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Department Enters into Consent Order with Gold Star Mortgage Financial Group, Corporation and its Owner, Daniel Milstein

Department Enters into Consent Order with Gold Star Mortgage Financial Group, Corporation and its Owner, Daniel Milstein

October 15, 2012

 

Atlanta, Georgia - On October 15, 2012, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Gold Star Mortgage Financial Group, Corporation, (“Gold Star”) License Number 22328, located at 3879 Packard Road, Ann Arbor, Michigan 48108, and its owner, Daniel Milstein, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

The terms of the Consent Order include the following:

The surrender of the mortgage lender’s license of Gold Star is effective as of October 15, 2012;

The surrender of the mortgage loan originator’s license of Daniel Milstein is effective as of October 15, 2012;

Daniel Milstein is prohibited from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, or limited liability company for a period of five years; 

Daniel Milstein is prohibited from directing the affairs of a mortgage broker or mortgage lender, and from acting as a director, officer, partner, equitable owner, branch manager, or any other equivalent role for a mortgage broker or mortgage lender;

Gold Star shall pay fines to the Department in the amount of $16,000.00;

Gold Star shall contribute $1,000.00 to the State Regulatory Registry; and

Daniel Milstein shall contribute $1,000.00 to the State Regulatory Registry.

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

The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, mortgage brokers, mortgage lenders, mortgage processors, 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/