Capital Mortgage & Financial Group, Inc. Revocation and Orders Against Officers, Seaman and Clark, Become Final

Atlanta, GA – July 30, 2009 – (RealEstateRama) — On July 30, 2009, the Notice of Intent to Revoke Annual License issued by the Georgia Department of Banking and Finance (“Department”) became final against Capital Mortgage & Financial Group, Inc., mortgage broker’s license number 14639, formerly located at 3405 Piedmont Road, Suite 525, Atlanta, Georgia 30305.

The Notice of Intent to Revoke Annual License provided, among other things, that the Department has evidence that Capital Mortgage & Financial Group, Inc. employed a felon and failed to properly maintain a mortgage loan transaction journal.

Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender that is not licensed or exempt from licensing or registration provisions.

In conjunction with these same violations, the Department issued Orders to Cease and Desist to Steven Corey Clark and Richard Seaman, officers of Capital Mortgage & Financial Group, Inc. These Orders to Cease and Desist also became final on July 30, 2009.

Pursuant to state law that was in effect when the violations underlying the Order to Cease and Desist were committed, the Department may revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years if the Order resulted from conducting mortgage business with an unlicensed person or committing prohibited acts.

Contact:
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:   ">

The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage brokers, mortgage lenders, mortgage processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.  Visit us on the Web at: http://dbf.georgia.gov/