Monthly mortgage summary, Feb. 2008

NDFI

MONTHLY MORTGAGE SUMMARY

February 2008
Georgia Department of Banking & Finance-- Non Depository Financial Institutions Division Monthly SMuomnmthalryySoufmMmoarrtygaogf eMAocrttgivaigteieAscftoivrittihees PfoerritohdeEPnedriinogd FEenbdriunagrAyp2r0il028007

Inside this issue:

Page 1

NEWS

NEWS ITEMS

GEORGIA NEWS

1

CE Programs

1

FY2009 Renewals 2

Websites & Advertising

2

Judgment/Claim Notification

3

Customer Service Stars

3

ADMINISTATIVE ITEMS

Administrative Actions

4-5

Fines

5

Licenses Revoked, Expired...Denied

6

Licenses Approved

& Reinstated

7

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

GEORGIA NEWS
Georgia Among the Best Managed States in the Nation
On March 3, 2008, the Pew Center on the States and Governing Magazine released a report ranking Georgia among the best managed states in the nation in the Grading the States 2008 report. Georgia's overall grade of B+ is the highest awarded to any state in the Southeast.
"We have made sensible, strategic reforms in Georgia to make government more efficient and more responsive to the needs of our citizens," said Governor Sonny Perdue. "As a result, Georgians are getting better value for their tax dollars and better service from their government, and we will continue to work to surpass every other state and become the best managed state in the nation."
The 2008 report emphasized the value and impact of improvements made by the Governor's Commission for a New Georgia. One of the reforms recommended by the Commission for a New Georgia was to improve the customer service rendered to Georgia's citizens by state agencies. In 2006, Governor Perdue launched a first of its kind customer service improvement initiative led by the Governor's Office of Customer Service.
"By aggressively training employees, leveraging technology and monitoring outcomes, the state has driven down wait times at call centers and has shrunk the rate at which citizens just get tired and hang up," said the report. To read the entire report visit:
http://pewcenteronthestates.org/gpp.

Continuing Education Programs
Renewals continue through April 1. The following is a reminder that approved in-state education pro- viders must maintain specific licensee continuing education records for at least two years from the date of the training. Licensees, however, must maintain CE records for five years in a format that the Department authorizes. These requirements are noted in Regulation 80-11-4-.01(7) Initial Ex- perience and Education Requirements; Continuing Education.
As previously addressed in the Mortgage Summary, there have been some concerns regarding com- puter-based CE course format and hours. For all computer-based courses, in addition to the "attendance/hours" time requirements and the materials required by the Regulation, this reminder to education providers covers information to main- tain for each computer-based course:
1. The student's name, the course title, the number of hours taken to complete the course, the particu- lar software version of the course, and the course serial number (if available);
2. A system to verify the completion of each mod- ule of instruction within the computer-based course and the date of completion of the course;
3. The scores for each student for all final examina- tions for those courses requiring such examina- tions; and
4. Verification of the above data by the school di- rector/coordinator provided to the licensee for the licensee's recordkeeping purposes.

Page 2

February 2008

News--Continued

FY 2009 Renewals
As the FY2009 on-line license renewal continues, a reminder that a renewal late fee of $300 will be assessed after midnight April 1. ALL licensees MUST complete their application ON-LINE. The online system is available 24 hours a day, 7 days a week, with the exception of unforeseen outages. While there is no need to worry about getting to the post office to get the forms mailed, the deadline is the deadline, so please remember to file by midnight on April 1 in order to avoid a fee for a late renewal filing.
Use the USER ID and PASSWORD e-mailed with the renewal notice in February. Please note the following:
PAYMENT: ACH or credit card ONLY. All major credit cards accepted.
PASSWORDS: Provided in your renewal notice. Contact the Department if you misplaced this information.

Licensees must register their website domain names, or the "trade name' used in the commercial, with the Department as a d/b/a name if it is different from a name licensed/registered with the Department pursuant to the requirements of O.C.G.A Section 7-1-1006(d). Further, "advertisement" as defined in Department Regulation 8011-1-.02(f) means material used or intended to be used to induce the public to apply for a mortgage loan. Websites are considered advertisements and must contain a registered name, an office address which conforms with the address on record with the Department, and the license number. These same requirements apply to televised infomercials and radio advertisements.
Such advertisements must also contain the words "Georgia Residential Mortgage Licensee" or list Georgia as a state in which the licensee is licensed to do business if licensed in more than one state.
Any unregistered d/b/a name which comes to the attention of the Department will subject the licensee to a minimum $500 fine. Failure to include the license number and a valid address also result in separate $500 fines.

