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Order to Cease and Desist Issued to 1st Priority Loan Services, Inc. Becomes Final

Order to Cease and Desist Issued to 1st Priority Loan Services, Inc. Becomes Final

January 24, 2013

 

Atlanta, Georgia — On January 24, 2013, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to 1st Priority Loan Services, Inc. located at 1900 The Exchange, Suite 410, Atlanta, Georgia 30339 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that 1st Priority Loan Services, Inc. engaged in residential mortgage brokering, lending, and/or originating activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law, it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others without a mortgage license or pursuant to an exemption from licensure. It is prohibited for any person to directly or indirectly make, originate, underwrite, hold, purchase, or service a mortgage loan without a mortgage license or pursuant to an exemption from licensure.

It is also prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.

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/