Atlanta, Georgia ~ On July 4, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License became final against North American Real Estate Services, Inc. d/b/a Pacific Bancorp (“NARES”), mortgage lender license number 18601, formerly located at 11555 Heron Bay Boulevard, Suite 200, Coral Springs, Florida 91362.
The Notice of Intent to Revoke Annual License provided that NARES purposefully withheld, deleted, destroyed or altered information requested by an examiner; made false statements to the Department; transacted business with and controlled persons who were unlicensed and unregistered, not exempt from licensing and registrations requirements and who were not employees of a mortgage broker or lender; and engaged in net branching.
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 Andrew Santoli, who is the president of NARES. This Order to Cease and Desist also became final on July 4, 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 prohibited acts.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371