FOR IMMEDIATE RELEASE	Thursday, February 14, 2008

Mirinae Realty & Financial Solutions, Inc. Revocation and Alexander Yongchan Kim Order Become Final

Atlanta, Georgia ~ On February 12, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License issued to Mirinae Realty & Financial Solutions, Inc., broker license number 21558, located at 2490 Horizon Park Drive, Suite F, Suwanee, Georgia 30024, became final.  

The Notice of Intent to Revoke Annual License provided that Mirinae Realty & Financial Solutions, Inc. made false statements and purposefully withheld information requested by the Department for the purpose of conducting an examination, made false statements or misrepresented material facts to lenders, and failed to properly maintain a mortgage loan transaction journal.

Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender who is not licensed or exempt from licensing or registration provisions.

In conjunction with these same violations, the Department issued an Order to Cease and Desist to Alexander Yongchan Kim aka Yongchan Kim, who is the president of Mirinae Realty & Financial Solutions, Inc. This Order to Cease and Desist also became final on February 12, 2008.

State law that was in effect when the violations underlying this Order to Cease and Desist were committed permits the Department to revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years.

Contact: 
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: rodc@dbf.state.ga.us