED

23083 Lyon Services Corporation

Mooresville NC

L

01-04-2008

01-04-2008

23084 Golden Years Reverse Mortgage, Inc.
23086 Kykeisha B. Dickerson

Bellevue Duluth

WA

B

GA

B

01-04-2008 01-04-2008

01-04-2008 01-04-2008

23093 Resource Mortgage.Com, LLC

South Lyon

MI

B

01-04-2008

01-04-2008

23096 GE Money Mortgage Holding Company, LLC
22729 Sutton Funding, LLC #

Burbank

CA

R

New York

NY

R

01-04-2008 09-28-2007

01-04-2008 01-11-2008

23055 TRT Mortgage, Inc.

Dacula

GA

B

01-11-2008

01-11-2008

23074 Legacy Mortgage Brokers, LLC

Douglasville GA

B

01-11-2008

01-11-2008

23082 Golden Isles Mortgage, LLC

Brunswick

GA

B

01-11-2008

01-11-2008

23090 Security One Lending (Inc.)

San Diego

CA

L

01-11-2008

01-11-2008

23054 American Dream Lending Group, Inc.
23068 Choice Mortgage Company

Tampa Pontiac

FL

B

MI

L

01-18-2008 01-18-2008

01-18-2008 01-18-2008

23069 Real Estate Mortgage Funding,

Baltimore

MD

B

LLC

23097 MMW Holdings, LLC

Gulf Breeze FL

L

01-18-2008 01-18-2008

01-18-2008 01-18-2008

23098 Brightpath Mortgage, LLC

Atlanta

GA

L

01-18-2008

01-18-2008

23108 Strategic Home Capital, LLC

Alpharetta

GA

L

01-18-2008

01-18-2008

23121 Hometrac Mortgage, Inc.

Louisville

KY

B

01-18-2008

01-18-2008

18961 Barclays Bank, PLC #

New York

NY

R

10-22-2004

01-25-2008

23078 Real Time Resolutions, Inc.

Dallas

TX

L

01-25-2008

01-25-2008

23088 Assurity Financial Services, LLC

Englewood

CA

L

01-25-2008

01-25-2008

23092 Omni -Fund, Inc. (CA)

Murrieta

CA

B

01-25-2008

01-25-2008

23115 Main Street Financial, Inc.

Pendleton

IN

L

01-25-2008

01-25-2008

23118 Clairmont Financial Group, LLC

Norcross

GA

B

01-25-2008

01-25-2008

23119 Hardcastle & Associates, LLC

Atlanta

GA

B

01-25-2008

01-25-2008

23120 Peachtree Mortgage Lending Group, LLC
23127 CW Mortgage, Inc.

Decatur

GA

L

Suwanee

GA

B

01-25-2008 01-25-2008

01-25-2008 01-25-2008

23131 Jacob Dean Mortgage, Inc.

Vienna

VA

B

01-25-2008

01-25-2008

23134 Fields Lawn Care & Construction, Dahlonega

GA

B

Inc.

20431 Advance Mortgage Solutions, LLC Douglasville GA

B

01-25-2008 05-20-2005

01-25-2008 01-18-2008

01-18-2008

TOTAL: 31

Page 8

January 2008

Georgia Department of Banking and Finance

LICENSE STATUS CHANGE INDICATORS & MORTGAGE LICENSE CODES--(In Tables)

2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1136 Fax: (770) 986-1654 or 1655
Email: dbfmort@dbf.state.ga.us

License Status Indicators

(MB CD) - Mortgage License Codes

*

Upgrade Broker to Lender

B

Broker

+

Downgrade Lender to Broker

L

Lender

We're on the Web! dbf.georgia.gov

#

Upgrade Lender to Registrant

P



Downgrade Registrant to Lender

R

Processor Registrant

Sign-up to Receive this Publication
This publication is delivered to interested parties via e-mail and is also available from the Department's website at:
http://dbf.georgia.gov. If you would like to be added to our distribution list, please send an e-mail to dbfpress@dbf.state.ga.us and indicate your name, the company you are with, and your phone number.