Atlanta, Georgia ~ On September 10, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License became final against Luther Burton, mortgage broker license number 19625, located at 935 Regency Crest Drive, Atlanta, Georgia 30331.
The Notice of Intent to Revoke Annual License provided that mortgage broker Luther Burton made false statements or material misrepresentations to the Department; purposefully withheld, deleted, destroyed or altered information requested as part of an examination; operated an unapproved branch; failed to properly maintain a mortgage loan transaction journal; and controlled persons who were unlicensed and unregistered, not exempt from licensing and registration requirements, and who were not employees of a mortgage broker or lender.
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 to Luther Burton individually an Order to Cease and Desist, which also became final on September 10, 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