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Department of Banking and Finance Enters into Consent Order with Landmac Mortgage Corporation and its owners, Paul M. Olatunji and Stella W. Olatunji

Department of Banking and Finance Enters into Consent Order with Landmac Mortgage Corporation and its owners, Paul M. Olatunji and Stella W. Olatunji

October 20, 2008


Atlanta, Georgia ~ On October 14, 2008, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Landmac Mortgage Corporation, mortgage broker’s license number 19740, of 2193 Northlake Parkway, Suite 108, Tucker, Georgia 30084, and its owners, Paul M. Olatunji and Stella W. Olatunji, to resolve allegations pertaining to a violation of the Georgia Residential Mortgage Act.

The terms of the Consent Order include the following:

  • The surrender of the mortgage broker’s license of Landmac Mortgage Corporation is effective as of October 14, 2008. Landmac Mortgage Corporation can never apply to the Department for another license to be a mortgage broker or mortgage lender;  
  • Paul M. Olatunji is prohibited from directing the affairs of a mortgage broker or mortgage lender, or from acting as a director, officer, partner, agent, employee, or equitable owner or any other equivalent role for a mortgage broker or mortgage lender for five years from the date of entry of the Consent Order;
  • Paul M. Olatunji is prohibited from applying for a mortgage broker’s or mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, limited liability company, or other business association, for five years from the date of entry of the Consent Order; 
  • Stella W. Olatunji is prohibited from directing the affairs of a mortgage broker or mortgage lender, or from acting as a director, officer, partner, agent, employee, or equitable owner or any other equivalent role for a mortgage broker or mortgage lender for five years from the date of entry of the Consent Order; and
  • Stella W. Olatunji is prohibited from applying for a mortgage broker’s or mortgage lender’s license, either in her individual capacity or as the owner or officer of a corporation, partnership, limited liability company, or other business association, for five years from the date of entry of the Consent Order.

 

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

 

Related Files: 
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Consent Order145.5 KB