On January 27, 2010, the Georgia Department of Banking and Finance (“Department”) [announced that it had] entered into a Consent Order with Dependable Mortgage, LLC, License Number 19425, formerly located at 6030 Dawson Boulevard, Suite A, Norcross, Georgia 30093, and its owner, Gbenga Ibisanmi, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules.

The Consent Order includes the following terms:

• The revocation of Dependable Mortgage, LLC’s mortgage broker’s license became effective on January 27, 2010. Dependable Mortgage, LLC can never apply to the Department for another license to be a mortgage broker or to be a mortgage lender;
• Gbenga Ibisanmi is prohibited from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender or from acting as a director, officer, partner, employee, equitable owner, or any other equivalent role for a mortgage broker or mortgage lender for 5 years. Further, Mr. Ibisanmi is prohibited from acting as a branch manager for a Georgia mortgage broker or Georgia mortgage lender for 5 years; and
• Gbenga Ibisanmi is prohibited from applying for a Georgia mortgage broker’s or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, limited liability company, or other business association, for 5 years.

The Consent Order states that Dependable Mortgage and Gbenga Ibisanmi made false statements and material misrepresentations in addition to employing a felon.