Atlanta, Georgia — On October 1, 2014, the Georgia Department of Banking & Finance entered into a Consent Order with Hometown Lenders, LLC (“Hometown Lenders”), NMLS No. 65084, located at 310 The Bridge Street, 4th Floor, Suite A, Huntsville, Alabama, and its owners, William E. Taylor, Jr., William E. Taylor, Sr. and Byron Heath Quick.
The Consent Order was entered to resolve a Notice of Intent to Revoke and Orders to Cease and Desist issued to Hometown Lenders and its owners for employing two felons and transacting business with an unlicensed mortgage processing company.
Pursuant to O.C.G.A. § 7-1-1004(h), Georgia mortgage brokers and mortgage lenders are prohibited from employing convicted felons. Department Rule 80-11-4-4.08 further provides that no person employed by or directing the affairs of any licensee may be a convicted felon and that it is the licensee’s responsibility to ensure compliance. Failure to comply is a revocable offense and subjects the licensee to a fine of $5,000 per felon.
Hometown Lenders, accordingly, has been ordered to surrender its mortgage lender license and pay fines in the amount of $24,000 to the Department for its failure to abide by Georgia law.
Furthermore, Hometown Lenders’ owners, William E. Taylor, Jr., William E. Taylor, Sr. and Byron Heath Quick were ordered to not direct the affairs or act as a branch manager of a Georgia mortgage broker or mortgage lender for a period of five (5) years.
The Department is the state agency that has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, seller of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. The Department also regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. In addition, the Department has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks chartered in Georgia.