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New World Mortgage, Inc. Revocation and Cease and Desist Order to Francis T. Leonard Become Final

New World Mortgage, Inc. Revocation and Cease and Desist Order to Francis T. Leonard Become Final

June 11, 2008


Atlanta, Georgia ~ On June 5, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License issued to New World Mortgage, Inc., license number 20299, located at 41655 Date Street, Suite 200, Murrieta, California, became final.  

The Notice of Intent to Revoke Annual License provided that New World Mortgage, Inc. purposefully withheld, deleted, destroyed or altered information requested by an examiner of the Department. The commission of these acts is prohibited under Georgia law.

Pursuant to state law, a person may not knowingly 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 the aforementioned prohibited act, the Department issued an Order to Cease and Desist to Francis T. Leonard, who is the president of New World Mortgage, Inc. This Order to Cease and Desist also became final on June 5, 2008.

State law that was in effect when the violation underlying this Order to Cease and Desist was committed permits the Department to revoke the license of a mortgage broker or lender that employs an individual to 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.  

 

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

 

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