Monthly mortgage summary, June 2014

Monthly Mortgage Summary

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

Inside this Issue:
Mortgage Call 2 Report Reminder
Georgia 2 Residential Mortgage Act Fee
Reminder
Fingerprint 3 Background Checks Process
Licenses Approved 3 or Reinstated
Administrative 4 Actions
License Denials 4
Fine Information 4
Licenses Revoked, 5 Expired,
Withdrawn or Suspended

Department of Banking and Finance Adopts Final Rules
On June 10, 2014, the Department of Banking and Finance ("Department") adopted Final Rules that have been filed with the Secretary of State's Office. Pursuant to O.C.G.A. 50-13-6, the Final Rules became effective on June 30, 2014.
Prior to adopting the Rules, the proposed Rules along with a synopsis were distributed on May 9, 2014. The Department received four written comments regarding the proposed Rules. The Department fully considered the comments it received and made one substantive revision. The Department believes that the Rules as adopted encourage safety and soundness, encourage safe and fair mortgage lending, and conform to the law.
To view or download the Final Rules, go to the Regulations page on the Department's website (http://dbf.georgia.gov/dbf-regulations) and select the appropriate link for the Final Rules, or you may access them directly from: http://dbf.georgia.gov/sites/dbf.georgia.gov/files/related_files/document/ DBFFinalRules_6-10-2014.pdf

Contact 8 Information

NDFI Outreach
AND UPCOMING SPEAKING ENGAGEMENTS
Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes will
be attending/speaking at the Georgia Manufactured Housing Association Annual Convention at Callaway Gardens July 17th-18th.

"Safeguarding Georgia's Financial Services"

Page 2

June 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. Second quarter data (April 1 June 30, 2014) must be filed through the NMLS by August 14, 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

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, 2014, for mortgage loans closed during the period January 1, 2014, through June 30, 2014. 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.

June 2014

Page 3

Fingerprint Background Checks Process
The Department reviews criminal background checks on all owners of 10% or greater and other control persons of Georgia mortgage broker or lenders prior to approval of a new application or change request. Fingerprint background checks are required outside of NMLS for those individuals that do not currently have a Georgia mortgage loan originator license in a pending or approved status.
Individuals that reside in Georgia are required to have their fingerprint background checks processed at a GAPS location but must first contact the Department to be registered to do so. Out-of-state individuals are required to submit fingerprint cards directly to 3M Cogent.
Current instructions regarding fingerprinting can be found at http://dbf.georgia.gov/mortgage-broker-and-lenderforms-applications#GAPS

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

Page 4

June 2014

MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN JUNE 2014
A total of 244 MLO licenses were approved during the month, including 27 reinstated licenses and 217 new license approvals. A separate document is provided on the Department's website for licenses approved in June 2014: http://dbf.georgia.gov/documents/june-2014-mortgage-loan-originator-license-approvals

ADMINISTRATIVE ACTIONS Mortgage Loan Originator License Denials

Fine Information
FINE REASON AND COUNT 1 Fine for Loan Files not Properly Maintained
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

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

Page 5

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, WITHDRAWN OR SUSPENDED IN JUNE 2014

Page 6

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, WITHDRAWN OR SUSPENDED IN JUNE 2014

June 2014

June 2014

MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, WITHDRAWN OR SUSPENDED IN JUNE 2014

Page 7

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

June 2014
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.