Atlanta, GA – April 29, 2010 – (RealEstateRama) — On April 28, 2010, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to National Home Loan Advocates, LLC d/b/a www.nationalhomeloanadvocates.com located at 2591 Dallas Parkway, Suite 300, Dallas, Texas 75034 became final.This Order to Cease and Desist was issued by the Department after it obtained evidence that National Home Loan Advocates, LLC d/b/a www.nationalhomeloanadvocates.com engaged in residential mortgage brokering/lending activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.
Pursuant to Georgia law, it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others without a mortgage license or pursuant to an exemption from licensure.
It is also prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.
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/