Department’s Order to Cease and Desist Issued to EDU Home Loans Becomes Final

September 15, 2017

Atlanta, Georgia — On September 15, 2017, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to EDU Home Loans, located at 1690 Redi Road, Suite 300, Cumming, Georgia, became final.

The Order to Cease and Desist was issued by the Department after it obtained evidence that EDU Home Loans engaged in residential mortgage brokering and/or originating 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 solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others without a mortgage license or pursuant to an exemption from licensure.

It is also prohibited for any person knowingly to 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: rcarnes@dbf.state.ga.us

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