Two women have been banned from originating mortgages in Georgia. Alleged mortgage fraud prompted the revocation of one’s broker license while action was taken against the other as a result of operating without a license.
The Georgia Department of Banking and Finance has revoked the mortgage broker’s license held by Diana Martin of Platinum Plus Financial Services in Atlanta. In a written statement, the department said it had uncovered evidence “that showed that Ms. Martin and Platinum Plus had made numerous misrepresentations in loan files that were submitted to lenders.”
The department also announced it received a court order against Stone Mountain, Ga., mortgage broker Sonya Brown that requires her “to cease and desist from brokering mortgage loans.”
A cease and desist order was actually ordered against Brown in September of 2004. But in a statement Rod Carnes, deputy commissioner for non-depository financial institutions, said the state “received evidence that Ms. Brown was still brokering mortgage loans in direct violation of state law.”
In an interview with MortgageDaily.com, Carnes said because both cases are continuing he could not divulge more information. He also said he could not say if any criminal charges are being pursued against either broker for alleged violations of Georgia’s mortgage brokerage laws.
“I can’t get into specifics,” Carnes said.
Brown could not be reached.
Carnes did say that after an investigation the state determined that Brown “was still in the industry.”
Under the original cease and desist order Brown was barred from the industry for three years, Carnes said.
The state “had evidence” that Brown was back in the business of brokering loans “and we took action,” he said.
Brown was originally cited for allegedly breaking provisions of Georgia law preventing a mortgage broker from operating without a license.
Brown also allegedly broke laws regarding the state’s ability to revoke the license of someone convicted of a felony.
Martin was contacted at her office in Atlanta. When asked if she would comment, she replied, “I sure wouldn’t,” and hung up the phone.
On the Platinum Plus Web site, Martin’s biography indicates she began her career in 1988 with Wachovia Bank and in 1994 transferred to Wachovia Mortgage, where she “originated convention, FHA and VA loans.”
She opened Platinum Plus in 2001, according to the Web site.
“Ms. Martin is an active member of her church and participates in numerous community activities,” the biography states.
According to the firm’s Web site, it handles conventional, FHA, VA and subprime loans.
After a rash of mortgage fraud Georgia has toughed up its regulation, oversight and enforcement of mortgage brokers and lenders.
