Atlanta, Georgia — On September 18, 2014, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Sun West Mortgage Company, Inc., NMLS No. 3277, located at 18000 Studebaker Road, Suite 200, Cerritos, California, and its owners Hari S. Agarwal and Pavan Shunker Agarwal.
The Consent Order was entered to resolve a Notice of Intent to Revoke and Orders to Cease and Desist issued to Sun West Mortgage Company, Inc. and its owners for employing nine felons.
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.
Sun West Mortgage Company, Inc., accordingly, has been ordered to surrender and pay fines in the amount of $45,500 to the Department for its failure to abide by Georgia law.
Furthermore, Sun West Mortgage Company, Inc. owners, Hari S. Agarwal and Pavan Shunker Agarwal were ordered to not direct the affairs of or act as a branch manager of a Georgia mortgage broker or mortgage lender.
Sun West Mortgage Company, Inc. shall contribute $1,000.00 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.
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, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.