NDFI MONTHLY MORTGAGE SUMMARY March 2009 Georgia Department of Banking & Finance-- Non Depository Financial Institutions Division MonthlyMSounmthmlyarSyumofmMaoryrtogfagMeorAtcgtaigveitAiecstifvoitrieths efoPretrhioedPEenrdioidngEMndairncgh A2p0r0il92007 Inside this issue: Page 1 NEWS STATE NEWS ITEMS STATE/NATIONAL Transitions/ Renewals 1 Georgia's S.A.F.E Bill 1 Customer Service Stars 2 ADMINISTRATIVE ITEMS Administrative 3Actions 4 Fines 4 Licenses Revoked, 5Expired...Denied 6 Licenses Approved & Reinstated 7 Contact Information 8 Useful Links MORTGAGE FORMS: DBF.GEORGIA.GOV/ DBFMTGFORMS UPDATING LICENSE INFORMATION DBF.GEORGIA.GOV/ DBFMTGFORMS MORTGAGE SUMMARY DBF.GEORGIA.GOV/ DBFMTGSUMMARY LICENSE TRANSITIONS are made through NMLS. Log in to NMLS and file an amendment to your record. RENEWALS The FY2010 license renewal deadline has passed. A late renewal fine of $300 will be assessed, and for broker/processor licensees who failed to obtain Continuing Education credits prior to April 1, the $1,000 late CE fine will also be assessed. Should any additional information be required for renewal application, the licensee will be contacted by e-mail or fax ONLY. Renewals requiring additional information cannot be approved until such information is received and issues resolved. With few exceptions, all outstanding fines and fees must be paid. As most licensees wait until the deadline to make their renewal application, the bulk of the renewal reviews have only begun. However, licensees and registrants may continue to renew and transition through June 30, 2009, but payment of the fines noted above will be required in order to obtain approval of your renewal application. Failure to apply for renewal by June 30 will result in the expiration of the current license and require a reinstatement application (reapplication) through NMLS. Along with the supplemental materials required for application, those seeking reinstatement should include a cover letter requesting that their expired license number be reinstated. With few exceptions, all outstanding fines and fees must be paid. Because the NMLS system has revealed many licensing requirements that were not previously reported, the bulk of the renewal applications are requiring extended review time. We request that you do not contact the Department regarding the status of your renewal unless additional information has been requested by the Department. License certificates will be sent out by e-mail ONLY! So please make certain changes in contact information BROKERS/PROCESSORS ONLY - CONTINUING EDUCATION REQUIREMENT As noted fines are assessed for failure to obtain continuing education credits by March 31. In order to have your renewal approved, the late continuing education credits hours must be obtained prior to June 30, 2009, fines paid, and the on-line transition/renewal completed. GEORGIA S.A.F.E BILL PASSES The Georgia legislature passed amendments to the Georgia Residential Mortgage Act which were made to incorporate provisions of the federal S.A.F.E. Mortgage Licensing Act of 2008, a part of the Housing and Economic Recovery Act of 2008, providing for the licensing of mortgage loan originators through the Nationwide Mortgage Licensing System. This legislation recognizes the requirement for all residential mortgage loan originators to be licensed by the state and their information maintained in a central registry. This bill requires a separate license distinct from the mortgage broker and lender licenses and registrations currently required. To view the bill see marked up version at: