Georgia Department of Banking and Finance Enters into a Consent Order with AmericaHomeKey, Inc. and its Officers

December 28, 2011


Atlanta, Georgia - On December 27, 2011, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with AmericaHomeKey, Inc. (“AmericaHomeKey”), License Number 23191, Nationwide Mortgage Licensing System Number 2156, located at 3838 Oak Lawn Avenue, Suite 1050, Dallas, Texas 75219, and its officers, Lane Terrell, Lynn Eaton, Buddy Terrell, and Frank Caughron, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules, including transacting business with a person who is unlicensed and unregistered, not exempt from licensing and registration requirements in violation of O.C.G.A. § 7-1-1002(a) and (b) and, directly or indirectly, controlling a person who violated O.C.G.A. § 7-1-1002(a) and (b) in violation of O.C.G.A. § 7-1-1002(c). 

The terms of the AmericaHomeKey Consent Order include the following:

  • AmericaHomeKey’s mortgage lender license shall expire on December 31, 2011.  For a five (5) year period from the date of entry of this Consent Order, AmericaHomeKey or its Owners will not apply for another mortgage lender’s license with the Department, and AmericaHomeKey or its Owners will not submit an application for a mortgage broker’s license to the Department.
     
  • AmericaHomeKey shall not be prohibited from continuing to service Georgia residential mortgage loans pursuant to servicing contracts in existence as of December 31, 2011, for a period of six months after that date.  AmericaHomeKey shall conclude all mortgage activity governed by GRMA on or before June 30, 2012.  At all times, up to and until the conclusion of its Georgia residential mortgage activity, AmericaHomeKey shall maintain a corporate surety bond in accordance with O.C.G.A. § 7-1-1003.2
     
  • AmericaHomeKey shall contribute $2,000 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.
     
  • AmericaHomeKey shall remit $29,500 to the Department in fines.

 

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/

 

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