A cease and desist order was issued last week by the Georgia Department of Banking and Finance to Reverse Mortgage HelpDesk for operating in the reverse mortgage business without a license.
According to the Department of Banking and Finance, the company and its “DBAs” reverse-mortgage.org and reversemortgagehelpdesk.com engaged in residential mortgage brokering and/or originating without a license or in violation of state law.
Under Georgia law, it is prohibited for any person to directly or indirectly solicit, process, place or negotiate mortgage loans for others, or offer to solicit, process, place or negotiate mortgage loans for others without a license or pursuant to an exemption from licensure.
In addition to the prohibition, a person may not knowingly purchase, sell or transfer a mortgage loan or application to or from an entity that is not licensed or exempt from licensing or registration provisions, according to the state Banking Department’s language.
Written by Elizabeth Ecker