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Approved 3 or Reinstated Administrative 4 Actions License Denials 4 Fine Information 4 Licenses Revoked, 5 Expired, Withdrawn or Suspended Department of Banking and Finance Adopts Final Rules On June 10, 2014, the Department of Banking and Finance ("Department") adopted Final Rules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. 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