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|Actions were taken against eight Georgia mortgage brokers for unlicensed brokering and inadequate bookkeeping, among other violations.North American Real Estate Services has been fined $10,000.
The action against the mortgage broker is one of several recently taken by the Georgia Department of Banking and Finance — one of the most aggressive mortgage regulatory agencies in the nation.
Coral Springs, Fla.-based North American was doing business as Pacific Bancorp in Georgia, the department said in a statement.
Regulators issued a cease and desist order against the company and its president, Andrew Santoli, and levied the $10,000 fine.
“The terms of the consent order include a series of requirements that (the company) conduct its Georgia residential mortgage activities at branch locations in compliance with state law and related department rules,” regulators said.
The company could not be reached to comment. No other details were released.
A cease and desist order was also issued by the department against Derek Gabriel of Marietta, Ga. He could not be reached.
The state said Gabriel violated several components of Georgia’s mortgage laws and regulations, including: misrepresenting or concealing mortgage transaction information; doing business with an unlicensed or unregistered broker or lender; and failing to property maintain a mortgage loan transaction journal.
Six companies were issued cease and desist orders for what the department described as engaging in mortgage brokering and lending without a license or exception from the state.
Those companies, according to statements from regulators, are: Lenox Investment Group, Atlanta; Vince McHenry, who was doing business as Madison Processing Services of Hanover, Pa.; Nobles Realty & Associates of Norcross, Ga.; Eric Joyce, who was doing business as Bear Creek Home Lending of Anamosa, Iowa; Brian Graham of Atlanta; and Real Estate Services Conglomerate, which was doing business as RESCOG of Washington, D.C.
The department did not provide additional details on any of its actions.
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