Atlanta, GA – September 27, 2010 – (RealEstateRama) — On September 22, 2010, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License issued to United Funding Mortgage Corporation Vertical Mortgage Company, license number 20332, formerly located at 6485 Shiloh Road, Building B, Suite 102, Alpharetta, Georgia 30005, became final.
The Notice of Intent to Revoke Annual License provided that United Funding Mortgage Corporation d/b/a Vertical Mortgage Company failed to disburse funds in accordance with a written commitment or agreement to make a mortgage loan, and engaged in a transaction, practice, or course of business that is not in good faith or fair dealing, or which operated a fraud upon any person, in connection with the attempted or actual making of, purchase of, or sale of any mortgage loan.
Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender 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 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/