Department’s Order to Cease and Desist Issued to Lucinda Clements Becomes Final
Atlanta, Georgia — On November 26, 2019, the Georgia Department of Banking and Finance’s (“Department’s”) Order to Cease and Desist (“Order”) and Notice of Intent to Deny Application for Renewal of Mortgage Loan Originator’s License issued to Lucinda Clements (“Ms. Clements”), NMLS No. 882549, became final.
The Order provided that after conducting an investigation into Ms. Clements’ application for renewal of her mortgage loan originator’s license, the Department determined that Ms. Clements had violated O.C.G.A. § 7-1-1013 by providing false information to the Department in connection with her license renewal application and by altering the date on a closing disclosure document. The Order further stated that Ms. Clements had violated O.C.G.A. § 7-1-1004 by failing to demonstrate financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that she would operate honestly, fairly, and efficiently within the purposes of the Georgia Residential Mortgage Act, O.C.G.A. § 7-1-1000 et seq.
Following a hearing before the Commissioner on October 25, 2019, a Final Order was entered on November 26, 2019, which upheld the Order to Cease and Desist and Notice of Intent to Deny Application for Renewal of Mortgage Loan Originator’s License issued to Ms. Clements.
Pursuant to O.C.G.A. § 7-1-1004, the Department may revoke the license of a mortgage broker or mortgage lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five (5) years if the Order resulted from a violation of O.C.G.A. § 7-1-1013.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371