Monthly Mortgage Summary Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division Monthly SummMaornytholyf SMuomrmtagraygoef AMcotritvgaitgieeAscftoivrittiehsefoPretrhieodPeErinodd iEnngdiOngctAopbriel r20200710 Inside this Issue: NEWS ITEMS Annual License 2 Renewals 2011 State Holidays 3 ADMINISTRATIVE ITEMS Administrative 4 Actions License Denials 6 Fines 6 Licenses Revoked, 7 Expired, Withdrawn Licenses Approved 8 and Reinstated Contact Information 11 Georgia Department of Banking and Finance Adopts Final Rules On November 2, 2010, the Department of Banking and Finance (Department) adopted Final Rules. They were filed with the Secretary of State on November 2, 2010, and will be effective 20 days following or November 22, 2010. These rules were proposed and distributed on September 23, 2010. The Department received ten (10) written comment letters: seven (7) regarding Loans Generally, Interpretations and Rulings; two (2) regarding Disclosure Requirements and Mortgage Loan Files; and one (1) regarding late fees for a mortgage loan originator's failure to timely obtain continuing education. After review of the comment letters received, revisions have been made for clarification purposes. The Department believes these Final Rules encourage safety and soundness, safe and fair mortgage lending, and conform to the law. To view or download the Final Rules on our website, go to Laws and Regulations on our home page (http://dbf.georgia.gov) http://dbf.georgia.gov/00/channel_title/0,2094,43414745_46295996,00.html and select the appropriate link for the Final Rules, OR access them directly from http://dbf.georgia.gov/vgn/images/portal/ cit_1210/51/25/164549544DBFAdoptedRules11.02.10.pdf "Safeguarding Georgia's Financial Services" Page 2 October 2010 Annual License Renewals Annual license renewals for 2011 began November 1st through the NMLS. Licensees can log into NMLS, click the Renewal Tab and request renewal of their licenses, or inform their regulator of the licenses they do not intend to renew. Licenses must be in an approved status in order to request renewal. Licensees will be required to complete the identity verification process and authorize a credit report to be pulled through NMLS between November 2010 and December 31, 2010. For more details about credit report requirements, go to http://mortgage.nationwidelicensingsystem.org/profreq/credit/Pages/default.aspx. The deadline for renewal submission without incurring a late fee is Wednesday, December 1, 2010. Renewal requests can be submitted through NMLS until December 31, 2010; however, renewals will be considered untimely after December 1st and will incur a late fee which must be paid outside of NMLS on the Department's website before the renewal can be approved. Late fees and any outstanding fines must be paid online through the Department's secure website at: https:// bkgfin.dbf.state.ga.us/MortgageDocs/MtgFinePay.html Licensees whose renewal submissions have been approved can expect to receive an e-mail from the Department that includes information for logging on to a secure website where they can retrieve and print their 2011 license certificates. E-mail notifications/instructions will be sent to the licensee's primary contact prior to the current license expiration date of December 31, 2010. If a license expires on December 31, 2010, it is no longer valid on or after January 1, 2011, and mortgage business can no longer be conducted under it. Should a person or entity wish to reinstate an expired license, a new application must be filed through NMLS and approved by the Department. Please go to the NMLS webpage for Georgia streamlined annual renewal requirements to learn more about the license renewal process. HOLIDAY CLOSING This is a reminder that the Department will be closed on Thursday, November 11th for Veterans' Day, Thursday, November 25th for Thanksgiving Day, and Friday, November 26th in observance of Robert E. Lee's Birthday. October 2010 Page 3 2011 State Holidays In accordance with O.C.G.A. 1-4-1, Governor Sonny Perdue proclaimed the following dates as public and legal state holidays for the year 2011: Holiday Name New Years Day 2011 Martin Luther King Jr.'s Birthday Robert E. Lee's Birthday Washington's Birthday Confederate Memorial Day Memorial Day Independence Day Labor Day Columbus Day Veterans' Day Thanksgiving Day Christmas Day Date Observed January 1st Saturday Will be observed Monday, Jan 3rd January 17th Monday January 19th Wednesday Will be observed on Friday, November 25th February 21st - Monday Will be observed on Monday, December 26th April 25th Monday