Monthly mortgage summary, Nov. 2011

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
Mortgage Call 2 Report Reminder
Administrative 2 Actions
License Denials 3
Fine Information 3
Licenses Revoked, 4 Expired, Withdrawn
Licenses Approved 5 or Reinstated
License/ 9 Registration
Renewals
2012 State 10 Holidays
Contact Information 11

2012 License / Registration Renewal Reminders
The 2012 license/registration renewal period for existing mortgage brokers/processors, mortgage lenders, and mortgage loan originators began on November 1, 2011.
Important Reminders for All Existing Licensees/Registrants:
Mortgage lenders, mortgage brokers, and mortgage loan originators seeking to renew their licenses/registrations for calendar year 2012 must do so by making applications on the NMLSR. Licensees/registrants that DO NOT plan to renew their existing Georgia license or registration can indicate this decision from the Renewals Tab once they have logged in to the NMLSR.
The deadline for renewal submission without incurring a late fee was Thursday, December 1, 2011. Licensees/registrants making renewal applications after this date owe late renewal fees to the Department. Late fees and any outstanding fines owed to the Department must be paid through our secure website at: https://bkgfin.dbf.state.ga.us/MortgageDocs/MtgFinePay.html before the renewal can be approved.
If a mortgage license/registration is not renewed by December 31, 2011, it will expire by operation of law effective January 1, 2012.
Important Reminders for Mortgage Brokers and Mortgage Loan Originators:
Continuing Education (CE): Mortgage brokers and mortgage loan originators that did not complete pre-licensing education in 2011 must obtain eight (8) hours of CE during calendar year 2011. Failure to obtain the appropriate continuing education hours prior to November 1, 2011, will result in the assessment of late CE fees by the Department. Important Note: CE courses must be reported through the Department's website (https://bkgfin.dbf.state.ga.us/mbcedata.html) to ensure compliance with Georgia CE requirements.
Mortgage loan originators who submit a renewal but do not have a current sponsor will not have their renewal application approved.
Any questions about mortgage renewal process should be sent to the Department by email to renewal@dbf.state.ga.us.

"Safeguarding Georgia's Financial Services"

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November 2011

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, 2012, for residential mortgage loans closed during the period July 1, 2011, through December 31, 2011. 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) must submit the fees and file the fee statement before the deadline to avoid fines.
Per Department Rule 80-5-1-.04(b), GRMA per loan fee reporting / remittance must be completed on-line through the Department's secure website. Reporting is required even if no residential mortgage loans were made and no fees are due. To avoid fines for failure to report / remit GRMA fees, reporting must be completed by the deadline noted above.
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.

Mortgage Call Report Reminder
The is a reminder that the Mortgage Call Report ("MCR") required by O.C.G.A. Section 7-1-1004.1 is due within 45 days of the end of every calendar quarter. Fourth quarter data (October 1 December 31, 2011) must be filed through the NMLSR by February 14, 2012.
Companies that fail to file quarterly MCRs prior to the deadline will be assessed a fine and may subject their Georgia license to revocation. Any outstanding fines owed to the Department must be paid through our secure website at: https://bkgfin.dbf.state.ga.us/MortgageDocs/MtgFinePay.html.
For more information about the requirements surrounding the MCR, please refer to the NMLSR website at: http://mortgage.nationwidelicensingsystem.org/slr/common/mcr/Pages/default.aspx.
ADMINISTRATIVE ACTIONS
Cease and Desist Orders Which Became Final
Global Properties and Financial Services, LLC dba Prestige Mortgage Lending, Austell, GA (license# 19297) - Order to Cease and Desist issued 10/12/2011 became final 11/11/2011.

November 2011

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ADMINISTRATIVE ACTIONS

Final Consent Orders
Academy Mortgage Corporation, Sandy, UT (license# 20505) - Consent Order issued 11/08/2011 became final 11/08/2011.
Kessler, Jr., Adam Michael, Sandy, UT - Consent Order issued 11/08/2011 became final 11/08/2011.
Shaw, John Duane, Sandy, UT - Consent Order issued 11/08/2011 became final 11/08/2011.
Spearman, Gina W., Atlanta, GA (license# 28250) - Consent Order issued 11/22/2011 became final 11/22/2011.

License Denials

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 Advertising 1 Licensee fined for Books and Records 3 Licensees fined for Changes in Management 1 Licensee fined for Failure to Report Violations/Discharges 2 Licensees fined for Miscellaneous Other

187 Licensees fined for Mortgage Call Report Filed Late in NMLS 2 Licensees fined for Failure to Perform Background Checks 17 Licensees fined for Continuing Education Data Filed Late 2 Licensees fined for Doing Business w/ Unlicensed Entity

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LICENSE/REGISTRATION RENEWALS
A current listing of Georgia mortgage licenses/registrations that have been renewed for the 2012 licensing period can be found on our website from: http://dbf.georgia.gov//vgn/images/portal/cit_1210/20/25/1791967552012MBRenewals.xls
This file (in Microsoft Excel format) will be updated on a weekly basis and reflects renewal of licenses/registrations that were in an approved status prior to November 1, 2011.

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November 2011

2012 State Holidays

In accordance with O.C.G.A. 1-4-1, Governor Nathan Deal proclaimed the following dates in 2012 as public and legal state holidays when the Capitol and all State agencies will be closed:

Holiday Name
New Years Day 2012
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 Sunday Will be observed Monday, Jan 2nd January 16th Monday
January 19th Thursday Will be observed on Friday, November 23rd
February 20th - Monday Will be observed on Monday, December 24th
April 26th Thursday Will be observed on Monday, April 23rd
May 28th Monday
July 4th Wednesday
September 3rd Monday
October 8th Monday
November 12th Monday
November 22nd Thursday Lee's Birthday will be observed on Friday, November 23rd
December 25th Tuesday Washington's Birthday will be observed on Monday, Dec. 24th

DBF Holiday Hours
The offices of the Department of Banking and Finance will be closed on Friday, December 23rd and Monday, December 26th in observance of State holidays. Our offices will also be closed on Monday, January 2nd for New Year's Day.
The Department wishes you and your family a wonderful Holiday Season!!

November 2011
Georgia Department of Banking and Finance
2990 Brandywine Road Suite 200
Atlanta, Georgia 30341-5565
Phone: (770) 986-1269 Fax: (770) 986-1029 or 1655
Email: dbfmort@dbf.state.ga.us

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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.

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

Sign-up to Receive this Publication
This monthly publication highlights topics and activities pertaining to the Department's regulation of state-licensed or registered mortgage brokers, lenders and loan originators. It is delivered to interested parties via e-mail 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, send an e-mail to dbfpress@dbf.state.ga.us stating your name and e-mail address. Please be sure to include "Subscribe to Monthly Mortgage Summary" in the Subject line.