Monthly Mortgage Summary

Monthly

Mortgage

Summary

Georgia Department of Banking & Finan ce ~ Non -Depository Financ ial I nstit utio ns Division

Monthly Summary of Mortgage Activities for the Period Ending June 2015

Inside this Issue:

Department of

Banking and

Finance Adopts

Final Rules

2

Mortgage Call

Report Reminder

2

Mortgage

Company and

Individual License

Activity During the

Month

3

Administrative

Actions

4

Fine Summary

Information

4

Appendix A - Mortgage

Loan Originator Activity

by License Status

Georgia Residential Mortgage Act Fee (¡°GRMA¡±) SemiAnnual Reporting and Payment Process

The GRMA fee on-line reporting and payment process changed substantially effective

January 2, 2015. Refer to the Department¡¯s website for a more detailed discussion of

these changes at .

To avoid fines for failure to remit GRMA fees when due, reporting and payment must

be completed online at by the deadlines

established in Rule 80-5-1-.04. Please be reminded that zero ($0) reporting is no

longer required. Fees collected for the period January 1 through June 30, 2015,

should be remitted to the Department through the online reporting and payment site

no later than the first business day of September. For the current GRMA semi-annual

period, any filings made after September 1, 2015, are considered late and must be

made by submitting the hardcopy fee statement form, along with the GRMA fees and

any late fees due.

On June 30, 2015, the Department sent an e-mail notification to the contact person

that submitted the prior semi-annual report through the Department¡¯s online reporting

and payment site and to the current contact for the licensee that is listed in the NMLS.

For state-chartered institutions and Georgia mortgage licensees, the Department will

also send a similar notification to the primary institution/licensee contact.

IMPORTANT NOTE: Most of the Department¡¯s payment sites perform better using

the Mozilla Firefox browser. If you use Internet Explorer, please ensure that you have

version 10 or higher. Keep in mind that you may also need to refresh your browser

and clear your browser's cache to ensure that you see the current, active page.

Page 2

June 2015

Department of Banking and Finance Adopts Final Rules

On June 15, 2015, the Department of Banking and Finance (¡°Department¡±) adopted Final Rules that have been

filed with the Secretary of State¡¯s Office. Pursuant to O.C.G.A. ¡ì 50-13-6, the Final Rules will be effective on July

15, 2015.

Prior to adopting the Rules, the proposed Rules along with a synopsis were distributed on May 12, 2015.

The Department received two (2) written comments regarding the proposed Rules. The Department fully

considered the comments it received and made the following substantive revisions:

? Rule 80-2-6-.01 was revised to remove the requirement that the independent accountant or firm of

accountants be licensed in this state and instead to provide that the independent accountant of firm of

accountants simply be licensed.

? Rule 80-12-4-.05 was revised to reflect that employee criminal background checks for an MALPB

must be completed and found satisfactory prior to employment as required by the express terms of

House Bill 184.

The Department believes that the Rules as adopted encourage safety and soundness, encourage safe and fair

mortgage lending, and conform to the law.

To view or download the Final Rules, go to Regulations page on the Department¡¯s website (http://

dbf.dbf-regulations) and select the appropriate link for the Final Rules, OR you may access them

directly from: .

Mortgage Call Report Reminder

This is a reminder that the Mortgage Call Report (¡°MCR¡±) required by O.C.G.A. ¡ì 7-1-1004.1 is due within 45

days of the end of every calendar quarter. Second quarter data (April 1 ¨C June 30, 2015) must be filed

through the NMLS by August 14, 2015.

Companies that fail to file quarterly MCRs prior to the deadline will be assessed a fine and may subject their

Georgia license to revocation. Failure to file a timely MCR will also delay the processing of your renewal

application.

For more information about the requirements surrounding the MCR, please refer to the NMLSR website at:



COMMONLY USED ACRONYMS

CE ¡ª Continuing Education

Department ¡ª Georgia Department of Banking & Finance

GRMA ¡ª Georgia Residential Mortgage Act

MCR ¡ª Mortgage Call Report

MLO ¡ª Mortgage Loan Originator

NMLS or NMLSR ¡ª Nationwide Mortgage Licensing

System & Registry

O.C.G.A. ¡ª Official Code of Georgia Annotated

June 2015

Page 3

Mortgage Company License/Registration Activity During the Month

License Status Definitions

License Status

Definition

Approved

The entity has an Approved license.

Denied

The entity applied for a license and the request was Denied.

Revoked

The entity¡¯s license was Revoked and the entity is no longer authorized to conduct

business.

Terminated ¨C Expired

The entity failed to renew. Alternatively, this license status is also used for MLOs that

were suspended by administrative action for failing to meet Georgia¡¯s sponsorship

requirement.

Terminated ¨C Ordered to Surrender

An entity has been ordered to surrender their approved license. The entity is not

authorized to conduct business.

Terminated ¨C Surrendered/Cancelled

The entity has requested a surrender/cancelation of their license and the regulator has

granted this surrender/ cancelation request.

Page 4

June 2015

Mortgage Loan Originator License Activity During the Month

Please refer to Appendix A of this newsletter for a listing of MLO activity by license status for the month of June

2015.

Administrative Actions

Final Cease and Desist Orders:

? Liberty One Mortgage, Studio City, CA - Order to Cease and Desist issued 05/06/2015 became final

06/08/2015.

Fine Summary Information

No activity for the month of June.

June 2015

Page 5

Georgia Department of

Banking and Finance

2990 Brandywine Road

Suite 200

Atlanta, Georgia 30341-5565

Phone: (770) 986-1269

Fax: (770) 986-1029 or 1655

Email:

dbfmort@dbf.state.ga.us

The Department is the state agency that regulates and examines Georgia statechartered banks, state-chartered credit unions, and state-chartered trust companies.

The Department also has responsibility for the supervision, regulation, and

examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in

Georgia.

In addition, the Department has regulatory and/or licensing authority over mortgage

brokers, lenders and processors, mortgage loan originators, check cashers, sellersissuers of payment instruments, money transmitters, international banking

organizations, and bank holding companies conducting business in Georgia.

Our Mission is to promote safe, sound, competitive financial services in Georgia

through innovative, responsive regulation and supervision.

Our Vision is to be the best financial services industry regulator in the country ¨C

Progressive. Proactive. Service-Oriented.

We¡¯re on the Web!

dbf.

Sign-up to Receive this Publication

This monthly publication highlights topics and

activities pertaining to the Department¡¯s regulation of

state-licensed or registered mortgage brokers,

lenders and loan originators. It is delivered to

interested parties via e-mail and is also available from

the Department¡¯s website at:

under Publications, Mortgage Summary.

If you would like to be added to our distribution list,

send an e-mail to dbfpress@dbf.state.ga.us stating

your name and e-mail address. Please be sure to

include ¡°Subscribe to Monthly Mortgage Summary¡±

in the Subject line.

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