Atlanta, GA – May 13, 2009 – (RealEstateRama) — On May 4, 2009 an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Mortgage Loan Processing, Inc. of Port Saint Lucie, Florida became final.
This Order to Cease and Desist was issued by the Department after it obtained evidence that Mortgage Loan Processing, Inc. engaged in mortgage brokering activities without a license or under an applicable exemption.
Pursuant to Georgia law, it is 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 to engage in mortgage broker/lender activities.
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/