Department of Banking and Finance Enters into a Consent Order with First-Rate Mortgage Inc. and its President, Steven Post
Atlanta, GA – December 1, 2009 – (RealEstateRama) — On November 23, 2009, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with First-Rate Mortgage Inc., License Number 13134, located at 2377 Terrell Drive, Atlanta, Georgia 30341, and its president, Steven Post, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.
The Consent Order includes the following terms:
- The revocation of First-Rate Mortgage Inc.’s mortgage broker’s license became effective on November 23, 2009. First-Rate Mortgage, Inc. can never apply to the Department for another license to be a mortgage broker or to be a mortgage lender;
- For a five-year period, Steven Post 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 time frame, Steven Post must notify the Department of the names and addresses of any Georgia residential mortgage licensees for whom he works;
- Steven Post 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 for a mortgage broker or mortgage lender for a five-year period; and
- Steven Post shall attend a four-hour Department-approved education course in mortgage fraud and mortgage ethics within a sixty-day period and provide this agency with documentation that this requirement has been met.
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, mortgage loan originators, 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/
