Georgia Mortgage Broker License: Full Guide [2023 Update]
Mortgage professionals in Georgia have to undergo a licensing procedure, similarly to brokers in the rest of the U.S. You have to obtain a Georgia mortgage broker license to start your operations in the state.
You need to meet a range of requirements in order to get licensed. They ensure you fit the standards of the state for conducting such professional activities.
The licensing authority is the Georgia Department of Banking and Finance. However, you have to apply via the Nationwide Multistate Licensing System and Registry (NMLS).
In this guide, you can find the essential details about the licensing and bonding procedure for your Georgia mortgage brokerage, so that you can kickstart your business with ease.
Choose a Mortgage License Type
Your first step is to select the right license type for your intended activities. The options are:
- Mortgage Broker/Processor License (company) – soliciting, processing, placing or negotiating mortgage loans for others
- Mortgage Lender License (company) – making, originating, or purchasing loans or servicing them
- Mortgage Loan Originator License (individual) – working with loan applications and negotiating loan terms
You can consult the full list of license types on the NMLS website.
Meet the Georgia Mortgage Broker License Requirements
In order to get your Georgia mortgage license, you have to comply with the state criteria defined by the Department.
If you want to obtain a Georgia mortgage lender license or broker license (company licenses), you need to obtain a business registration from the Georgia Secretary of State. You have to provide your formation documents when applying. Sole proprietors don’t need a registration with the SoS.
You need to provide additional documents as well, such as:
- Trade name (if applicable)
- Business plan
- Organizational chart
- Management chart
- Resident/Registered Agent information
- Primary contact employees information
- Disclosure questions
- Control Person (MU2) attestation
Applicants for a Georgia mortgage loan originator license (individuals) are exempt from these requirements.
Criminal Background Checks
You need to obtain an FBI criminal background check, as well as a state background check. When applying for a company license, this will be necessary for all control persons.
Credit Report and Financial Statements
A credit report authorization is needed for all license types. In the case of companies, it should be for all control persons.
The Department may require some company applicants to provide a financial statement as well.
Education and State Exams
If you’re applying as an individual for a loan originator license, you have to complete at least 20 hours of NMLS-approved pre-licensure education courses. Afterwards, you need to pass the relevant test as well.
Provide a Surety Bond
Mortgage brokers and mortgage lenders in GA need to get a surety bond. It functions as a safety net that protects the licensing authorities and your customers in case you engage in fraudulent or illegal actions.
The amounts of the Georgia mortgage broker bond vary by license type:
- Mortgage Broker/Processor License – $150,000
- Mortgage Lender License – $250,000
In order to get bonded, you don’t need to pay the full amount. Your premium is only a fraction of it, which is determined on the basis of your financial situation. The factors that matter include your personal credit score, company financials, and any fixed or liquid assets that you showcase. If these indicators are in good shape, you can expect rates between 0.5% and 5%.
Want to check the exact cost of your Georgia mortgage broker bond? Just complete the short form below!
Complete the Georgia Mortgage Broker License Application
Once you have satisfied all requirements, you have to fill in the application form for your specific license type.
In case you need to send documents to the Department, you can mail them to:
Georgia Department of Banking and Finance
2990 Brandywine Road, Suite 200
Atlanta, GA 30341-5565
License and Registration Fees
Together with submitting your application form, you have to cover certain fees:
- Mortgage Broker/Processor License – $400 license fee, $250 application investigation fee, $100 NMLS initial processing fee
- Mortgage Lender License – $900 license fee, $250 application investigation fee, $100 NMLS initial processing fee
- Mortgage Loan Originator License – $100 application and license fee, $30 NMLS initial processing fee
For all applicants, the credit report fee is $15 per control person, and the FBI criminal background check fee is $36.25.
Do you need more information about the Georgia mortgage license and bonding process? You can reach us at 877.514.5146.
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