Georgia Department of Banking and Finance Enters Into a Consent Order with Mortgage Now, Inc.

May 13, 2011


Atlanta, Georgia
 - On May 13, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Mortgage Now, Inc. (“Mortgage Now”), License Number 15583, Nationwide Mortgage Licensing System Number 117338, located at 750 West Resource Drive, Suite 300, Brooklyn Heights, Ohio, 44131 to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules. 

The terms of the Consent Order include the following:

  • The voluntary surrender of Mortgage Now’s mortgage lender’s license became effective on May 13, 2011.  Mortgage Now can never apply to the Department for another license to be a Georgia mortgage lender or to be a Georgia mortgage broker;
  • A fine in the amount of $1,500 for failing to obtain Department approval of a change of control and for failing to file a timely Semiannual Statement of Per Loan; and,
  • A $2,000 contribution has been made by Mortgage Now to the State Regulatory Registry, LLC to support the Nationwide Mortgage 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 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: http://dbf.georgia.gov/

 

Related Files: 
PDF icon Consent Order (1.42 MB)