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 North American Home Funding, Inc., mortgage license number 21178, located at 2660 Townsgate Road, #800, Westlake Village, California 91361 became final.
The Notice of Intent to Revoke Annual License provided that North American Home Funding, Inc. purposefully withheld, deleted, destroyed or altered information requested by an examiner; made false statements to the Department; transacted business with and controlled a person who is unlicensed and unregistered, not exempt from licensing and registrations requirements and who is not an employee of a mortgage broker or lender; 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 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 Fariba V. Azari, who is the president of North American Home Funding, Inc. This Order to Cease and Desist also became final on June 5, 2008.
Pursuant to state law that was in effect when the violations underlying the Order to Cease and Desist were 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 conducting mortgage business with an unlicensed person or committing a prohibited act.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371