Monthly mortgage summary, July 2013

Monthly
Mortgage Summary

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
Monthly SumMmonatrhylyoSfumMmoarrtygaogf eMoArctgtaivgeitAiectsivfiotiresthfoer PtheeriPoedrioEdnEdnidnigngJAuplyril22001037

Inside this Issue:
CE Requirements 2 for 2014 License
Renewal (continued)
Georgia 2 Residential Mortgage Act Fee
Reminder
Mortgage Call 3 Report Reminder
License Denials 3
Administrative 4 Actions
Fine Information 4
Licenses Revoked, 4 Expired or Withdrawn
Licenses Approved 6 or Reinstated
Contact 7 Information

Continuing Education Requirements for 2014 License Renewal: Reminder to Mortgage Loan Originators and
Mortgage Brokers
On or before October 31, 2013, MLOs and mortgage brokers must obtain 8 hours of continuing education to renew their licenses for 2014.
Mortgage brokers and MLOs approved for licensure that obtained their pre-licensing education in 2013 DO NOT have to obtain continuing education for the 2014 license renewal. Also Mortgage brokers whose license was newly approved between January 1 and October 31, 2013 will not be required to take the 8 hours of continuing education until 2014.
Continuing education obtained by MLOs for license renewal must be:
taken for the required number of hours in the following areas of study:
3 hours in federal law and regulations: 2 hours in ethics, which shall include instruction on fraud, consumer
protection and fair lending issues; 2 hours in training related to lending standards for the nontraditional loan
product marketplace; and 1 hour in coursework that covers changes made to the Georgia
Residential Mortgage Act, O.C.G.A. 7-1-1000, and its corresponding regulations.
approved by the NMLSR and offered by an authorized person or entity; taken in a classroom setting or on-line; and acquired on January 1, 2013, through October 31, 2013.
Similarly, mortgage brokers licensed by the Department must obtain 8 hours of approved continuing education between January 1, 2013, through October 31, 2013. Mortgage brokers also licensed as MLOs are only required to obtain 8 hours of continuing education in the areas designated above.
Mortgage brokers that are not licensed as MLOs must obtain a minimum of 8 hours of continuing education in areas that include the mortgage brokering process; federal mortgage law, rules, and regulations; Georgia residential mortgage law, rules and
(Continued on page 2)

"Safeguarding Georgia's Financial Services"

Page 2

July 2013

Continuing Education Requirements for 2014 License Renewal: Reminder to Mortgage Loan Originators and Mortgage Brokers
(Continued from page 1)
regulations; mortgage loan applications and required supporting documentation; fraud; ethics; and/or any other topic pertinent to the operation of a mortgage brokering business in Georgia. At least 1 hour of continuing education must be obtained in coursework that is concentrated on fraud detection and prevention. Information regarding the reporting of continuing education for mortgage brokers will be communicated to mortgage brokers directly.
To find out when and where necessary course work will be offered to satisfy Georgia's continuing education requirements, mortgage licensees should visit the NMLSR website at http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx.

Georgia Residential Mortgage Act Fee Reminder
The $10.00 per loan fees required by O.C.G.A. 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 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

July 2013

Page 3

Mortgage Call Report Reminder

This is a reminder that the Mortgage Call Report required by O.C.G.A. 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

Mortgage Loan Originator License Denials

HOLIDAY CLOSING
This is a reminder that the Department will be closed on Monday, September 2nd for Labor Day.

Page 4

July 2013

ADMINISTRATIVE ACTIONS
Cease and Desist Orders Which Became Final
Advance CP, LLC, Acworth, GA - Order to Cease and Desist issued 06/06/2013 became final 07/08/2013.
AGF Properties, LLC, Acworth, GA - Order to Cease and Desist issued 06/06/2013 became final
07/08/2013.
Hardship Solution, Santa Ana, CA - Order to Cease and Desist issued 06/03/2013 became final
07/05/2013.
Memory Trips Series, LLC dba leasepurchasewithus.com, Kennesaw, GA - Order to Cease and Desist
issued 06/12/2013 became final 07/15/2013.
Option Funding, Inc., Pompano Beach, FL - Order to Cease and Desist issued 06/06/2013 became final
07/08/2013.
Senior Reverse Mortgage Advisors, LLC, Torrance, CA - Order to Cease and Desist issued 06/12/2013
became final 07/15/2013.
The Facets Group, LLC, Woodstock, GA - Order to Cease and Desist issued 06/06/2013 became final
07/08/2013.

Fine Information

1 Fine for Employment of a Felon 1 Fine for Prohibited Acts

FINE REASON AND COUNT
1 Fine for Failure to Report Violations/Discharges

July 2013

Page 5

Page 6

July 2013

MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN JULY 2013
A total of 415 MLO licenses were approved during the month, including 8 reinstated licenses and 407 new license approvals.
Due to the large number of licenses approved in July 2013, a separate document is provided on the Department's website at: http://dbf.georgia.gov/documents/july-2013-mortgage-loan-originator-license-approvals

July 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

Page 7
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.