The State of Georgia's Department of Banking and Finance administers the licensing of Mortgage Brokers and Mortgage Processors, through the NMLS: the National Mortgage Licensing System.
The Georgia Rules and Regulations, Chapter 80-5-1 defines the regulations for financial institutions including licensing.
The following is required for a Georgia Mortgage Broker or Processor License:
1. Complete all pre-licensing education and take the written examinations.
2. Completion of the required licensing through the National Mortgage Licensing System (NMLS) and pay the applicable credit report fee, FBI Criminal Background Check Fee and processing fee.
3. A credit report is required for each person of control for the business. If any credit report contains liens, a bankruptcy, or other negative credit remark, an explanation and/or proof of settlement is required. Individuals with student loans and child support must provide proof of payment arrangements.
4. Provide photo IDs.
5. FBI Criminal Background Check is required for any person of control (director, officer, partner, agent, employee, or a person having more than 10% ownership, or person that establishes policy or directs affairs). An Authorization for Background Check and Release is also required.
6. Indicate on the application any trade names or dba’s that will be used. If domiciled in Georgia, the applicant must file a Trade Name Registration with the Superior Court in the county or counties in which the business is located. If using more than one dba or trade name, each name must be registered.
7. The resident agent section of the application must match the information currently on file with the Georgia Secretary of State.
8. Provide financial statements that include a balance sheet and income statement. For new businesses, an initial statement of condition is required.
9. Provide a business plan that includes marketing strategy and products, operating structure, etc.
10. Submit a Management Chart for all divisions, officers, managers and an Organizational Chart for applicants that are owned by another entity or entities.
11. Provide formation documentation for applicants that are partnerships, corporations, or limited liability companies.
12. Complete the Grievance Policy that specifies the procedures for grievances.
13. If applicant answers "Yes" to any of the Disclosure Questions, provide complete details and any applicable documents.
14. Complete the Signature of Oath of Applicants document.
15. Provide a copy of the original completed IRS 4506T form and a copy of the company’s most recent tax return. Provide a copy of the tax return of the parent company if applicable. If a new entity, provide a letter of explanation.
16. Obtain a Certificate of Authority or Good Standing from the Secretary of State.
17. Complete the Verification of Lawful Presence with the United States.
18. A minimum $50,000 surety bond is required. If a broker is using warehouse lines, the broker is considered a lender and must obtain a $150,000 surety bond. The name on the surety bond for the principal (applicant) must match exactly as the full legal name of the license application.
The premium that you pay for a Georgia Mortgage Broker or Processor Surety Bond is dependent on credit and the bond amount required.
Georgia mortgage brokers must renew their license annually prior to January 1. (Georgia Rules and Regulations 80-5-.02 (4)(b))
Hours: 8:00-5:00 CST, Monday through Friday