Department of Banking and Finance Enters into a Consent Order with Cornerstone Mortgage Company dba Brayden Capital Home Loans and its Officers

July 25, 2011


Atlanta, Georgia - On July 21, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Cornerstone Mortgage Company dba Brayden Capital Home Loans (“Cornerstone Mortgage”), License Number 21877, Nationwide Mortgage Licensing System Number 2258, located at 1177 West Loop South, Suite 200, Houston, Texas 77027, and its officers, Marcus Laird and Judith Belanger, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules. 

The terms of the Cornerstone Mortgage Consent Order include the following:

  • Cornerstone Mortgage shall develop and implement policies, procedures, and practices that will ensure compliance with all applicable Georgia laws and regulations including, but not limited to, implementing measures to ensure that Cornerstone Mortgage’s business operations and employees are subject to an appropriate level of supervision at all times.
  • Cornerstone shall not permit any non-licensed employee or agent to perform any activities required to be performed by licensed mortgage loan originators.
  • Cornerstone Mortgage shall implement a new hire and continuing education employee training program regarding what constitutes mortgage fraud and how to detect and avoid its commission, including but not limited to:  the commission of unlicensed mortgage loan origination and aiding and abetting unlicensed mortgage loan origination activity.
  • Cornerstone Mortgage shall contribute $2,000 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.
  • Cornerstone Mortgage shall remit $88,000 to the Department in full and final satisfaction of any and all monetary claims related to the violations identified in the Consent Order.

As of August 1, 2010, all mortgage loan origination in Georgia must be performed by a licensed mortgage loan originator unless performed pursuant to an applicable exemption to licensing.  Specifically, it is prohibited by Georgia law for any person to transact business as a mortgage loan originator for compensation or gain, or in the expectation of compensation or gain, to take mortgage loan applications, or offer or negotiate terms of mortgage loans without a mortgage loan originator’s license or pursuant to an exemption from licensure.

Related Press Releases:

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 (299.77 KB)