Mortgage Broker, Georgia Banking Department Reach Consent Order

The Georgia Department of Banking and Finance reached an agreement with a broker who violated the state’s Residential Mortgage Act that prevents him from working in the mortgage industry in the near future.

According to terms of the consent order, which was issued on March 7, Nicholas Yeargin is prohibited from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, or limited liability company for the next five years.

Also, Yeargin—whose license number is 28863—is not allowed to file for an application to be a branch manager or ultimate equitable owner of 10% or more of a licensed Georgia mortgage broker or state mortgage lender during the same five-year time period.

Other terms of the agreement require the defendant to complete four hours of education from a department-approved provider of mortgage coursework on the Georgia Residential Mortgage Act, including mortgage fraud.

Lastly, as part of the consent order, Yeargin has to pay a $1,000 fine and also contribute another $1,000 to the state Regulatory Registry.

Article source: http://www.nationalmortgagenews.com/dailybriefing/mortgage-broker-georgia-banking-department-reach-consent-order-1035046-1.html

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