INCOMPLETE or "INFORMATION REQUIRED" APPLICATIONS: Should any additional information be required for any renewal, the licensee will be contacted by e-mail or fax ONLY. Renewals requiring additional information cannot be approved until such information is received and approved. All fines and fees must be paid.
LATE FILINGS: If you have attempted access but been unable to utilize the on-line system, please contact the Department for instructions to complete your application. HARD COPY FORMS ARE NOT AVAILABLE. Failure to request assistance in a timely manner will NOT prevent the assessment of the late fee if the deadline has passed.
BROKERS ONLY - CONTINUING EDUCATION REQUIREMENT The continuing education requirement is effective and must be reported at renewal.

Common problems noted are: Failure to list the Georgia license number on the website/advertisement; failure to note Georgia as a state in which licensed if multi-state or state "Georgia Residential Mortgage Licensee"; utilizing a significantly different domain name/URL which is not registered as a d/b/a name.
Understand that fines will be assessed for failure to register the name, for failure to properly advertise the license number, address, or meet the other requirements noted. Domain names must be registered as d/b/a (trade) names with the Superior Court in the county of business. Proper application for a d/b/a name with the recorded registration document(s) and surety bond or bond rider should be sent to the Department. After the appropriate documents are received, and barring conflicts with approved registered names for other licensees, the web domain name d/b/a will be added to the licensee's record and displayed on the Department's web site. The form to be used to apply for the approval of the d/b/a name is available on the Department's web site at:

Websites & Advertising

http://dbf.georgia.gov/vgn/images/portal/ cit_1210/46/27/65822783DBARegis_R0807.pdf

Many of new licensees are not familiar with the advertising requirements of the Georgia Residential Mortgage Act (GRMA), resulting in fines related to advertising, particularly related to websites or televised "infomercials." These regulations are as follow:

Licensees wishing to use a fictitious or d/b/a name should use this form and submit it with the required documentation as noted in the instructions. If you have additional questions regarding domain registration, please do not hesitate to contact the Department.

February 2008

Page 3

News--Continued

Judgment/Claim Notification
As a reminder to licensees during the renewal period, O.C.G.A. 7-1-1007 requires reporting to the Department on certain actions brought against licensees, and states the following:
"(a) A licensee shall give notice to the department by registered or certified mail or statutory overnight delivery of any action which may be brought against it by any creditor or borrower where such action is brought under this article, involves a claim against the bond filed with the department for the purposes of compliance with Code Section 7-1-1003 or 7-1-1004, or involves a claim for damages in excess of $25,000.00 for a broker and $250,000.00 for a lender and of any judgment which may be entered against it by any creditor or any borrower or prospec- tive borrower, with details sufficient to identify the action or

judgment, within 30 days after the commencement of any such action or the entry of any such judgment. "
The Department often obtains information regarding judgments and claims from public sources or other regulators, not from the licensee. It is important to remember that such notification to the Department by the licensee is required by law, and any li- censee subject to such claim or judgment must report details to the Department according to the law as noted above.
SPEAKING ENGAGEMENTS
There are no upcoming speaking engagements for March, 2008.

DBF's Customer Service Stars for the Month of February
It is the Department's goal to provide excellent customer service, meeting and exceeding the expectations of our customers. Along those lines, we would like to recognize the following individuals or groups for going above and beyond in serving our customers:
Irene Harper, Applications Analyst (NDFI-Main Office): The Department received comments regarding Irene from several different customers as part of our customer satisfaction surveys: One customer stated: "I have dealt with Irene Harper in licensing for a few clients and she is great, very friendly, responds right away to emails/voicemails, very pleasant to work with." Another customer stated: "Irene Harper was my representative, with her my process was smooth and easy. She called me and asked questions and also mailed things ASAP that I may have missed. The customer service was excellent." Another customer stated: "Irene Harper was my liaison and she was always responsive in a timely fashion as well as professional." Another customer stated: "I worked with Irene Harper. She was polite, and returned my calls promptly." And yet another customer stated: "Kind, friendly, quick, and to the point customer service. Always enjoyed speaking with Mrs. Harper."

The Department is the state agency that regulates and examines banks, credit unions, and trust companies chartered by the State. The Department also has regulatory and/or licensing authority over mortgage brokers, lenders, and processors, money service businesses, international banking organizations, and bank holding companies conducting business in Georgia.
Our MISSION is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our VISION is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.
CONGRATULATIONS AND GREAT JOB TO THIS MONTH'S CUSTOMER SERVICE STARS!!

