Atlanta, Georgia — On March 9, 2017, the Georgia Department of Banking and Finance issued a Final Order revoking the mortgage broker license of Georgia Southern Mortgage Group, Inc. (“Georgia Southern”), NMLS No. 168165, located at 800 Old Roswell Lakes Parkway, Suite 160, Roswell, Georgia 30076. The Final Order also revoked the mortgage loan originator’s license of the company’s president, Gene Romeo, NMLS No. 168722, and ordered Mr. Romeo to cease and desist.
The Final Order was issued by the Department following a hearing on a Notice of Intent to Revoke Annual License, Notice of Intent to Revoke Mortgage Loan Originator’s License, and proposed Order to Cease and Desist based on the refusal to permit an examination by the Department. The Final Order held that Georgia Southern and Mr. Romeo refused to submit to an examination by the Department in violation of O.C.G.A. § 7-1-1009 and purposefully withheld information requested by the Department during an examination in violation of O.C.G.A. § 7-1-1013(11).
Pursuant to O.C.G.A. § 7-1-1009, the Department is authorized to investigate and examine the affairs, business, premises, and records of a licensed mortgage broker or lender. Department Rule 80-11-3-.01(21) provides that the penalty for refusal to permit an examination shall be revocation of the license and a fine of five thousand dollars ($5,000). The Department is further authorized under O.C.G.A. § 7-1-1009 to examine a mortgage loan originator licensee.
Pursuant to O.C.G.A. § 7-1-1004, the Department may revoke the license of a mortgage broker or lender that employs any other person who has had his or her license revoked with five (5) years of the date such person was hired.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371