In the following press release the Georgia Department of Banking and Finance announced that on August 24, 2009, the Notice of Intent to Revoke Annual License issued by the them became final against Advanced Funding Services, Inc., mortgage broker’s license number 19851, located at 3296 Summit Ridge Parkway, Suite 1210, Duluth, Georgia 30096.

The Notice of Intent to Revoke Annual License provided, among other things, that the Department has evidence that Advanced Funding Services, Inc. made false statements or misrepresented material facts to lenders and failed to properly maintain a mortgage loan transaction journal.
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Additional Materials

• Advanced Funding Service - [Press Release] [Final Order]
• Soon Hyung Park - [Press Release] [Final Order]

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Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender that is not licensed or exempt from licensing or registration provisions.

In conjunction with these same violations, the Department issued an Order to Cease and Desist to Soon Hyung Park (aka Seth Park), president of Advanced Funding Services, Inc. The Order to Cease and Desist also became final on August 24, 2009.

Pursuant to state law that was in effect when the violations underlying the Order to Cease and Desist were committed, the Department may revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years if the Order resulted from conducting mortgage business with an unlicensed person or committing prohibited acts.

Editor Note - On the same day the Department also issued Cease and Desist orders to 3 other people for “making false statements or misrepresenting material facts to lenders”. They are:

Kyung A. Lee (aka Lisa Lee aka Lisa Song) - [Press Release] [Final Order]

Jean Song (aka In S. Song) - [Press Release] [Final Order]

Mi Ae Li (aka Andrea Kim) - [Press Release] [Final Order]