Nations Direct Financial, Inc., Laguna Nigel, California, was issued a Cease and Desist Order by the Georgia Department of Banking and Finance Department that has now become final.
This Cease and Desist Order was issued to Nations Direct by the Department after it obtained evidence that Nations Direct engaged in mortgage brokerage/lending activities without a license or under an applicable extension.
Pursuant to Georgia law, it is prohibited for any person knowingly to 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 to engage in mortgage broker/lender activities.
Rachel Dollar, the editor of Mortgage Fraud Blog is an attorney and Certified Mortgage Banker who handles litigation for lending institutions and secondary market investors.