Page 4

February 2008

Administrative Actions

CEASE AND DESIST ORDERS--ISSUED

Banik, Gouranga C., Marietta, GA Cease and Desist Order issued January 15, 2008 became final on February 5, 2008.
Best Interest Rate Mortgage Company, LLC, Westmont, NJ (license no. 20436) Cease and Desist Order issued January 8, 2007 became final on February 7, 2008.
C&G Financial Services, Inc., Upland, CA (license no. 13972) Cease and Desist Order issued January 24, 2008 became final on February 25, 2008.
Citi Mortgage Specialists, Inc, Atlanta, GA (license no. 20302) Cease and Desist Order issued January 8, 2008 became final on February 7, 2008.
GetLeadsFast, LLC, Nixa, MO Cease and Desist Order issued January 18, 2008 became final on February 18, 2008.
Granite Financial, Inc., Stone Mountain, GA (license no. 20184) Cease and Desist Order issued January 3, 2008 became final on February 2, 2008.
Hill, Glenn M., Palm Coast, FL Cease and Desist Order issued January 11, 2008 became final on February 1, 2008.
Hill, Gregory L., Palm Coast, FL Cease and Desist Order issued January 11, 2008 became final on February 1, 2008.
Kim, Alexander Y. aka Yongchan Kim, Suwanee, GA Cease and Desist Order issued January 22, 2008 became final February 12, 2008.
Kim, Amy aka Amy O. Jung, Suwanee, GA Cease and Desist Order issued January 22, 2008 became final on February 12, 2008.
Kingdom Mortgage, LLC, Stockbridge, GA Cease and Desist Order issued January 18, 2008 became final February 18, 2008.
LMU Financial, Inc., Aliso Viejo, CA (license no. 21710) Cease and Desist Order issued January 11, 2008 became final on February 13, 2008.
Lecompte, Inc., Lithonia, GA Cease and Desist Order issued January 22, 2008 became final February 22, 2008.
Marlin Mortgage Company, LLC, West Palm Beach, FL (license no. 22623) Cease and Desist Order issued January 22, 2008 became final on February 21, 2008.
Maverick Residential Mortgage, Inc., dba Stars Capital, Fisco, TX (license no. 20055) Cease and Desist Order issued January 24, 2008 became final February 23, 2008.
Pacific Northwest Mortgage Corporation dba LOANS2000, Sandy Springs, GA (license no. 19085) Cease and Desist Order issued January 3, 2008 became final on February 1, 2008.

February 2008
Administrative Actions
CEASE AND DESIST ORDERS--ISSUED

Page 5

The Potter's Mortgage, Inc., Deerfield Beach, FL (license no. 22739) Cease and Desist Order issued January 15, 2008 became final on February 14, 2008.
SI Mortgage Company dba sistarmortgage company, Shelby Township, MI (license no. 22625) Cease and Desist Order issued January 8, 2008 became final on February 7, 2008.

CEASE AND DESIST ORDERS--LIFTED
Mahan, Marie, Conyers, GA Cease and Desist Order that became final on November 10, 2006 was lifted on February 8, 2008.
FINAL CONSENT ORDERS or SUPERIOR COURT INJUCTIONS ISSUED
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

12 Licensees fined for Advertising Violations 1 Licensee for Prohibited Acts 1 Licensee fined for Loan Files Not Properly Maintained 1 Licensee fined for Doing Business w/ Unlicensed Entity 1 Licensee fined for Check Returned for Insufficient Funds

1 Licensee fined for Background Check Violation 3 Licensees fined for Books & Records 1 Licensee fined for Change in Management w/o
Approval 1 Licensee fined for Failure to Submit to an Exam 1 Licensee fined for Unapproved Branch 2 Licensees fined for Unapproved Branch Manager

Page 6

February 2008

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

ID#
5759 6550 12024 12191 13972 14725 15457 16087

NAME
LIB PROPERTIES LTD STOCK MTG CORP EHOMECREDIT CORP NOVASTAR MTG INC C&G FINL SVCS INC EW MTG CO INC 1ST NLC FINL SVCS LLC LITTON LOAN SERVICING LP

CODE
LD BD LD LD LD LD LD
LD

IN FEBRUARY 2008

REVOKED

EXPIRED

02-25-2008

SURRENDERED

WITHDRAWN 02-01-2008 02-01-2008 02-28-2008 02-22-2008
02-28-2008 02-14-2008 02-01-2008

DENIED

16620 17763 18489 18686 18976 18998 19085 19172 19582 19957 20055 20184 20302 20322 20375 20436

CREDIT SUISSE FINL CORP MCENTEE, GIRARD L 1ST APPROVAL MTG INC PROCESSING DEPOT FAMILY FIRST MTG CORP HOMESTART FINL INC PACIFIC NW MTG CORP HOME-LAND MTG INC MAGELLAN CAP MTG LLC MORTGAGEEASE.COM LLC MAVERICK RES MTG INC GRANITE FINL INC CITI MTG SPECIALISTS INC MTG ZONE INC WHITAKER, STELLA A BEST INTEREST RATE MTG CO

