Monthly mortgage summary, July 2014

Monthly Mortgage Summary

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

Inside this Issue:
Mortgage Call 2 Report Reminder
Georgia 2 Residential Mortgage Act Fee
Reminder
Licenses Approved 3 or Reinstated
Administrative 4 Actions
License Denials 4
Fine Information 4
Licenses Revoked, 5 Expired,
Withdrawn or Suspended
Contact 6 Information

Department Issues Proposed Rulemaking and Provides Opportunity to Comment
On July 29, 2014, pursuant to the provisions of the Georgia Administrative Procedure Act, O.C.G.A. 50-13-1 et seq., and by the authority of O.C.G.A. 7-1-61, 7-1-690, 71-706.1, 7-1-1012 and other cited statutes, the Department of Banking and Finance (Department) gave notice of its intent to adopt new rules.
Comments to the Department must be received by the close of business on Thursday, August 28, 2014.
The Proposed Rules may be viewed or downloaded from the Department's website at: http://dbf.georgia.gov/sites/dbf.georgia.gov/files/related_files/document/ DBFProposedRulemaking7-29-2014.pdf

HOLIDAY CLOSING
This is a reminder that the Department will be closed on Monday, September 1st for Labor Day.
"Safeguarding Georgia's Financial Services"

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July 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.

July 2014

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

MORTGAGE LOAN ORIGINATOR LICENSES APPROVED OR REINSTATED IN JULY 2014
A total of 347 MLO licenses were approved during the month, including 34 reinstated licenses and 313 new license approvals. A separate document is provided on the Department's website for licenses approved in July 2014: http://dbf.georgia.gov/documents/july-2014-mortgage-loan-originator-license-approvals

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ADMINISTRATIVE ACTIONS

July 2014

Consent Orders Which Became Final
Richard Charles Clarke, Charleston, SC (license# 37621) Consent Order issued 07/01/2014 became final
07/01/2014.

Mortgage Loan Originator License Denials

Fine Information
1 Fine for Books and Records

FINE REASON AND COUNT 1 Fine for Advertising

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

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MORTGAGE BROKER AND LENDER LICENSEES/REGISTRANTS REVOKED, EXPIRED OR WITHDRAWN IN JULY 2014

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MORTGAGE LOAN ORIGINATOR LICENSEES REVOKED, WITHDRAWN OR SUSPENDED IN JULY 2014
A total of 208 MLO licenses were withdrawn or suspended during the month of July, including 110 withdrawn licenses and 98 suspended licenses. A separate document listing each license withdrawn or suspended during the month is provided on the Department's website: http://dbf.georgia.gov/documents/july-2014-mortgage-loan-originator-licenses-withdrawn-or-suspended

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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

July 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.

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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.