Department of Banking and Finance Enters into a Consent Order with Nations Funding Source, Inc. and its owner, Sookrani Sattie Narain

July 25, 2011


Atlanta, Georgia
 - On July 21, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Nations Funding Source Inc. (“Nations Funding”), License Number 22049, Nationwide Mortgage Licensing System (“NMLS”) Number 6032, formerly located at 280 West Prospect Road, Fort Lauderdale, Florida, 33309 and its owner, Sookrani Sattie Narain (NMLS Number 16386), to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules. 

On May 3, 2010, the Department issued a Notice of Intent to Revoke Annual License to Nations Funding and an Order to Cease and Desist, which provided that the Department obtained evidence that the licensee and Ms. Narain had employed a person against whom a final cease and desist order was issued; failed to perform timely background checks; operated unapproved branches with unapproved branch managers; engaged in net branching; failed to properly maintain a mortgage loan transaction journal; and, transacted business with unlicensed persons, not exempt from licensing requirements. 

The terms of the Consent Order include the following:

  • Upon entry of the Consent Order, the mortgage broker’s license of Nations Funding was deemed surrendered.
  • Upon entry of the Consent Order, the Order to Cease and Desist issued to Ms. Narain became final.
  • Ms. Narain will not seek licensure from this Department for herself or for any entity for which she is affiliated for five (5) years.
  • Ms. Narain shall make a contribution to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.

Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender who is not licensed or exempt from licensing or registration provisions.

Additionally, the Department may revoke the license of a mortgage broker or mortgage lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years.

 

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 (119.06 KB)