Monthly mortgage summary, June 2013

Monthly Mortgage Summary

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
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Inside this Issue:
Georgia 2 Residential Mortgage Act Fee
Reminder
Mortgage Call 3 Report Reminder
Customer Service 3 Star
Administrative 4 Actions
Fine Information 4
Licenses Revoked, 4 Expired or Withdrawn
Licenses Approved 6 or Reinstated
Contact 7 Information

Kevin Hagler Appointed Commissioner of Department of Banking and Finance

On June 28, 2013, Governor Nathan Deal announced the appointment of Kevin Hagler as the new Commissioner of the Georgia Department of Banking and Finance effective July 1, 2013.

Prior to his appointment as Commissioner, Kevin served as Deputy Commissioner for Supervision since August 1, 2008, where he was directly responsible for the supervision of depository financial institutions (state-chartered banks and trust companies; state-chartered credit unions; and bank holding companies and foreign banking organizations conducting business in Georgia).

Kevin Hagler

Kevin began his career as an Assistant Financial Examiner with the Department in 1997. He progressed through the examiner ranks and became a Supervisory Examiner in 2002 in District 1 (Northwest Georgia). In 2003, Kevin was appointed to the position of District Director in District 1, where he assumed field regulatory and supervisory responsibilities for the financial institutions in the District.

Prior to joining the Department, Kevin started his career by working for Altus Bank before taking a position with The Bank of Mobile. In 1994, he moved to Atlanta to work for SunTrust Bank in the Factoring Division and later worked in Retail Banking.

Kevin is a graduate of Auburn University with a degree in Finance and is a Certified Examination Manager.

"Safeguarding Georgia's Financial Services"

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June 2013

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 September 1, 2013, for residential mortgage loans closed during the period January 1, 2013, through June 30, 2013. 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 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 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.
Reporting and fee payment must be done online from our secure website at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.

COMMONLY USED ACRONYMS
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

June 2013

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Mortgage Call Report Reminder
This is a reminder that the Mortgage Call Report required by O.C.G.A. Section 7-1-1004.1 is due within 45 days of the end of every calendar quarter. Second quarter data (April 1 June 30, 2013) must be filed through the NMLSR by August 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

CUSTOMER SERVICE STAR
It is the Department's goal to provide excellent customer service by meeting and exceeding the expectations of our customers. Along those lines, we would like to recognize the following individual and/or team for going above and beyond in serving our customers:
Supervisory Manager Betty Thomas The Department received comments from a customer stating: "Thanks Betty! It's so nice to actually speak to a real live person! You are so helpful ... I appreciate you!"
CONGRATULATIONS AND GREAT JOB TO THIS MONTH'S CUSTOMER SERVICE STAR!!

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June 2013

ADMINISTRATIVE ACTIONS
Cease and Desist Orders Which Became Final
Mortgage Acceptance Corporation of Jacksonville, Jacksonville, FL (license# 23262) - Order to Cease
and Desist issued 05/24/2013 became final 06/30/2013.
Source One Financial Services, Mount Laurel, NJ - Order to Cease and Desist issued 05/06/2013
became final 06/06/2013.

Fine Information
1 Fine for Advertising

FINE REASON AND COUNT
1 Fine for Doing Business w/ Unlicensed Entity

June 2013

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Page 6

June 2013

MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN JUNE 2013
A total of 369 MLO licenses were approved during the month, including 11 reinstated licenses and 358 new license approvals.
Due to the large number of licenses approved in June 2013, a separate document is provided on the Department's website at: http://dbf.georgia.gov/documents/june-2013-mortgage-loan-originator-license-approvals

June 2013
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

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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, 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.