Department of Banking and Finance Enters into Consent Order with One World Mortgage Corporation and Alex J. Campos

June 4, 2009


Atlanta, Georgia ~ On May 28, 2009, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with One World Mortgage Corporation (“One World”), License Number 14483, located at 3039 Premiere Parkway, Suite 100A, Duluth, Georgia 30097, and its president, Alex J. Campos, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

The terms of the Consent Order include the following:

  • One World will immediately implement measures to ensure that its business operations and employees are subject to an appropriate level of supervision at all times. A qualified Chief Operations Officer shall be hired and/or designated by One World to supervise this licensee’s operations and employees;
  • Alex Campos will not engage in any supervision of One World for a 5-year period;
  • Within 20 days of the date of entry of the Consent Order, One World will submit a written plan for the review of the Department that will show how this licensee’s Chief Operations Officer will carry out his supervision activities;
  • One World will submit to the Department for this agency’s review written policies and procedures regarding the hiring of employees, the terms of conditions for their employment, and the manner in which employee information will be obtained and retained by this licensee;
  • One World shall adopt best practices for Quality Control and Fraud Prevention and Detection. Through its Quality Control measures, this licensee’s Chief Operations Officer will personally oversee and supervise loans originated and/or processed and review at least once monthly this licensee’s mortgage loan transaction journal. The Chief Operations Officer or his designee will also perform a monthly quality control review of a minimum of 25% of all Georgia residential loans originated or closed within the month. Within 90 days of the date of entry of the Consent Order, One World also will establish and implement an employee training program for the Department’s review that provides instruction in understanding common mortgage fraud schemes, recognizing red flags, appraisal regulation, real estate lending standards regulation, appraisal techniques, proper closing procedures, and performing verifications of employment, rent, and deposit. In addition, within 90 days of the date of entry of the Consent Order, One World shall establish and implement a pre-funding fraud detection program to be submitted to the Department that involves the random review of greater than 25% of loan files prior to funding to determine if any indications of mortgage fraud or violations of O.C.G.A. Section 7-1-1013 are present;
  • One World shall maintain a complete and current journal of Georgia residential mortgage loan transactions as required by Department Rule 80-11-2-.03;
  • All individuals that originate mortgage loans for One World shall attend in-person and successfully complete at least 4 hours of continuing mortgage education from a Department-approved provider on the subject matter of fraud within 180 days of the date of entry of the Consent Order;
  • For a 5-year period from the date of entry of the Consent Order, Alex Campos will not direct the affairs of a Georgia mortgage broker or Georgia mortgage lender or act as a director, officer, partner, branch manager, agent, employee, equitable owner, or any other equivalent role for a Georgia mortgage broker or Georgia mortgage lender, except for activity at One World not prohibited by the Consent Order. Mr. Campos may remain Chief Executive Officer and President of One World, but he will not engage in any supervision of this licensee during this 5-year period;
  • For a 5-year period from the date of entry of the Consent Order, Alex Campos will not apply for a Georgia mortgage broker or Georgia mortgage lender’s license, except for any renewal he may submit on behalf of One World;
  • One World shall pay a fine in the amount of $9,500.00 to the Department;
  • One World shall file its Semiannual Statement of Per Loan Fees for the period of July 1, 2008, through December 31, 2008, and pay all $6.50 fees owed for this period as well as a $1,000.00 late filing fine; and
  • One World shall contribute $2,000.00 to the State Regulatory Registry, LLC, to support the Nationwide Licensing System.

 

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 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/

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Related Files: 
PDF icon Consent Order (274.65 KB)