Atlanta, GA – October 6, 2009 – (RealEstateRama) — the Notice of Intent to Revoke Annual License issued by the Georgia Department of Banking and Finance (“Department”) became final against Mortgage Consultant Services, Inc., mortgage broker license number 16862, formerly located at 180 Victoria Drive, Fayetteville, Georgia 30214.
The Notice of Intent to Revoke Annual License provided, among other things, that the Department has evidence that that Mortgage Consultant Services, Inc. purposefully withheld information requested by an examiner of the Department during the course of an examination in violation of O.C.G.A. § 7-1-1013(11).
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.
In conjunction with this same violation, the Department issued an Order to Cease and Desist to Francine Shannon, owner of Mortgage Consultant Services, Inc. The Order to Cease and Desist also became final on October 2, 2009.
Pursuant to state law that was in effect when the violations underlying the Order to Cease and Desist were committed, the Department may revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years if the Order resulted from conducting mortgage business with an unlicensed person or committing prohibited acts.
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/