The Notice of Intent to Revoke Annual License provided that Smart Money Mortgage, Inc. purposefully withheld, deleted, destroyed or altered information requested by an examiner and made false statements to the Department
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 that 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 Wayne A. Kim, who is the president of Smart Money Mortgage, Inc. This Order to Cease and Desist also became final on March 11, 2008.
Pursuant to state law that was in effect when the violation underlying the Order to Cease and Desist was committed, the Department may 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 if the order resulted from the commission of a prohibited act such as purposefully withholding information during an examination or making false statements to this agency.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371