Department Enters into a Consent Order with Intelli Mortgage Services, Inc. and its President, Sung Doo (“John”) Chung

Atlanta, GA – May 13, 2009 – (RealEstateRama) — On May 5, 2009, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Intelli Mortgage Services, Inc. d/b/a gointelli, License Number 16999, located at 4274 Shackelford Rd, Ste A 1, Norcross, Georgia 30093 and its President, Sung Doo (“John”) Chung, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

The terms of the Consent Order are as follows:

• The revocation of Intelli Mortgage Services, Inc. d/b/a gointelli mortgage lender’s license is effective as of May 5, 2009. Intelli Mortgage Services, Inc. d/b/a gointelli can never apply to the Department for another license to be a mortgage broker or mortgage lender;
• The Department rescinds the Cease and Desist Order issued to Sung Doo (“John”) Chung;
• For a five-year period, Mr. Chung can only be affiliated with a mortgage broker or mortgage lender as an employee and is prohibited from applying for a mortgage broker’s or lender’s license. During this same time frame, Mr. Chung may not serve as a branch manager or direct the affairs or act as a director, officer, partner, equitable owner, or any other equivalent role of a Georgia mortgage broker or Georgia mortgage lender;
• Intelli Mortgage Services, Inc. d/b/a gointelli is required to pay fines to the Department in the amount of $6,000.00; and,
• A contribution shall be made by Intelli Mortgage Services, Inc. d/b/a gointelli to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.

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/