Georgia Department of Banking and Finance Enters Into a Consent Order with Cornerstone Lenders, LLC; James Felton Pate; John Stephen Pate; and Ann E. Livingston

June 22, 2010


Atlanta, Georgia -
On June 21, 2010, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Cornerstone Lenders, LLC (“Cornerstone”), mortgage lender license number 18436, formerly located at 500 Pirkle Ferry Road, Suite C; its president, James Felton Pate; vice-president, John Stephen Pate; and secretary/treasurer, Ann E. Livingston, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

The Consent Order includes the following terms:

  • The mortgage lender’s license of Cornerstone is deemed to be voluntarily surrendered as of June 21, 2010. Cornerstone will never apply for another mortgage lender’s license or for a license to be a mortgage broker;
     
  • James Felton Pate, John Stephen Pate and Ann E. Livingston are prohibited from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender or from acting as directors, officers, partners, equitable owners, or in any other equivalent role for a Georgia mortgage broker or Georgia mortgage lender for a three year period from the date of entry of the Consent Order;   
  • James Felton Pate, John Stephen Pate and Ann E. Livingston are prohibited from acting as branch managers of a Georgia mortgage broker or Georgia mortgage lender during the three year period from the date of entry of the Consent Order; and  
  • James Felton Pate, John Stephen Pate and Ann E. Livingston are prohibited from applying for a Georgia mortgage broker’s or Georgia mortgage lender’s license, either in their individual capacities or as the owners or officers of a corporation, partnership, or limited liability company during the three year period from the date of entry of the Consent Order.  

 

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, mortgage loan originators, 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 (145.72 KB)