The Georgia Department of Banking and Finance reached an agreement with a broker who allegedly violated the state’s Residential Mortgage Act.
According to terms of the consent order, which was issued on March 7, Nicholas Yeargin is prohibited from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, or limited liability company for the next five years.
Also, Yeargin—whose license number is 28863—is not allowed to file for an application to be a branch manager or ultimate equitable owner of 10% or more of a licensed Georgia mortgage broker or state mortgage lender during the same five-year time period.
In an email, Yeargin said there was one unlicensed loan officer working at Supreme Lending that led to this complaint being filed. As a result of this individual being an employee at Supreme Lending, Yeargin said the Georgia DBF listed him and all the other managers who held a leadership position at the company on their complaint.
However, Yeargin said the situation has been dealt with over the last two years out of a compliance department in Texas and does not prevent him from lending within the state of Georgia.
Other terms of the agreement require the defendant to complete four hours of education from a department-approved provider of mortgage coursework on the Georgia Residential Mortgage Act, including mortgage fraud.
Lastly, as part of the consent order, Yeargin has to pay a $1,000 fine and also contribute another $1,000 to the state Regulatory Registry.
