Monthly Mortgage Summary Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division Monthly Summary of Mortgage Activities for the Period Ending December 2013 Inside this Issue: Mortgage Call 2 Report Reminder Georgia 2 Residential Mortgage Act Fee Reminder Licenses Approved 3 or Reinstated License Denials 4 Administrative 4 Actions Fine Information 4 Licenses Revoked, 5 Withdrawn or Surrendered NDFI Outreach and 6 Upcoming Speaking Engagements 2014 State 7 Holidays Contact 8 Information 2014 License/Registration Renewal Period Has Ended The Annual License/Registration Renewal Period for 2014 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 Nationwide Mortgage Licensing System as of December 31, 2013, can continue to work as a mortgage loan originator, mortgage broker or mortgage lender unless and until there is a surrender/withdrawal of the license/registration or a final order of denial or revocation is issued by the Department. Renewal applications are being processed as quickly as possible. If a mortgage licensee/registrant did not file an application for renewal by December 31, 2013, the license/registration expired by operation of law effective January 1, 2014, and the licensee/registrant must reapply through the NMLS. Broker and Lender licensees in an expired status may not conduct Georgia mortgage activity. Mortgage Loan Originators in an expired status may not conduct origination activity for Georgia loans. RENEWAL REQUEST PENDING -- COMPANIES AND INDIVIDUALS -- Does your license have a renewal request pending? If so, please check your NMLS record for any deficiencies, or license items, placed by the Department. No renewal request will be approved with outstanding license items. Many licensees that have not yet been approved owe fines and fees check your NMLS record to see if your renewal is being delayed due to unpaid fines and fees. Fines and fees can be paid directly on the Department's website: https://bkgfin.dbf.state.ga.us/MtgFinePay.html Your password to log-in to our fine payment site was provided at the time of licensure in your approval email from the Department. If you need your password to pay your fine please email renewal@dbf.state.ga.us with your NMLS# and "Password Request" in the subject line. "Safeguarding Georgia's Financial Services" Page 2 December 2013 Mortgage Call Report Reminder This is a reminder that the MCR for the fourth quarter (October 1 December 31, 2013) must be filed through the NMLSR by February 14, 2013, as required by O.C.G.A. Section 7-1-1004.1. Reporting is required even if no Georgia residential mortgage loans were made during the quarter. 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 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, 2014, for mortgage loans closed during the period July 1, 2013, through December 31, 2013. A $10.00 fee will be due if the loan is a mortgage loan as defined in the Georgia Residential Mortgage Act ("GRMA"), and if the loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, a modification of a security deed, or other form or modification of a security interest which has been recorded. Financial institutions, mortgage licensees and registrants that act as the collecting agent (including brokers that 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 online through the Department's secure website. Reporting is required even if no 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. Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html. December 2013 Page 3 MORTGAGE BROKERS, PROCESSORS, LENDERS AND REGISTRANTS APPROVED OR REINSTATED IN DECEMBER 2013 MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN DECEMBER 2013 A total of 89 MLO licenses were approved during the month, including 11 reinstated licenses and 78 new license approvals. A separate document is provided on the Department's website for licenses approved in December 2013: http://dbf.georgia.gov/documents/december-2013-mortgage-loan-originator-license-approvals 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 Page 4 Mortgage Loan Originator License Denials December 2013 ADMINISTRATIVE ACTIONS Consent Orders Which Became Final United Mortgage Brokers, Inc., Atlanta, GA (license# 21563) Consent Order issued 12/17/2013 became final 12/17/2013. William Wade, Union City, GA (license# 25084) - Consent Order issued 12/17/2013 became final 12/17/2013. Cease and Desist Orders Which Became Final Residential Relief USA, Inc., Conyers, GA Order to Cease and Desist issued 08/19/2013 became final 12/02/2013. SureSource Mortgage, McDonough, GA - Order to Cease and Desist issued 10/29/2013 became final 12/03/2013. Fine Information FINE REASON AND COUNT 280 Fines for Continuing Education Data Filed Late 1 Fine for Background Check 1 Fine for Acquisition of 25% Ownership w/o Approval 1 Fine for Loan Files not Properly Maintained 574 Fines for Renewal Filed Late 1 Fine for Books and Records 2 Fines for Checks Returned for Insufficient Funds December 2013 Page 5 MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, WITHDRAWN OR SURRENDERED IN DECEMBER 2013 Page 6 December 2013 MORTGAGE BROKER AND LENDER LICENSEES / REGISTRANTS REVOKED, WITHDRAWN OR SURRENDERED IN DECEMBER 2013 NDFI Outreach AND UPCOMING SPEAKING ENGAGEMENTS Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will be speaking at the Mortgage Bankers Association of Savannah on January 14, 2014 in Savannah, GA. Learn more... December 2013 Page 7 2014 State Holidays In accordance with O.C.G.A. 1-4-1, Governor Nathan Deal proclaimed the following dates in 2014 as public and legal state holidays when the Capitol and all State agencies will be closed: Holiday Name New Year's Day 2014 Robert E. Lee's Birthday Martin Luther King Jr.'s Birthday Washington's Birthday Confederate Memorial Day Memorial Day Independence Day Labor Day Columbus Day Veterans' Day Thanksgiving Day Christmas Day Date Observed Wednesday, January 1st Sunday, January 19th Will be observed on Friday, November 28th Monday, January 20th Monday, February 17th Will be observed on Friday, December 26th Saturday, April 26th Will be observed on Monday, April 28th Monday, May 26th Friday, July 4th Monday, September 1st Monday, October 13th Tuesday, November 11th Thursday, November 27th Lee's Birthday will be observed on Friday, November 28th Thursday, December 25th Washington's Birthday will be observed on Friday, December 26th Page 8 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 December 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.