Reverse mortgage lender
According to a copy of the consent order, the regulator had accused Atlanta-based Generation of “transacting business with a person who is unlicensed and unregistered and not exempt from licensing and registration requirements.” On March 25, it sent the company a notice of intent to revoke its license.
As part of the settlement, Generation will pay a $5,000 fine to the Department of Banking and Finance, plus it will “contribute” $2,000 to the State Regulatory Registry LLC, the entity that maintains the Nationwide Mortgage Licensing System run by the Council of State Bank Supervisors and the American Association of Residential Mortgage Regulators.
It also must maintain a record of the license numbers or exemption status of any mortgage loan originator, mortgage broker, mortgage lender or mortgage loan processor with whom Generation Mortgage conducts business.
In the consent agreement the company said it did not admit to or deny the allegation. A representative of Generation said it would not comment beyond what was in the agreement.
