Georgia Department of Banking and Finance Obtains a Court Order against Mortgage First, LLC to Prohibit this Entity from Violating a Cease and Desist Order

Atlanta, GA – November 3, 2009 – (RealEstateRama) — On October 26, 2009, the DeKalb County Superior Court issued a Final Consent Order enjoining Mortgage First, LLC of Layton, Utah, from further violation of the Department of Banking and Finance’s (“Department’s”) order requiring that it cease and desist from engaging in unlicensed residential mortgage activities in Georgia.On October 15, 2007, a Cease and Desist Order issued by the Department became final against Mortgage First, LLC 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, Mortgage First, LLC continued to engage in mortgage broker and lending activities for which a license was required by the Department.

Among the terms included in the Final Consent Order issued by the DeKalb County Superior Court is a provision enjoining Mortgage First, LLC from operating as an unlicensed Georgia residential mortgage lender and residential mortgage broker in this state. Mortgage First, LLC also is prohibited from purchasing residential mortgage loans until after it has obtained a license to do so, which it is precluded by law from obtaining prior to October 15, 2012.

Contact:
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:   ">

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/