Atlanta, Georgia — On March 18, 2014, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Ranch Park Homes, Inc., NMLS # 169060, License # 7393, located at N. Columbia St., Milledgeville, Georgia, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act, namely, employing a convicted felon in violation of O.C.G.A. § 7-1-1004(h) and transacting business with a person who did not have a valid mortgage broker license and who was not eligible for any licensing exemption, in violation of O.C.G.A. § 7-1-1002.
The terms of the Consent Order include the following:
- The mortgage broker license for Ranch Park Homes, Inc. was revoked as of March 18, 2014.
- On the same day, the mortgage loan originator license of Hugh Burke was revoked and the Order to Cease and Desist issued to him became final.
- Hugh Burke shall be prohibited 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 for a licensed Georgia mortgage broker or Georgia mortgage 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 who is not licensed or exempt from licensing or registration provisions.
The Department may revoke the license of a mortgage broker or mortgage lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia. In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.
Related Press Release:
Order to Cease and Desist Issued to Kenneth Alan Inboden Becomes Final