A cease and desist order issued to Senior Reverse Mortgage Advisors, LLC by the Georgia Department of Banking and Finance for unlicensed mortgage activity became final on July 15.
Senior Reverse Mortgage Advisors, which does business as reverserewards.com and reversemortgagechoice.com, is located in Torrance, Calif. Both websites classify themselves as a free resource for seniors looking for information about reverse mortgages and clarify that Senior Reverse Mortgage Advisors is not a direct lender or a mortgage company.
The Order to Cease and Desist was issued on July 15 after the Department of Banking and Finance obtained evidence that the company engaged in residential mortgage brokering and/or originating activities without a license or under an applicable exemption in violation of Georgia law.
Georgia law prohibits directly or indirectly soliciting, processing, placing, or negotiating mortgage loans for others, or offering to do so for others, without a mortgage license or pursuant to an exemption from licensure.
State law also prohibits people from knowingly purchasing, selling, or transferring a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.
Written by Alyssa Gerace