Atlanta, Georgia ~ On May 5, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License of Georgia Premier Lending Corporation, of Norcross, Georgia, broker’s license number 19997, became final.
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.
On this same day, Orders to Cease and Desist became final against Georgia Premier Lending Corporation’s president, Alvaro Cubias, of Lawrenceville, Georgia, as well as loan officers Manuel Cubias of Lilburn, Georgia; Roberto Hernandez of Lawrenceville, Georgia; and Alejandro Sauceda of Lilburn, Georgia and loan processor Erick Monterrosa of Lawrenceville, Georgia.
As a result of an examination that the Department performed of Georgia Premier Lending Corporation, it was determined that this licensee and Alvaro Cubias permitted an unlicensed person to process loan applications for at least three borrowers. Materials found on the desk used by this unlicensed person led the Department to believe that she was creating fraudulent bank statements for use by individuals employed by Georgia Premier Lending Corporation.
The Department’s examination also revealed that Alvaro Cubias and Georgia Premier Lending Corporation submitted loan applications to lenders that contained bank statements and employment information that were fraudulent. Similarly, the Department discovered that Georgia Premier Lending Corporation loan officers Manuel Cubias, Roberto Hernandez and Alejandro Sauceda submitted loan applications to lenders that were accompanied by fraudulent bank statements. As it relates to Georgia Premier Lending Corporation employee Erick Monterrosa, the Department discovered as part of its examination that this loan processor submitted fraudulent verifications of employment to a lender in order to secure a loan for a borrower.
State law that was in effect when the violations underlying all five of these Orders to Cease and Desist were committed authorizes the Department to revoke the license of a mortgage broker or lender that employs any individual against whom a final Order to Cease and Desist has been issued within the preceding three years for engaging in unlicensed activities or making misrepresentations to lenders in loan documents.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371