Skip to main content

Georgia Regulator Slaps Cease and Desist Order on Lender

Phil Hall
Apr 10, 2015

Now here is something you don’t see often in today’s era of excess regulation: A mortgage lender operating without a license.

In this case, the lender is Miami-based Yale Mortgage Funding LLC, which was served with an order to Cease and Desist issued by the Georgia Department of Banking and Finance. The state regulator issued the order, stating that the company “engaged in residential mortgage lending activities without a license or under an applicable exemption,” thus violating Georgia’s financial services regulations.

“Pursuant to Georgia law, it is prohibited for any person to directly or indirectly make, originate, underwrite, hold, purchase, or service mortgage loans without a mortgage license or pursuant to an exemption from licensure,” the Department announced in a press statement. “Servicing a mortgage loan means collection or remittance for another or the right to collect or remit for another of payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan. It is also prohibited for any person to knowingly purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.”

In a press release from last fall, Yale Mortgage Funding self-identified as “a leading national hard-asset lender” that also services $1.2 billion in mortgages. Last fall, the company merged with Miami-based Asset Recovery Companies, which self-identified as “an investment firm that specializes in maximizing value from real estate debt on behalf of its investors.” 

Published
Apr 10, 2015
'A Long Road To Normal'

Nominated again to lead The Fed, Powell tells Senate committee to expect three rate hikes, but 'if we have to raise interest rates more over time, we will.'

Regulation and Compliance
Jan 11, 2022
CFPB: Complaint Response Worsens At Big 3 Credit Bureaus

Report claims Equifax, Experian, and TransUnion routinely failed to fully respond to consumers with errors.

Regulation and Compliance
Jan 10, 2022
The Fed Names Chairs, Deputy Chairs For 12 Reserve Banks

In recent years, the Federal Reserve System has worked to increase the overall diversity of the Reserve Bank and branch boards of directors and continues to build on those efforts.

Regulation and Compliance
Jan 06, 2022
The Fed: Rate Hike Likely Coming in June

Federal Open Market Committee's December minutes reveal discussion of first hike in federal funds rate in 2Q of 2022, as well as of ending asset purchases by March.

Regulation and Compliance
Jan 05, 2022
AARMR No Protection For Savanah Scares

Conference provides opportunity for regulators to interact, discuss common topics

Regulation and Compliance
Jan 04, 2022
McCargo Sworn In As Ginnie Mae President

Former HUD official becomes the first female to lead the Government National Mortgage Association.

Regulation and Compliance
Jan 04, 2022