LD

BD

BD

PD

LD

02-01-2008

BD

02-05-2008

LD

02-01-2008

BD

BD

BD

LD

02-23-2008

BD

02-02-2008

BD

02-07-2008

BD

BD

LD

02-07-2008

02-08-2008 02-12-2008 02-05-2008 02-08-2008
02-01-2008 02-05-2008 02-16-2008
02-28-2008 02-19-2008

20798 BLX CAP LLC

LD

20799 BUS LOAN CTR LLC

LD

21196 STRATEGIC CAP MTG INC

LD

21368 INTERFIRST FINL SVCS INC

LD

21501 MARIETTA MTG PARTNERS LLC

BD

02-12-2008 02-12-2008 02-12-2008 02-25-2008
02-01-2008

21558 MIRINAE REALTY & FINL SOL

BD

02-12-2008

21710 LMU FINL INC

LD

21766 PMF INC

LD

21898 FOUNDATION MTG GRP INC

LD

02-13-2008

02-25-2008 02-08-2008

21992 GATES LENDING LLC

BD

22590 LAUSTIN FINL GRP LLC

BD

22623 MARLIN MTG CO LLC

LD

22625 SI MTG CO

LD

22739 POTTERS MTG INC

BD

22966 DANIEL, MAURICE MARVIN

BD

TOTAL: 39

02-21-2008 02-07-2008 02-14-2008

02-01-2008 02-08-2008
02-19-2008

February 2008

Page 7

ID# 14971

LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN FEBRUARY 2008

COMPANY NAME Prime Home Loans, Inc. *

CITY Duluth

ST

MB CD

GA

L

ORIGINAL
APPROVAL 10-01-1999

RENEWAL 02-01-2008

REINSTATED

22255 OptAmerica Mortgage, Inc. +

New York

NY

B

02-09-2007

02-01-2008

22912 First Choice Funding Group, Ltd. *

Orange

CA

L

11-09-2007

02-01-2008

22975 23095

Advance Mortgage & Investment Co. of North Florida, Inc. Elanit Rachelle Hasas

Pensacola Smyrna

FL

L

GA

B

02-01-2008 02-01-2008

02-01-2008 02-01-2008

23109 Meghan Feliceta Lewis

Atlanta

GA

B

02-01-2008

02-01-2008

23117 Capital Mortgage Finance Corp.

Columbia

MD

L

02-01-2008

02-01-2008

23126 Buckhead Mortgage Group, LLC

Atlanta

GA

B

02-01-2008

02-01-2008

23128 STC Mortgage, Inc.

Lawrenceville GA

B

02-01-2008

02-01-2008

23137 New Home Finance, LLC

Suwanee

GA

L

02-01-2008

02-01-2008

23147 Milestone Mortgage Lending, LLC

Hiram

GA

B

02-01-2008

02-01-2008

23087 Prudential Mortgage Corporation

Fayetteville

GA

B

02-08-2008

02-08-2008

23149 Janet Winifred Thomas

Duluth

GA

B

02-08-2008

02-08-2008

23154 Dependable Mortgage Services, Inc.

Canton

GA

B

02-08-2008

02-08-2008

23167 Madison Mortgage Associates, Inc.

Gainesville

GA

B

02-08-2008

02-08-2008

23091 Vantium Capital, Inc.

Burbank

CA

L

02-15-2008

02-15-2008

23094 Vantium Capital Markets, LP

Burbank

CA

L

02-15-2008

04-02-2008

23133 Capital Direct Lending Corporation

Santa Ana

CA

B

02-15-2008

02-15-2008

23157 AH Mortgage Acquisition Co., Inc.

Irving

TX

L

02-15-2008

02-15-2008

23172 Georgia Loan Broker, Inc.

Mableton

GA

B

02-15-2008

02-15-2008

22780 WCS Lending, LLC

Boca Raton

FL

L

02-22-2008

02-22-2008

23079 Semper Financial Mortgage Corporation Providence

RI

B

02-22-2008

02-22-2008

23169 Mogul One, Ltd.

23156 23194

Robert P. Tomasso Mortgage Company, Inc. Residential Savings Mortgage, Inc.

Powder Springs Cape Coral
Sunrise

GA

B

FL

B

FL

B

02-22-2008 02-29-2008 02-29-2008

02-22-2008 02-29-2008 02-29-2008

23099 Cranbrook Mortgage Corporation
TOTAL: 26

Clinton Town- MI

B

ship

02-08-2008

04-02-2008

Page 8

February 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.