City Mortgage Corporation aka i3 Lending, Inc., and Stephen Mark Wilson Ordered to Surrender and Order to Cease and Desist Issued to ESS Solutions, LLC, Becomes Final

April 15, 2015

Atlanta, Georgia — On April 13, 2015, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with City Mortgage Corporation aka i3 Lending, Inc. (“City Mortgage”) (NMLS No. 1020884), located at 379 W. Uwchlan Avenue, Suite 201, Downingtown, Pennsylvania 19335, and its owners, Stephen Mark Wilson (NMLS No. 144376), Sujay Kanth (NMLS No. 1177075), and ESS Solutions, LLC.

The Consent Order was entered to resolve a Notice of Intent to Revoke and proposed Orders to Cease and Desist issued to City Mortgage and its owners for allegations including in part allowing the acquisition of ten percent or more of the ownership of a Georgia licensed entity without first filing an application with the Department; transacting business with an unlicensed person who is not exempt from licensing; directly or indirectly controlling a person who is unlicensed and not exempt from licensing; employing a felon; and, making false statements or misrepresenting material facts in mortgage loan documents.

Pursuant to O.C.G.A. § 7-1-1008, no person may acquire directly or indirectly ten percent or more of the voting shares or ownership of a licensed Georgia mortgage broker or lender without first filing an application, paying the fee, and delivering information such as the Department requires concerning the financial responsibility, background, experience, and activities of the applicant.  Pursuant to Department Rule 80-11-3-.01(7), failure to comply is a revocable offense and subjects the licensee to a fine. 

The terms of the Consent Order include the following:

  • City Mortgage has been ordered to surrender its mortgage lender license and pay fines in the total amount of $5,000 to the Department. 
  • The mortgage loan originator’s license for City Mortgage owner Stephen Mark Wilson will be deemed surrendered. 
  • Stephen Mark Wilson shall pay fines in the amount of $1,000 to the Department and contribute $1,000 to the State Regulatory Registry, LLC, to support the Nationwide Mortgage Licensing System.
  • Sujay Kanth shall be prohibited from directing the affairs of or acting as a branch manager of a licensed Georgia mortgage broker or lender and shall be prohibited from acquiring more than ten percent of the ownership of a licensed Georgia mortgage broker or lender for a period of five years. 
  • Sujay Kanth shall contribute $1,000 to the State Regulatory Registry, LLC, to support the Nationwide Mortgage Licensing System. 
  • The Cease and Desist Order issued to ESS Solutions became final.

 

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