Georgia Department of Banking and Finance Enters into a Consent Order with Georgia Southern Mortgage Group, Inc., and its President, Gene Romeo

May 26, 2010

Atlanta, Georgia -
On May 26 2010, the Georgia Department of Banking and Finance ("Department") entered into a Consent Order with Georgia Southern Mortgage Group, Inc. ("Georgia Southern"), mortgage broker license number 20383, located at 900 Old Roswell Lakes Parkway, Suite 340, Roswell, Georgia 30076; and its president, Gene Romeo, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

The Consent Order includes the following terms:

  • Georgia Southern shall not directly or indirectly transact business with any unlicensed person that is not exempt from licensing or registration requirements. In any situation in which Georgia Southern co-brokers a residential mortgage loan for a consumer with another licensee, neither Georgia Southern nor Gene Romeo shall directly or indirectly accept fees for any services rendered from an employee of the licensee but shall only receive the fees due from the licensee itself.
  • Georgia Southern shall keep a record of the license number or exemption status of any mortgage licensee with which it conducts business. The eligibility of a licensee to do business in the state of Georgia shall be verified by Georgia Southern by checking the public records of the Department.
  • Background checks shall be performed for each new employee of Georgia Southern before or within ten days of hire and annually for all of its existing employees. No individual shall be employed by Georgia Southern if he or she is a first offender under sentence for the commission of a felony; entered a plea of nolo contendere to a felony; has been adjudicated without guilt for the commission of a felony; or, has entered a plea to or has been convicted of a felony for which an official certification or pardon has not been obtained that removes the legal disabilities resulting from such conviction and restores civil and political rights.
  • Georgia Southern Mortgage shall calculate and make a written record of whether each residential mortgage loan it originates has points and fees of 5% or more under the Georgia Fair Lending Act.
  • A complete and current journal of Georgia residential mortgage loan transactions shall be maintained by Georgia Southern.  


Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371


The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, 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:


Related Files: 
PDF icon Consent Order (133.36 KB)