Atlanta, GA – March 31, 2010 – (RealEstateRama) — On March 30, 2010, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with MTB Mortgage Inc. (“MTB Mortgage”), License Number 20290, formerly located at 4566 Lawrenceville Highway, Suite 101, Lilburn, Georgia 30047, and its owner, Olamide Arowolo, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.The terms of the Consent Order include:
- The revocation of MTB Mortgage’s mortgage broker’s license is effective as of March 30, 2010. MTB Mortgage can never apply to the Department for another license to be a mortgage broker or mortgage lender;
- Olamide Arowolo is prohibited from directing the affairs of a mortgage broker or mortgage lender, as defined by the Georgia Residential Mortgage Act, or from acting as a director, officer, partner, agent, mortgage loan originator, employee, or equitable owner or any other equivalent role for a mortgage broker or mortgage lender for five years from the date of entry of the Consent Order; and
- Olamide Arowolo is prohibited from applying for a mortgage broker’s or mortgage lender’s license, either in her individual capacity or as the owner or officer of a corporation, partnership, limited liability company, or other business association, or for a mortgage loan originator’s license for five years from the date of entry of the Consent Order.
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/