Atlanta, GA – August 21, 2009 – (RealEstateRama) — On August 12, 2009, the Fulton County Superior Court issued a Final Consent Order enjoining Morningside Mortgage Management, Inc. of Atlanta, Georgia, from further violation of the Georgia Department of Banking and Finance’s (“Department’s”) order requiring that it cease and desist from engaging in unlicensed residential mortgage activities.On September 4, 2008, a Cease and Desist Order issued by the Department became final against Morningside Mortgage Management, Inc. after it was determined that this company was engaging in residential mortgage activities without the appropriate license. After the Cease and Desist Order became final, Morningside Mortgage Management, Inc., via the internet, continued to engage in mortgage broker and lending activities for which a license was required by the Department.
Pursuant to the Final Consent Order issued by the Fulton County Superior Court, Morningside Mortgage Management, Inc. is enjoined from operating as an unlicensed Georgia residential mortgage lender and residential mortgage broker. Morningside Mortgage Management, Inc. also is prohibited from purchasing residential mortgage loans and directly or indirectly soliciting or processing residential mortgage loans via the internet or otherwise.
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/