May 30th Monday July 4th Monday September 5th Monday October 10th Monday November 11th Friday November 24th Thursday Lee's Birthday will be observed on Friday, November 25th December 25th Sunday (will be observed on Friday, Dec 23rd) Washington's Birthday (will be observed on Monday, Dec. 26th) Page 4 ADMINISTRATIVE ACTIONS October 2010 Cease and Desist Orders Which Became Final 1st USA Mortgage Corp., Alpharetta, GA (license# 19245) - Order to Cease and Desist issued 09/17/2010 became final 10/24/2010. Amy Lynn Brown, Villa Rica, GA (license# 23519) - Order to Cease and Desist issued 09/01/2010 became final 10/03/2010. Buchanan, Vonita, Columbus, GA - Orders to Cease and Desist issued 09/09/2010 became final 10/12/2010. Cedric L. Taylor, Jr., Atlanta, GA (license# 18314) - Order to Cease and Desist issued 09/01/2010 became final 10/03/2010. Craton, Thomas Owen, Woodstock, GA - Order to Cease and Desist issued 09/16/2010 became final 10/25/2010. Darryl Brooks, Lawrenceville, GA (license# 18893) - Order to Cease and Desist issued 09/20/2010 became final 10/26/2010. F & T Mortgage, Inc., Addison, TX (license# 18013) - Order to Cease and Desist issued 09/01/2010 became final 10/03/2010. First Mortgage Group, Inc. of Alabama, Decatur, AL (license# 23596) - Order to Cease and Desist issued 09/28/2010 became final 10/28/2010. George Alan Parker, Macon, GA (license# 19506) - Order to Cease and Desist issued 09/20/2010 became final 10/26/2010. Homes 4 U, Inc., Jonesboro, GA (license# 12681) - Order to Cease and Desist issued 09/08/2010 became final 10/08/2010. HomeTeam Equity, LLC dba Barron Lending, Maitland, FL (license# 24107) - Order to Cease and Desist issued 09/21/2010 became final 10/26/2010. Justin A. Lynch, Atlanta, GA (license# 22537) - Order to Cease and Desist issued 09/28/2010 became final 10/28/2010. K&B Capital Corporation, Boca Raton, FL (license# 12978) - Order to Cease and Desist issued 09/15/2010 became final 10/20/2010. October 2010 Page 5 ADMINISTRATIVE ACTIONS Cease and Desist Orders Which Became Final (continued) Leverage Financial, LLC, Tampa, FL (license# 23915) - Order to Cease and Desist issued 09/20/2010 became final 10/20/2010. Midwest Loan Services, Inc., Houghton, MI - Order to Cease and Desist issued 09/13/2010 became final 10/27/2010. Mortgage Max Services, Douglasville, GA (license# 12875) - Order to Cease and Desist issued 09/08/2010 became final 10/08/2010. North Georgia Mortgage & Financial Services, Roswell, GA (license# 12241) - Order to Cease and Desist issued 09/20/2010 became final 10/20/2010. Premier Choice Mortgage, LLC, College Park, GA (license# 21959) - Order to Cease and Desist issued 09/08/2010 became final 10/02/2010. Shiv Mortgage Corporation, Lawrenceville, GA (license# 19296) - Order to Cease and Desist issued 09/08/2010 became final 10/08/2010. Simons & Leoni Home Loans, LLC dba SLHomeLoans, Tampa, FL (license# 21371) - Order to Cease and Desist issued 09/20/2010 became final 10/25/2010. Stone, Michael W., Bethlehem, GA - Order to Cease and Desist issued 09/07/2010 became final 10/18/2010. William Ronald Greene, Kennesaw, GA (license# 18121) - Order to Cease and Desist issued 09/28/2010 became final 10/28/2010. Final Consent Orders James S. Heitzer, Cumming, GA (license# 27162) - Consent Order issued 10/21/2010 became final 10/21/2010. Page 6 ADMINISTRATIVE ACTIONS License Denials October 2010 Fine Information Information regarding fines assessed against a specific licensee for which there is no pending administrative action, is available on an individual licensee basis by submitting a written request to the following e-mail address: dbfmort@dbf.state.ga.us 1 Licensee fined for Advertising violations FINE REASON October 2010 Page 7 Page 8 October 2010 October 2010 Page 9 Page 10 October 2010 October 2010 Georgia Department of Banking and Finance 2990 Brandywine Road Suite 200 Atlanta, Georgia 30341-5565 Phone: (770) 986-1136 Fax: (770) 986-1029 or 1655 Email: dbfmort@dbf.state.ga.us We're on the Web! dbf.georgia.gov Page 11 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/processors, lenders and loan originators, money service businesses, international banking organizations, and bank holding compa- nies 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. Sign-up to Receive this Publication This publication is delivered to interested parties via email and is also available from the Department's website at: http://dbf.georgia.gov under Publications, Mortgage Summary. 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, e-mail address, and the publication to which you wish to subscribe.