Georgia Mortgage Lender and Broker License Electronic Surety Bond
What is the Georgia Residential Mortgage Lending Act and why do I need a bond?
As an effort to ensure Mortgage Lenders, Brokers and Loan Originators in the state of Georgia perform their duties ethically and responsibly, the Georgia Department of Banking and Finance enforces the Georgia Residential Mortgage Act (GRMA). You must be licensed and registered with the Nation-wide Multistate Licensing System and Registry (NMLS) prior to conducting your duties as a Mortgage Lender or Broker.
One of the licensing requirements you must meet is to secure a Surety Bond. This bond serves as protection for your clients if you fail to conduct your duties ethically or lawfully. If you fail these responsibilities, your client can make a claim against your Surety Bond, which will involve the surety company performing an investigation on the claim. The surety will pay out up to the full bond amount to the claimant if they find the claim to be valid. As the principal of the bond, it’s your responsibility to make the surety financially whole if a payout on a valid claim is made.
Select your license type to get free bond quotes.
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How much does the bond cost? Do I have to make monthly payments?
Georgia Mortgage Lenders are required to get a $250,000 Electronic Surety Bond and Georgia Mortgage Brokers need a $150,000 Electronic Surety Bond. Fortunately, you don’t pay the full bond amount. Applicants with good credit typically pay between 1-5% of the total bond amount as a premium. The premium you pay applies to a one year term with the option to renew prior to the end of the term. Below, select the bond type you need to fulfill your licensing requirements to get free quotes from leading surety companies.
Am I able to get a Surety Bond with bad credit?
Applicants with bad credit are not automatically disqualified from being approved for a Surety Bond. In fact, our surety team can assist applicants get their bond with non-standard credit.
The cost for non-standard credit bonds tends to be a little higher at 5-15% to accommodate for the increased risk. We perform a soft-pull on your credit, so there is no adverse effect on your credit score. Our partnership with leading surety companies allows us to place these bonds at an affordable price.
What are the Georgia Mortgage Lender and Broker License requirements?
The following Georgia state license requirements are set with the Georgia Department of Banking and Finance and NMLS.
Georgia Mortgage Broker/Processor License:
- Pay NMLS Fees
- $400 License & Registration Fee
- $250 Application Investigation Fee
- $100 Processing Fee
- $15 Per Control Person Credit Report
- $36.25 Per MU2 Individual for FBI Criminal Background Check
- Complete and Submit Company Form (MU1)
- Financial Statements (Only required if requested by the Department)
- $150,000 Electronic Surety Bond (ESB)
- Business Plan
- Certificate of Authority (Foreign Entities)
- Formation Documents
- Management & Organizational Charts
- Verification of Lawful Presence within the USA
- Credit Report Explanations (If Necessary)
- State Background Check Authorization
Georgia Mortgage Lender License:
- Pay NMLS Fees
- $900 License & Registration Fee
- $250 Application Fee
- $100 Processing Fee
- $15 Per Control Person Credit Report
- $36.25 Per MU2 Individual for FBI Criminal Background Check
- Complete and Submit Company Form (MU1)
- Financial Statements (Only required if requested by the Department)
- $250,000 Electronic Surety Bond (ESB)
- Business Plan
- Certificate of Authority (Foreign Entities)
- Formation Documents
- Management & Organizational Charts
- Verification of Lawful Presence within the USA
- Credit Report Explanations (If Necessary)
- State Background Check Authorization
Where to get a GA Mortgage Lender or Mortgage Broker Surety Bond
Surety Solutions, A Gallagher Company has made the process of getting a bond quick and easy! Simply select the bond type and amount you need below to get started with a quote.
We’re licensed to issue Surety Bonds in all 50 states! If you have a question about a bond or our application, contact our surety experts by emailing [email protected] or calling (866) 722-9239. Our team looks forward to issuing your bond.
Additional Resources for GA Mortgage Lenders and Brokers
Ensure you select the correct bond amount by using our bond amount calculator.
How to avoid claims on your Mortgage Bond.
Everything you need to know about the Electronic Surety Bond (ESB) process.
Are you looking for a different bond type?
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