The Modification Team LLC, a Lawrenceville, Ga.-based mortgage business that offers services related to property sales, modifications and notaries, was issued a cease-and-desist order from the state’s Department of Banking and Finance.
The department said it obtained evidence that The Modification Team engaged in residential mortgage originating, brokering and lending activities without a license.
Pursuant to the Georgia Residential Mortgage Act, 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 mortgage license or pursuant to an exemption from licensure.
It is also 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.
This order will be finalized 30 days from the date of issuance, which was April 30. The department, however, may rescind the cease-and-desist order if the business provides the department with documentation showing that it possesses a valid license or qualifies for an exemption within this 30-day period.
Liz and Kenny Rivera, the CFO and CEO of The Modification Team, which has been in operating for three years, could not be reached for comment.
