Georgia Department of Banking and Finance’s Revocation of Mortgage America, LLC, and Order to Cease and Desist issued to Kaptain Koontz Become Final
Atlanta, GA – November 23, 2010 – (RealEstateRama) — On November 19, 2010, the Georgia Department of Banking and Finance’s (“Department’s”) Amended Notice of Intent to Revoke Annual License of Mortgage America, LLC, located at 3720 Farragut Avenue, Suite 500, Kensington, Maryland 20895, mortgage lender’s license number 22659, Nationwide Mortgage Licensing System number, 119791, became final.
The Notice of Intent to Revoke Annual License issued to Mortgage America, LLC, provided among other things that this licensee employed a felon, operated unapproved branches, failed to properly maintain a mortgage loan transaction journal and transacted business with unlicensed or unregistered entities, not exempt from licensing and registration requirements.
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 who is not licensed or exempt from licensing or registration provisions.
In conjunction with the violations identified in the Amended Notice of Intent to Revoke Annual License, the Department issued an Amended Order to Cease and Desist to Kaptain Koontz, who is the president of Mortgage America, LLC.
The Department’s Amended Order to Cease and Desist issued to Mr. Koontz also became final on November 19, 2010.
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/
Associated Document(s):
KaptainKoontzAmendedFinalOrders.pdf
Amended Orders
MortgageAmericaLLCAmendedITR.pdf
Amended Intent to Revoke Annual License