http:// www.legis.state.ga.us/legis/2009_10/sum/ hb312.htm. The bill is awaiting the Governor's signature. For more information and analysis of the SAFE Act, a component of the Housing and Economic Recovery Act (HERA) of 2008, please see SAFE information provided by CSBS and AARMR at: http://www.csbs.org/AM/Template.cfm? Section=SAFE_Act Page 2 March 2009 March 2009 State & National News Items DBF's Customer Service Stars 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: Secretary III Brenda Harrell (NDFI-Mortgage): The Department received a letter from a customer stating: "Ms. Brenda Harrell was prompt and professional. She quickly wrapped her arms around the tasks and resolved them. But more than that, she did it in a most friendly way. I never felt like I was working with a bureaucrat, but with a real partner." And... Secretary/Receptionist Gloria Smith (NDFI-Mortgage): The Department received an e-mail from a customer stating: "I wanted to take a few minutes to let you know how helpful and courteous your staff was today. I spoke with Gloria Smith twice during the transition process to NMLS. She was very professional but cordial as well. The transition process was a little harrowing which increased my stress level I'm sure. But it was comforting to call your office and be treated with kindness and respect, as well as to get the information I needed. Some brokers seen to dread contacting the Department but my experience has always been positive. Not all State Offices are as pleasant to work with as is your office." CONGRATULATIONS AND GREAT JOB TO THIS MONTH'S CUSTOMER SERVICE STAR!! SPEAKING ENGAGEMENTS--NDFI Deputy Commissioner Rod Carnes will be speaking to the AMBA chapter of the Mortgage Bankers of Georgia on April 14th at Noon at Villa Christina Perime- ter. For additional information and directions, please see the meeting information at http://www.mbag.org/ambalunch.aspx Deputy Commissioner Rod Carnes will be speaking to the Monroe Rotary Club on April 20th at 12:30. Contact the Monroe Rotary Club 770-267-9803 for details. The offices of the Department of Banking and Finance will be closed for observance of Confederate Memorial Day April 27, 2009 March 2009 Administrative Actions CEASE AND DESIST ORDERS WHICH BECAME FINAL Page 3 ADT Interactive, LLC, San Francisco, CA (license no. 20616) Cease and Desist Order issued February 24, 2009 became final on March 26, 2009. Armbrust, Margie, Duluth, GA Cease and Desist Order issued March 9, 2009 became final on March 31, 2009. D & B Investments, Inc., Macon, GA (license no. 16139) Cease and Desist Order issued February 26, 2009 became final on March 28, 2009. Eileen Mortgage Funding, Inc., Southfield, MI (license no. 22854) Cease and Desist Order issued February 5, 2009 became final on March 8, 2009. Envision Lending Group, Inc., South Jordan, UT (license no. 20882) Cease and Desist Order issued February 19, 2009 became final on March 24, 2009. Georgia Home Mortgage Network, Inc., Kennesaw, GA (license no. 14083) Cease and Desist Order issued February 26, 2009 became final on March 30, 2009. Home Loan Consultants, Inc. (CA) (license no. 21363) Cease and Desist Order issued January 30, 2009 became final on March 3, 2009. Melton, Taryn Lynne, Dacula, GA (license no. 20181) Cease and Desist Order issued February 3, 2009 became final on March 6, 2009. Roberts, Da Vida M., Lithonia, GA Cease and Desist Order issued February 12, 2009 became final on March 5, 2009. Terry, Edward, Smyrna, GA-- Cease and Desist Order issued February 9, 2009 became final on March 3, 2009. The Money Tree Financial Corp. dba