When the state asks you to open your books and you don’t, you’re gonna get shut down. That’s what Fayeteville mortgage broker Francine Shannon learned when she failed to disclose information requested of her by a state examiner.

Owner of Mortgage Consultant Services, Inc. Shannon had her annual mortgage license revoked by the Georgia Department of Banking and Finance early in October. The state’s press release claims it has evidence that she intentionally withheld information requested of her by a state examiner while an examination of her company was being conducted.

That violates Georgia State law and was grounds for the state to issue a license revocation, along with a cease and desist order.

Shannon is not alone, however. Two other mortgage companies were shut down by the state in October. Primary Capital Funding, LLC (also DBA www.primarycapitalfunding.com) of Atlanta was a residential mortgage broker / lender operating without a license. Mountain States Mortgage Centers, Inc. out of Sandy, Utah was a residential mortgage business operating in Georgia without a license.

Before you engage in any activity with a mortgage broker or lender, make sure that they are licensed. The State of Georgia has a link on its website that allows you to search to find out whether a company is licensed with the state. You may access it at this link – https://dbfweb.dbf.state.ga.us/WebMBData.html.