Monthly Mortgage Summary Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division Monthly SummMaornytholyf SMumormtagraygoef AMcotrtigvaigtieeAscftiovrititehsefoPretrhieoPdeErinoddiEnngdiOngctAopbriel r20200713 Inside this Issue: Mortgage Call 2 Report Reminder Licenses Approved 3 or Reinstated License Denials 4 Administrative 4 Actions Fine Information 4 Licenses Revoked, 5 Withdrawn, Expired or Suspended Contact 10 Information 2014 License/Registration Renewals for Mortgage Lenders, Mortgage Brokers and Mortgage Loan Originators ALL BROKER, LENDER AND ORIGINATOR LICENSEES AND REGISTRANTS Renewal Period Begins November 1, 2013 Renewal Period Ends December 1, 2013 Late Renewal Begins Late Renewal Ends License and Registration Expiration December 2, 2013 December 31, 2013 January 1, 2014 Originators: The late renewal fine is $100. Brokers and Lenders: The late renewal fine is $300. Expired licensees and registrants must reapply for licensure or registration to be reinstated. GEORGIA EXPIRES ALL LICENSES AND REGISTRATIONS THAT HAVE NOT SUBMITTED A RENEWAL APPLICATION BY DECEMBER 31, 2013. If any mortgage licensee/registrant has questions about the timelines in place for renewal applications, please send them to the Department by e-mail to renewal@dbf.state.ga.us. (Continued on page 2) COMMONLY USED ACRONYMS CE -- Continuing Education Department -- Georgia Department of Banking and Finance GRMA -- Georgia Residential Mortgage Act MCR -- Mortgage Call Report MLO -- Mortgage Loan Originator NMLS or NMLSR -- Nationwide Mortgage Licensing System & Registry O.C.G.A. -- Official Code of Georgia Annotated "Safeguarding Georgia's Financial Services" Page 2 October 2013 2014 License/Registration Renewal Timeline for Mortgage Lenders, Mortgage Brokers and Mortgage Loan Originators (Continued from page 1) ADDITIONAL REMINDERS: E-mail Addresses - Licensees must keep their e-mail addresses updated on the NMLS at all times -- MU1 filings for companies and MU4 filings for individuals. Essentially all communication from our Department is through e-mail. If your e-mail address is not correct in the NMLS, you may miss valuable information that could adversely affect your license. The Department is not responsible for any missed communications if your e-mail address is not correct or if you have set our e-mail addresses to go to junk/spam or trash. Sponsorship MLOs without a sponsor will not be allowed to submit a renewal. Deficiencies All licensees should make sure to clear any deficiencies that have been placed in NMLS for their license prior to renewal. Mortgage Call Report Reminder This 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. Third quarter data (July 1 September 30, 2013) must be filed through the NMLSR by November 14, 2013. 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 its 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 Quarters Time Period MCR Deadline Quarterly Due Dates for the Residential Mortgage Loan Activity (RMLA) component of the MCR (Due within 45 days of the end of every calendar quarter): Q1 (January 1 March 31) May 15 Q2 (April 1 June 30) August 14 Q3 (July 1 September 30) November 14 Q4 (October 1 December 31) February 14 October 2013 Page 3 MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN OCTOBER 2013 A total of 152 MLO licenses were approved during the month, including 10 reinstated licenses and 142 new license approvals. Due to the large number of licenses approved in October 2013, a separate document is provided on the Department's website at: http://dbf.georgia.gov/documents/october-2013-mortgage-loan-originator-license-approvals UPCOMING 2013 HOLIDAY CLOSINGS This is a reminder that the Department will be closed on Monday, November 11th for Veterans' Day, Thursday, November 28th for Thanksgiving Day, and Friday, November 29th in observance of Robert E. Lee's Birthday. Page 4 Mortgage Loan Originator License Denials October 2013 ADMINISTRATIVE ACTIONS Consent Orders Which Became Final David Lavar Jacobs, Canton, GA (license# 28129) Consent Order issued 10/07/2013 became final 10/07/2013. Cease and Desist Orders Which Became Final Inboden, Kenneth Alan, Milledgeville, GA - Order to Cease and Desist issued 09/30/2013 became final 10/31/2013. SWE Georgia, LLC, Houston, TX - Order to Cease and Desist issued 09/17/2013 became final 10/18/2013. Fine Information FINE REASON AND COUNT 1 Fine for Loan Files not Properly Maintained 1 Fine for Unapproved Branch Manager 1 Fine for Employment of a Felon 2 Fines for Background Checks 1 Fine for Unapproved Branch 2 Fines for Books and Records 1 Fine for Advertising October 2013 Page 5 Page 6 October 2013 October 2013 Page 7 Page 8 October 2013 October 2013 Page 9 Page 10 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 We're on the Web! dbf.georgia.gov October 2013 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, internaonal banking organizaons, and bank holding companies conducng business in Georgia. Our MISSION is to promote safe, sound, compeve financial services in Georgia through innovave, responsive regulaon and supervision. Our VISION is to be the best financial services industry regulator in the country Progressive. Proacve. Service-Oriented. 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.