Georgia mortgage licensing

Mortgage Broker Licensing

License:  Georgia Mortgage Broker/Processor License

Physical Office Required:  No
Qualifying Individual Required: No
Minimum Net Worth:  None specified
Financial Statements:  None
Surety Bond Amount:  $150,000
Company License Fee:  $750


Mortgage Lender Licensing

License:  Georgia Mortgage Lender License

Physical Office Required:  No
Qualifying Individual Required:  No
Minimum Net Worth:  None
Financial Statements:  Unaudited
Surety Bond Amount:  $250,000
Company License Fee:  $1,250


Regulated by:

Department of Banking and Finance
2990 Brandywine Road, Suite 200
Atlanta, GA 30341-5565
Phone: 770-986-1633
Fax: 770-986-1654
Email: dbfmort@dbf.state.ga.us

 

Click on a state below for specific licensing information

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

Georgia Mortgage Broker/Processor License/Registration Requirements

In Georgia, individuals and companies engaged in mortgage brokering or processing activities are regulated by the Georgia Department of Banking and Finance. Here are the general requirements for obtaining a Mortgage Broker or Mortgage Processor license/registration:

  1. Meet Basic Eligibility Criteria:

    • Applicants must be at least 18 years old.
    • Applicants must have a high school diploma or equivalent.
  2. Pre-Licensing Education:

    • Complete pre-licensing education courses approved by the Nationwide Multistate Licensing System & Registry (NMLS). Georgia typically requires 20 hours of NMLS-approved education for mortgage loan originators (MLOs).
  3. Pass the NMLS Exam:

    • Successfully pass the SAFE Mortgage Loan Originator Test administered by the NMLS. This exam assesses knowledge of federal and state mortgage regulations and lending practices.
  4. Background Check and Fingerprints:

    • Undergo a criminal background check and provide fingerprints through the NMLS.
  5. Electronic Surety Bond:

    • Electronic Surety Bond via NMLS in the amount of $150,000 furnished and submitted by a surety company authorized to conduct business in Georgia. The name of the principal insured on the bond must match exactly the Full Legal Name of the applicant on the MU1and any organizing documents.
  6. State Background Check Authorization:

    • Individuals identified as a control persons listed on the Company Form (MU1) are required to upload an executed original copy of the Background Check Authorization Form consenting to a criminal history record check on the proposed control persons. This is separate from the NMLS federal background check for the submission of the Individual Form (MU2)
  7. Errors and Omissions Insurance:

    • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker or processor activities. This insurance protects against liability for errors or omissions in professional services provided to clients.
  8. Certificate of Authority (Foreign/Out-Of-State Entities):

  9. Upload a State-issued and approved document (typically by the Secretary of State’s office) that demonstrates authorization to do business in Georgia.

  10. Formation Documents:

    • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker or processor activities. This insurance protects against liability for errors or omissions in professional services provided to clients.
  11. Register with the NMLS:

    • Register your mortgage broker or processor company and its associated individuals with the NMLS.
  12. Submit Application:

    • Complete the mortgage broker or processor license/registration application through the NMLS. Provide all required information accurately and ensure that all supporting documents are submitted.
  13. Pay Fees:

    • Pay the required application and licensing fees to the Georgia Department of Banking and Finance.
  14. Maintain Compliance:

    • Ensure ongoing compliance with all state and federal regulations governing mortgage brokers and processors in Georgia. This includes maintaining accurate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.

Georgia Mortgage Lender License/Registration Requirements

Pre-License Education: Complete any required pre-license education courses. These courses often cover topics such as mortgage lending laws, ethics, and lending practices.

Register with the NMLS: The Nationwide Multistate Licensing System & Registry (NMLS) is the system through which mortgage professionals apply for and manage their licenses. Register with the NMLS and create an account.

Complete the Application: Fill out the mortgage lender license application through the NMLS. Be prepared to provide detailed information about your business, financial history, personal history, and any other required documentation.

MU2 Individual FBI Criminal Background Check Requirements: Ultimate equitable owners, executive officers, and other persons with control are required to authorize an FBI criminal background check through NMLS. A criminal background increases the difficulty of making a favorable finding on an application. The Department shall not issue a license if the applicant or any of its MU2/Control Person has been convicted of a felony and did not obtain a pardon or other remedy pursuant to O.C.G.A. Section 7-1-1004(h).

State Background Check Authorization: Individuals identified as control persons listed on the Company Form (MU1) are required to upload an executed original copy of the Background Check Authorization Form consenting to a criminal history record check on the proposed control persons.

Submit Fees: Pay the necessary application and licensing fees. Fees can vary, so check with the Georgia Department of Banking and Finance (DBF) for the most current fee schedule.

Obtain a Surety Bond: Electronic Surety Bond via NMLS in the amount of $250,000 furnished and submitted by a surety company authorized to conduct business in Georgia.

Financial Statements: Financial Statements may be required upon request by the Department.

Formation Documents: Determine classification of applicant’s legal status and submit a State certified copy of the applicable documentation

Maintain Compliance: Once licensed, you’ll need to adhere to all Georgia state laws and regulations governing mortgage lending. This includes maintaining proper records, submitting reports, and staying current with any continuing education requirements.

Renew Your License: Mortgage lender licenses typically need to be renewed annually or biennially. Make sure to keep track of renewal deadlines and submit any required documentation and fees on time.

Stay Informed: Mortgage lending regulations can change, so it’s important to stay informed about any updates or changes to Georgia state laws that may affect your business