Atlanta, Georgia - On January 31, 2012, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Lucy E. Seal, Georgia Mortgage Loan Originator License Number 25706 and Nationwide Mortgage Licensing System and Registry (“NMLSR”) Number 214418, who is employed at the branch of Academy Mortgage Corporation, located at 5565 Glenridge Connector NE Suite 400, Atlanta, Georgia 30342, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.
Pursuant to terms set forth in the Consent Order, Lucy E. Seal shall:
- not directly or indirectly transact business with any unlicensed “person” unless that person is exempt from licensing or registration requirements;
- not authorize any person to sign her name to Georgia residential mortgage loan documents to be provided to borrowers or any lenders and must report to the Department in writing within five days of discovering that anyone is signing her name to loan documents;
- be prohibited for a five-year period from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in her individual capacity or as the owner or officer of a corporation, partnership or limited liability company, and from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender including, but not limited to, as a director, officer, partner, equitable owner, branch manager or any other equivalent role;
- properly maintain a journal of all Georgia residential mortgage loan transactions for which she is the mortgage loan originator as required by Department Rule 80-11-5-.02, which journal shall contain entries for each and every potential borrower for whom an application for a Georgia residential mortgage loan is taken, including all individuals for whom credit checks are run;
- pay a fine in the amount of $4,000 to the Department;
- contribute $1,000.00 to the State Regulatory Registry, LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors, to support the NMLSR; and
- update her responses on her MU-4 filing on the NMLSR to reflect the existence of this final administrative action against her and the restrictions set forth therein.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage brokers, mortgage lenders, mortgage processors, mortgage loan originators, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. Visit us on the Web at: http://dbf.georgia.gov/