Monthly mortgage summary, Dec. 2010

Monthly Mortgage Summary

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
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Inside this Issue:
Georgia Residential 2 Mortgage Act Fee Reminder
Listing of 2011 2 License/Registration
Renewals
Annual Mortgage 2 Questionnaire
Cease and Desist 3 Orders Which Became Final
Fine Information 3
License Denials 4
Licenses Revoked, 5 Expired, Withdrawn
Licenses Approved 6 and Reinstated
2011 State Holidays 10
Contact Information 11

2011 License and Registration Renewals
The Annual License/Registration Renewal Period for 2011 has ended. A licensee/ registrant that has a complete renewal application (i.e., renewal application filed, and all fines and renewal fees paid) pending through the NMLS as of December 31, 2010, can continue to work as a mortgage loan originator ("MLO"), mortgage broker or mortgage lender unless and until there is a surrender/withdrawal of the license/ registration or a final order of revocation is issued by the Department of Banking and Finance ("Department").
In the event that a licensee is issued a notice of intent to deny renewal application/ notice of intent to revoke a mortgage license, that person may continue to engage in licensed mortgage activity until the Department either accepts a surrender of the license or issues a final order denying the renewal application/revoking the license.
Please note that if a licensed MLO did not file a complete renewal application before January 1, 2011, his or her license expired effective January 1, 2011. He or she may not lawfully originate loans or otherwise work as a MLO for a licensed Georgia broker or lender under that MLO license unless and until such time as his or her MLO license is reinstated.
Licensees/Registrants that failed to timely file renewal applications have through January 15, 2011, to apply to reinstate their Georgia licenses or registrations through NMLS. The mere filing of an application to reinstate after the license/registration expired does not allow the licensee/registrant to continue to conduct mortgage business in Georgia.
Licensees/Registrants that did not file complete applications to renew their licenses/ registrations on or before December 31, 2010, and do not properly file complete applications to reinstate through NMLS on or before January 15, 2011, will have to file new applications for licenses/registrations as of January 16, 2011.
Outstanding fines must be paid through the Department's secure website at https:// bkgfin.dbf.state.ga.us/MortgageDocs/MtgFinePay.html.

"Safeguarding Georgia's Financial Services"

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December 2010

Georgia Residential Mortgage Act Fee Reminder
The $10.00 per loan fees required by O.C.G.A. Section 7-1-1011(b)(2) and Department Rule 80-5-1-.04 are due no later than March 1, 2011, for residential mortgage loans closed during the period July 1, 2010, through December 31, 2010. A $10.00 fee will be due if the loan is a residential mortgage loan as defined in the Georgia Residential Mortgage Act ("GRMA"), and if a security deed, a modification of a security deed or other form of modification of a security interest is recorded.
Financial institutions, mortgage licensees and registrants that act as the collecting agent (including brokers who table fund and collect the fee) have been notified regarding the $10.00 fee payment and information regarding accessing the online fee payment and reporting system. This information is sent to the primary contact for the financial institution or mortgage licensee or registrant, according to the Department's records.
Remittance of the GRMA $10.00 Loan Fees and Report are required to be made on-line. Reporting is required even if no residential mortgage loans were made and no fees are due. With the on-line payment process, the Department accepts either ACH drafts on a checking account or payments by Visa, MasterCard, AmericanExpress, or DiscoverCard credit cards.
Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.

Listing of 2011 License/Registration Renewals
A current listing of Georgia mortgage licenses/registrations that have been renewed for the 2011 licensing period can be found on our website at http://dbf.georgia.gov/00/channel_title/0,2094,43414745_46385619,00.html#Renewals
This file (in Microsoft Excel format) reflects renewal of licenses/registrations that were in an approved status prior to November 1, 2010.

Annual Mortgage Questionnaire
Information regarding calendar year 2010 operating and disclosure data must be submitted by all active mortgage brokers, processors, lenders and registrants that held a valid Georgia residential mortgage license/ registration during 2010.
The online questionnaire must be completed through the Department's secure website. Before February 15, 2011, login information will be sent to each licensee's/registrant's primary e-mail contact on record with the Department. Look for further details in next month's newsletter.

December 2010

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ADMINISTRATIVE ACTIONS

Cease and Desist Orders Which Became Final
Abound Financial Group, Inc., Bronx, NY (license# 20015) - Order to Cease and Desist issued 11/08/2010 became final 12/08/2010.
Robert D. Deal, Statesboro, GA (license# 17919) - Order to Cease and Desist issued 11/04/2010 became final 12/08/2010.
First Financial Mortgage Corp., Lexington, KY (license# 15606) - Order to Cease and Desist issued 11/05/2010 became final 12/05/2010.
HT Mortgage Company, Houston, TX (license# 24278) - Order to Cease and Desist issued 11/08/2010 became final 12/08/2010.
Son Ba Huynh, Duluth, GA (license# 24167) - Order to Cease and Desist issued 11/04/2010 became final 12/08/2010.
PeachTree Consultants, Inc., Kingsland, GA - Order to Cease and Desist issued 11/10/2010 became final 12/13/2010.
Radiance Capital, LLC, Johns Creek, GA (license# 24207) - Order to Cease and Desist issued 11/08/2010 became final 12/10/2010.
The Home Loan Consulting Group, Inc., Louisville, KY (license# 23418) - Order to Cease and Desist issued 11/16/2010 became final 12/31/2010.
United Mortgage Brokerage, Inc., Plainview, NY (license# 20635) - Order to Cease and Desist issued 12/01/2010 became final 12/31/2010.
Phillip Wayne Wiggins, Jr., Dunwoody, GA (license# 23679) - Order to Cease and Desist issued 11/05/2010 became final 12/15/2010.

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

FINE REASON

1 Licensee fined for Change in Management 1 Licensee fined for doing business w/ unlicensed entity 584 Licensees fined for Renewal Filed Late 1 Licensee fined for Failure to perform Background Checks 1 Licensee fined for Advertising Violations

2 Licensees fined for acquisition of 25% ownership without approval 1 Licensee fined for Prohibited Acts violations/discharge 1 Licensee fined for Books and Records 1 Licensee fined for GAFLA violation

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License Denials

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December 2010

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, January 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)

December 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

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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.