Atlanta, Georgia ~ On July 3, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License of Southlake Mortgage Corporation (“Southlake Mortgage”), located at 3000 Corporate Center Drive, Suite 180, Morrow, Georgia, 30260, lender’s license number 14427, became final.
The Notice of Intent to Revoke Annual License issued to Southlake Mortgage provided among other things that this licensee employed a felon as well as a person against whom a final cease and desist order had been issued within the three preceding years, possessed a loan document signed in blank and transacted business with an unlicensed person.
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 the same violations identified in the Notice of Intent to Revoke Annual License, the Department issued an Order to Cease and Desist to Oliver Williford, who is the president of Southlake Mortgage. This Order to Cease and Desist also became final on July 3, 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 three years if the order resulted from the commission of a prohibited act, such as possessing a loan document signed in blank.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371