The State of Georgia, Department of Banking and Finance, administers through the National Mortgage Licensing System the licensing of Mortgage Lenders and Mortgage Processors and Mortgage Loan Originators.
The Georgia Rules and Regulations, Chapter 80-5-1 defines the regulations for financial institutions including licensing. The following is required for a mortgage lender license:
1. Complete all pre-license education and take the written examinations.
2. Completion of the required licensing through the National Mortgage Licensing System (NMLS) and pay the applicable processing fee, credit report fee, FBI Criminal Background Check 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. 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.
5. Provide photo IDs.
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 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 an income statement and balance sheet. For new businesses, an initial statement of condition or Proforma is required.
9. Provide a business plan that includes marketing strategy and products, operating structure, etc.
10. Submit a Management Chart for any division, officers, managers and an organizational chart for applicants that may be owned by another entity.
11. Provide formation documentation for applicants that are corporations, limited liability companies or partnerships.
12. A minimum $150,000 surety bond is required for the license. The name of the principal (applicant) on the surety bond must match exactly as the full legal name of the applicant on the application.
13. Complete the Grievance Policy that specifies the business procedures for grievances.
14. If applicant answers “Yes” to any of the Disclosure Questions, provide complete details and provide any applicable documents.
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 Signature of Oath of Applicants document.
18. Complete the Verification of Lawful Presence with the United States.
The premium that you pay for a Georgia Mortgage Lender Surety Bond is dependent on credit and the bond amount required
Hours: 8:00-5:00 CST, Monday through Friday