Atlanta, GA – December 1, 2009 – (RealEstateRama) — On November 23, 2009, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Gateway Mortgage Group, LLC, License Number 20712, located at 6910 E. 14th Street, Tulsa, Oklahoma 74112, and its president, John Kevin Stitt, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.
The Consent Order includes the following terms:
- The voluntary surrender of Gateway Mortgage Group, LLC’s mortgage lender’s license was effective on August 26, 2009, which is the date on which the surrender of this license was acknowledged by the Department. Gateway Mortgage Group, LLC can never apply to the Department for another license to be a Georgia mortgage lender or to be a Georgia mortgage broker;
- No company with a direct or indirect affiliation with Gateway Mortgage Group, LLC, excluding passive investments, shall apply to the Department for a Georgia mortgage broker’s or Georgia mortgage lender’s license for five years;
- For a five-year period, John Kevin Stitt is prohibited from applying for a Georgia mortgage broker’s or mortgage lender’s license. He also is prohibited from serving as a branch manager, or directing the affairs of or acting as an employee, director, officer, partner, equitable owner, or any other equivalent role for a Georgia mortgage broker or Georgia mortgage lender; and
- A $2,000.00 contribution has been made by Gateway Mortgage Group, LLC to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.
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/