Houston-based Cornerstone Home Lending voluntarily surrendered its mortgage lender license in Georgia, in addition to paying a $33,500 fine, according to a release from the Georgia Department of Banking and Finance.
Of the amount, $28,500 will be paid to the department, while $5,000 will contribute to the State Regulatory Registry.
On August 12, the department ordered Cornerstone to cease and desist operations for violations of the Georgia Residential Mortgage Act.
Judith Belanger and Marcus Laird, owners of Cornerstone Home Lending, will be prohibited from directing the affairs of a licensed Georgia mortgage broker or lender for a period of five years.
The lender does not admit or deny the violations asserted in the Notice of Intent to Revoke Annual License and the proposed Order to Cease and desist.