Atlanta, GA – April 30, 2013 – (RealEstateRama) — On April 29, 2013, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Generation Mortgage Company, License Number 22292, located at 3565 Piedmont Road NE, 3 Piedmont Center, Suite 300, Atlanta, Georgia 30305-1538, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.
The terms of the Consent Order include the following:
Generation Mortgage shall develop and implement policies that will ensure compliance with all applicable Georgia laws and regulations, including implementing measures to ensure that its business operations and employees are subject to an appropriate level of supervision at all times;
Generation Mortgage shall develop and implement practices that will ensure compliance with all applicable Georgia laws and regulations, including not directly or indirectly transacting business as a mortgage lender in the State of Georgia with any unlicensed “Person;”
Generation Mortgage shall develop and implement policies that will ensure compliance with all applicable Georgia laws and regulations, including maintaining a record of the license numbers or exemption status of any mortgage loan originator, mortgage broker, mortgage lender or mortgage loan processor with whom Generation Mortgage conducts business;
Generation Mortgage Company shall pay fines to the Department in the amount of $5,000; and
Generation Mortgage shall contribute $2,000.00 to the State Regulatory Registry, LLC.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, 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/