tmtfc.com, North Huntingdon, PA (license no. 22673) Cease and Desist Order issued February 3, 2009 became final on March 5, 2009. Waterford Loan Consulting, LC, Dunwoody, GA (license no. 23240) Cease and Desist Order issued February 23, 2009 became final on March 25, 2009. CEASE AND DESIST ORDERS--LIFTED, RESCINED, WITHDRAWN AAA Worldwide Financial, Co., Addison, TX (license no. 21066) Cease and Desist Order issued July 10, 2008 was rescinded on March 13, 2009. Lender's Gate, LLC, Stone Mountain, GA (license no. 18853) Cease and Desist Order issued May 28, 2008 was rescinded on March 6, 2009. Page 4 Administrative Actions March 2009 FINAL CONSENT ORDERS AmStar Financial Mortgage, Inc., Smyrna, GA (license no. 20524) Consent Order issued on March 10, 2009 became final on March 10, 2009. Evans, Lorraine, Smyrna, GA-- Consent Order issued on March 10, 2009 became final on March 10, 2009. Sharpe Mortgage Lending Services of Georgia, Inc., Atlanta, GA (license no. 11430) Consent Order issued on March 23, 2009 became final on March 23, 2009. Watson, Jeffrey A., Atlanta, GA-- Consent Order issued on March 23, 2009 became final on March 23, 2009. 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 4 Licensees fined for Advertising Violations 4 Licensees fined for Background Checks Violation 3 Licensees fined for Books & Records 2 Licensees fined for Unapproved Branch 2 Licensees fined for Unapproved Branch Manager 110 Licensees fined for $6.50 Fees not paid 2 Licensees fined for Employment of a Felon 2 Licensees fined for Failure to submit to an Exam 4 Licensees fined for Loans Files not properly maintained 1 Licensee fined Failure to Fund 1 Licensee fined for Failure to report violations/discharges 2 Licensees fined for Prohibited Acts 2 Licensees fined for doing business w/Unlicensed Entity 1 Licensee fined for Miscellaneous/Other 1 Licensee fined for Unapproved Change in Management March 2009 Administrative Actions Page 5 LICENSEES/REGISTRANTS REVOKED, EXPIRED, SURRENDERED, WITHDRAWN OR DENIED IN MARCH 2009 ID# COMPANY NAME CODE REVOKED EXPIRED SURRENDER WITHDRAWN DENIED 5612 1ST FINL MTG SVCS INC BD 03-16-2009 5792 ROYAL AMER MTG INC BD 03-25-2009 5818 CASH CREDIT CORP (GA) LD 03-31-2009 6018 REALTY MTG CORP LD 03-03-2009 6333 SUNSHINE MTG CORP LD 03-31-2009 7406 WELLS FARGO FINL FL INC RD 03-20-2009 7407 WELLS FARGO FINL TN INC RD 03-20-2009 11445 FIELDSTONE MTG CO LD 03-24-2009 11594 WELLS FARGO FINL AL INC RD 03-20-2009 11914 SOUTHERN MTG BD 03-10-2009 12849 MICHAEL R THOMAS INC BD 03-31-2009 13099 JIM WALTER HMS LD 03-05-2009 13125 1ST SEC MTG CORP BD 03-03-2009 13351 TRIBECA LENDING CORP LD 03-24-2009 14083 GA HM MTG NETWORK INC BD 03-30-2009 15262 MORGAN TOMS MTG CONSULTAN BD 15320 NATIONS FIRST MTG INC BD 03-06-2009 03-27-2009 15510 PUTNAM MTG & FIN LLC LD 03-03-2009 16139 D&B INV INC BD 03-28-2009 16306 GARBUTT, JANE P BD 03-24-2009 16399 GRAND MTG INC BD 03-24-2009 16954 TRICOUNTY MTG SVCS INC BD 03-16-2009 17892 HOME SOURCE MTG CORP LD 03-26-2009 18164 VANGUARD HM MTG INC BD 03-23-2009 18292 CANNON, STEVEN R BD 03-18-2009 19155 1ST COMMITMENT MTG SVCS BD 19355 KEEL MTG CO LLC BD 03-31-2009 03-27-2009 19413 MTG BOX INC BD 03-24-2009 19543 JAI SHREE KRISHNA INC BD 03-03-2009 20181 MELTON, TARYN LYNNE BD 03-06-2009 20442 POWER MTG CORP BD 03-03-2009 20616 ADT INTERACTIVE LLC BD 03-26-2009 20700 GOAPPLY LLC BD 03-16-2009 20941 CHESAPEAKE CAP MTG CORP BD 21202 SHALOM MTG INC BD 03-31-2009 03-31-2009 21319 KEY FINANCIAL CORP LD 03-04-2009 Page 6 Administrative Actions March 2009 LICENSEES/REGISTRANTS REVOKED, EXPIRED, SURRENDERED, WITHDRAWN