Department of Banking and Finance’s Order to Cease and Desist Issued to Yale Mortgage Funding, LLC Becomes Final

April 10, 2015

Atlanta, Georgia — On April 8, 2015, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Yale Mortgage Funding, LLC located at 141 NE 3rd Ave, Miami, FL 33132 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Yale Mortgage Funding, LLC engaged in residential mortgage lending activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law, it is prohibited for any person to directly or indirectly make, originate, underwrite, hold, purchase, or service mortgage loans without a mortgage license or pursuant to an exemption from licensure. Servicing a mortgage loan means collection or remittance for another or the right to collect or remit for another of payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.

It is also prohibited for any person to knowingly purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.

Contact
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: rodc@dbf.state.ga.us