Georgia Department of Banking and Finance’s Order to Cease and Desist Issued to Fortune Mortgage Company, Inc. dba Fortune Mortgage Corp. dba Fortune Group Becomes Final

Atlanta, GA – December 12, 2011 – (RealEstateRama) — On December 7, 2011, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Fortune Mortgage Company, Inc. dba Fortune Mortgage Corp. dba Fortune Group located at 2100 Smallman Street, Pittsburgh, PA 15222 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Fortune Mortgage Company, Inc. dba Fortune Mortgage Corp. dba Fortune Group engaged in residential mortgage brokering/lending activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law, it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others without a mortgage license or pursuant to an exemption from licensure.

It is also prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.

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 loan originators, 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/