Georgia Department of Banking and Finance Enters into a Consent Order with Gina W. Spearman

November 23, 2011


Atlanta, Georgia -
On November 22, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Gina W. Spearman, Georgia Mortgage Loan Originator License Number 28250 and Nationwide Mortgage Licensing System and Registry (“NMLSR”) Number 152661, who is employed at the branch of Academy Mortgage Corporation located at 5565 Glenridge Connector NE, Suite 400, Atlanta, Georgia 30342, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

Pursuant to the terms of the Consent Order, Gina W. Spearman shall:

  • relinquish her position as branch manager for the Atlanta location of Academy Mortgage Corporation along with all of the responsibilities accompanying it on or before December 23, 2011, and shall be prohibited from serving as branch manager of a Georgia branch location of a licensed Georgia mortgage broker or Georgia mortgage lender for a five-year period;  
  • not directly or indirectly transact business with any unlicensed person unless that person is exempt from licensing or registration requirements;  
  • not authorize any person to sign her name to Georgia residential mortgage loan documents to be provided to borrowers or any lenders and must report to the Department in writing within five days of discovering that anyone is signing her name to loan documents;   
  • be prohibited for a five-year period from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license and from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender or from acting as a director, officer, partner, equitable owner, or any other equivalent role;   
  • cooperate with the Department in any investigation or administrative or civil action initiated by the Department against Academy Mortgage Corporation, its owners, or any of its current or former employees; and
  • contribute $1,000.00 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System and Registry.

 

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/

 

Related Files: 
PDF icon Consent Order (329.76 KB)