Atlanta, Georgia – On September 5, 2024, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Leon Moody & Sons, Inc. became final. 

The Order to Cease and Desist was issued by the Department after it obtained evidence that Leon Moody & Sons, Inc. engaged in residential mortgage lending, brokering, servicing, and/or originating activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Georgia law prohibits any person from engaging in the following mortgage activities without a mortgage license or pursuant to an exemption from licensure:

  • Take a residential mortgage loan application or offer or negotiate terms of a residential mortgage loan;
  • Directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others;
  • Directly or indirectly make, originate, underwrite, hold, purchase, or service mortgage loans;
  • Engage in the activities of a loan processor or underwriter as an independent contractor unless such independent contractor loan processor or underwriter obtains and maintains a mortgage broker or mortgage lender license;
  • 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; or
  • Directly or indirectly control a person engaged in unlicensed activity, or to act as a general partner, executive officer, joint venturer, or director of such person.

 

Contact:

Oscar B. Fears, III
Senior Deputy Commissioner 
Phone: (770) 986-1650
E-mail: [email protected]

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