Monthly mortgage summary, Aug. 2013

Monthly Mortgage Summary

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
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Inside this Issue:
CE Requirements 2 for 2014 License
Renewal (continued)
No Approval 2 Required for OutOf-State Branches
Fingerprint 3 Processing and
Related Fees
License Denials 3
Administrative 3 Actions
Fine Information 4
Licenses Revoked, 4 Expired or Withdrawn
Licenses Approved 7 or Reinstated
Contact 8 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.
MLOs and mortgage brokers 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"

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August 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. Mortgage brokers will be contacted directly with instructions regarding how to report continuing education hours to Georgia.
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.

No Approval Required for Out-Of-State Branches
No approval is required for branches located outside the State of Georgia, but please remember that failure to adequately supervise the operations of any out-of-state branch as it relates to residential mortgage transactions on Georgia property can result in the loss of your license.
Please DO NOT enter branches that are located in a state other than Georgia into the NMLSR in connection with your company's Georgia license. Out-of-state branches do not require the Department's approval and SHOULD NOT be entered into the NMLSR as a branch for Georgia. Fees paid for out-of-state branches filed through the NMLSR are non-refundable.
As always, in-state branch offices require proper approval of both the branch office location and proposed branch manager.

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

August 2013

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Fingerprint Processing and Related Fees
License and registration applicants who need to provide the Department with fingerprints for owners, officers and control persons, or for employees who may require the submission of fingerprint cards as a result of incomplete or questionable background check processing should request fingerprint cards directly from the Department at the following link https://bkgfin.dbf.state.ga.us/FingerPrintCards.html.
Requests for HARD-COPY fingerprints made on-line will be handled generally on the next business day. Please note: One complete set of fingerprints are required for each individual (two cards equal one complete set of fingerprints). The fingerprint processing fee is $44.25 per set. Payment may be in the form of a money order or certified check made payable to: Georgia Department of Banking and Finance.

Mortgage Loan Originator License Denials

ADMINISTRATIVE ACTIONS
Consent Orders Which Became Final
Amerisave Mortgage Corporation, Atlanta, GA (license# 17117) - Consent Order issued 08/21/2013
became final 08/21/2013.
Cease and Desist Orders Which Became Final
C K Mortgage Processing, Inc., Senoia, GA (license# 22119) - Order to Cease and Desist issued
07/29/2013 became final 08/29/2013.
Davis, Scott E., Tucker, GA - Order to Cease and Desist issued 07/23/2013 became final 08/23/2013. United One Equities, LLC, Las Vegas, NV - Order to Cease and Desist issued 07/23/2013 became final
08/23/2013.

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August 2013

ADMINISTRATIVE ACTIONS
Superior Court Injunctions Issued
National African American Relationships Institute, Inc. d/b/a NAARI Housing Counseling Agency d/b/a naarihousingcounselingagency.com d/b/a aarelationshipsinstitute.com, Tucker, GA - The Superior Court of DeKalb County issued a Final Order and Judgment on 07/30/2013 which became final 07/30/2013.

Fine Information

FINE REASON AND COUNT

1 Fine for Change in Management 2 Fines for Loan Files not Properly Maintained 4 Fines for Advertising

65 Fines for Mortgage Call Report Filed Late in NMLS 1 Fine for Books and Records

August 2013

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August 2013

August 2013

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MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN AUGUST 2013
A total of 369 MLO licenses were approved during the month, including 17 reinstated licenses and 352 new license approvals.
Due to the large number of licenses approved in August 2013, a separate document is provided on the Department's website at: http://dbf.georgia.gov/documents/august-2013-mortgage-loan-originator-license-approvals

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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

August 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.