On September 18, 2014, the Georgia Department of Banking and Finance entered into Consent Orders with two lenders, under the terms of which the companies surrendered their respective Georgia mortgage lending licenses and were barred from ever again applying for Georgia mortgage banker or mortgage broker licenses.
In addition, the companies paid thousands of dollars of fines to the Department and to the Conference of State Bank Supervisors (CSBS) that sponsors the National Mortgage Licensing System (NMLS), and were required to amend their respective NMLS filings to reflect the entry of these Consent Orders.
Moreover, under the Consent Orders the named owners and principals of the companies also may not apply, individually or as owners or officers of a corporation, for new Georgia loan originator, mortgage broker or mortgage lender licenses, nor may they direct the affairs of a Georgia mortgage lender or broker as a director, officer, branch manager or employee.
Their offenses? According to the Consent Orders, the companies employed convicted felons in their companies, contrary to the Georgia bar against licensees doing so.