OR DENIED IN MARCH 2009 ID# COMPANY NAME CODE 21363 HOME LOAN CONSULTANTS INC LD 21466 BICOASTAL LENDING GRP BD 21601 GLOBAL CHOICE FINL LLC BD 21645 TIVOLI FINL SVCS LTD LD 21660 CASTLE MTG GRP LLC BD 21759 ADVANCED MTG LLC (CT) BD 21825 CITRUS HM MTG INC BD 21829 SUMMIT CAP LENDING INC BD 21857 RAM CAP CORP BD 21953 UNITED HM MTG (INC) BD 22434 USA HM LOANS INC (MD) LD 22532 ENTERPRISE LENDING GRP IN BD 22673 MONEY TREE FINL CORP LD 22711 WHOLESALE MORTGAGING INC BD 22819 L A ROCK PROPERTIES LLC BD 22833 ACKLIN, RHEA ELAINE BD 22854 EILEEN MTG FUNDING INC BD 22961 ENTRAFUND HM MTG LLC LD 23023 JAG MTG LLC BD 23155 STRATEGIC RECOVERY GRP LD 23231 BIC INVESTMENTS LLC LD 23240 WATERFORD LOAN CONSULTING BD 23361 ADVANCED MTG SYSTEMS INC BD 23467 EQ FINL INC (FL) LD 23553 CHAMBERS FINL BD TOTAL: 61 REVOKED EXPIRED SUSPENDED 03-03-2009 03-05-2009 03-08-2009 03-25-2009 WITHDRAWN 03-31-2009 03-24-2009 03-16-2009 03-04-2009 03-19-2009 03-24-2009 03-31-2009 03-31-2009 03-10-2009 03-18-2009 03-31-2009 03-06-2009 03-31-2009 03-04-2009 03-03-2009 03-24-2009 03-03-2009 03-31-2009 03-26-2009 03-18-2009 03-25-2009 DENIED Administrative Actions March 2009 Page 7 ID# 18853 23857 23866 23871 23872 23874 21066 23862 23885 23886 23888 13642 23821 23844 23892 LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN MARCH 2009 COMPANY NAME CITY ST MB CD ORIGINAL RENEWAL REINSTATED APPROVAL Lender's Gate, LLC Iltis Lending Group, Inc. Stone GA B Mountain Sarasota FL B 11-21-2003 03-06-2009 03-06-2009 03-06-2009 03-06-2009 Pinnacle Funding Group, Inc. Atlanta GA B 03-06-2009 03-06-2009 Platinum Financial Funding, LLC Nashville TN L 03-06-2009 03-06-2009 EOS Lending Services, LLC Tampa FL B 03-06-2009 03-06-2009 Maloney, Brian, Michael Buford GA B 03-06-2009 03-06-2009 AAA Worldwide Financial, Co. Addison TX L 01-06-2006 03-13-2009 03-13-2009 Michigan Mutual, Inc. Port Huron MI L 03-13-2009 03-13-2009 Newmarket Financial Mortgage Louisville KY B Corporation Wolfe Financial, Inc. Asheboro NC L 03-13-2009 03-13-2009 03-13-2009 03-13-2009 EMK II, LLC Alpharetta GA B 03-13-2009 03-13-2009 Absolute Mortgage, Inc. * The Mortgage Link, Inc. 1st Security Investments LLC Chatta- TN L nooga Gaithers- MD B burg Dunnellon FL B 06-04-1998 03-27-2009 03-27-2009 03-27-2009 03-27-2009 03-27-2009 Liberty Home Mortgages LLC Atlanta GA B 03-27-2009 03-27-2009 TOTAL: 15 Page 8 March 2009 Georgia Department of Banking and Finance 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 We're on the Web! dbf.georgia.gov LICENSE STATUS CHANJGuEdINgDmICeAnTtO/CRSla&imMONRoTtGifAiGcEatLiIoCnENSE CODES--(In Tables) 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 licLeincseeenssheaSlltgaivteusnoInticdeictoattohresdepartment by r(eMgBistCerDed) -orMcoerrttifgieadgemaLiilcoernstsaetuCtoordyeosver- night 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 purp*oses of cUopmgprliaadneceBwroitkheCrotdoe LSeecntdioenr 7-1-1003 or 7-B1-1004, or involves a clBarimokfoerrdamages 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 prospective 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 sDucohwjundggrmadeentL. "ender to Broker L Lender 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 Depa#rtment bUyptghreadliceeLnseenediesrretoquRireegdisbtyralanwt, and any lPicensee subject to suPchrocclaeimssoorrjudgment must report details to the Department according to the law as noted above. Downgrade Registrant to Lender R 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. Also, please indicate which publication(s) you would like to receive. See the list under PUBLICATIONS on our home page.