Monthly mortgage summary, Apr. 2014

Monthly Mortgage Summary

Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division
Monthly Summary of Mortgage Activities for the Period Ending April 2014

Inside this Issue:
Mortgage Call 2 Report Reminder
Licenses Approved 3 or Reinstated
Administrative 4 Actions
License Denials 4
Fine Information 4
Licenses Revoked, 4 Expired,
Withdrawn or Suspended
NDFI Outreach and 8 Upcoming Speaking
Engagements
Contact 9 Information

NMLS Agency Fee Invoicing
Agency Fee Invoicing enables Regulators to generate an invoice in NMLS for a company or individual licensee or registrant, and allows the company or individual to submit payment for that invoice through NMLS.
The Department will transition to Agency Fee Invoicing this month. Upon creation of an Agency Fee Invoice in NMLS, each company or individual will receive an email notification that the invoice has been created and may be paid. Emails are also generated if an invoice is cancelled, unpaid as of the invoice due date, or unpaid and overdue by 30 days. Invoices paid by a credit card may be subject to a convenience fee that will be retained by the State Regulatory Registry, in addition to the invoice amount. For invoices paid by ACH that have either been returned or rejected for payment (i.e. the account is not set up to accept ACH debits), the individual or company whose payment was rejected will be required to repay the ACH payment. When an ACH payment fails, an email is sent to the user who submitted the payment, and the regulator is notified. Failed payments can be repaid either by ACH or credit card.
Fines and fees owed to the Department by licensees and registrants will be required to be paid through NMLS via an Agency Fee Invoice. The Department will no longer accept payments through its own website except for $10.00 per loan fees. Fines and fees currently owed by licensees and registrants in an active or terminated status will be transferred to NMLS. The generation of an Agency Fee Invoice for a previously assessed fine or fee shall not alter its original assessment or due date.
The Department's authority to assess and collect fines and fees is derived from O.C.G.A. 7-1-1000 et seq. and the corresponding Department rules and regulations. Nothing contained in an Agency Fee Invoice shall alter or modify the rights and responsibilities of any person or entity established by law or rule, including, but not limited to, the finality of any assessed fine or fee.
Please be reminded that all fines and fees assessed by the Department must be paid prior to any activity requiring Department approval.
For more information about paying an Agency Fee Invoice please visit the NMLS Resource Center, specifically the Quick Guide for Paying and Invoice.

"Safeguarding Georgia's Financial Services"

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April 2014

Mortgage Call Report Reminder
This is a reminder that the MCR required by O.C.G.A. Section 7-1-1004.1 is due within 45 days of the end of every calendar quarter. First quarter data (January 1 March 31, 2014) must be filed through the NMLSR by May 15, 2014.
Companies that fail to file quarterly MCRs prior to the deadline will be assessed a fine and may subject their Georgia license to revocation.
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

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

April 2014

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MORTGAGE BROKERS, PROCESSORS, LENDERS AND REGISTRANTS APPROVED OR REINSTATED IN APRIL 2014

MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN APRIL 2014
A total of 440 MLO licenses were approved during the month, including 39 reinstated licenses and 401 new license approvals. A separate document is provided on the Department's website for licenses approved in April 2014: http://dbf.georgia.gov/documents/april-2014-mortgage-loan-originator-license-approvals
HOLIDAY OBSERVANCE--OFFICE CLOSING This is a reminder that the Department will be closed on Monday, May
26th for the Memorial Day holiday.

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April 2014

ADMINISTRATIVE ACTIONS
Cease and Desist Orders Which Became Final
Journey Financial, LLC, Irvine, CA (license# 38203) - Order to Cease and Desist issued 03/18/2014 became
final 04/18/2014.
Mortgage Relief Advocates, LLC d/b/a The MRA Group, Cerritos, CA - Order to Cease and Desist issued
02/27/2014 became final 04/01/2014.

Mortgage Loan Originator License Denials

Fine Information

FINE REASON AND COUNT

1 Fine for Acquisition of 10% Ownership w/out Approval 2 Fines for Background Checks 2 Fines for Check Returned for Insufficient Funds 2 Fines for Loan Files not Properly Maintained

3 Fines for Advertising 1 Fine for Books and Records 1 Fine for Employee under C&D or Revocation

MORTGAGE BROKER AND LENDER LICENSEES / REGISTRANTS REVOKED, EXPIRED OR WITHDRAWN IN APRIL 2014

April 2014

Page 5

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, EXPIRED, WITHDRAWN OR SUSPENDED IN APRIL 2014

Page 6

April 2014

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, EXPIRED, WITHDRAWN OR SUSPENDED IN APRIL 2014

April 2014

Page 7

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, EXPIRED, WITHDRAWN OR SUSPENDED IN APRIL 2014

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April 2014

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, EXPIRED, WITHDRAWN OR SUSPENDED IN APRIL 2014

NDFI Outreach
AND UPCOMING SPEAKING ENGAGEMENTS
Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will be attending/speaking at the Georgia
Financial Services Association's Annual Conference on May 13th in Savannah, GA.

April 2014
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

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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, international banking organizations, and bank holding companies
conducting business in Georgia.
Our MISSION is to promote safe, sound, competitive financial services in Georgia through innovative, responsive regulation and supervision.
Our VISION is to be the best financial services industry regulator in the country Progressive. Proactive. Service-Oriented.

We're on the Web! dbf.georgia.gov

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.