How To Become A Mortgage Broker In The State of Georgia

If you need assistance contact our Director of Operations,

 Garry Trost
garryt@capinst.com

 

First:

Applicants wishing to become eligible to submit an application for a Georgia Mortgage Brokers License are required to:

1st :    Successfully pass a NMLS approved 20 hour comprehensive PE course ( Safe Act Training)
2nd:   Pass their NMLS national and unified state tests
3rd:    Complete all required online documentation as required by the NMLS as an loan originator
4th:    Pay all required fees as required by the NMLS ( credit- background – processing fee)

Next:

Now on the assumption that your originator documentation, credit and background check are acceptable to the GA Dept of Banking & Finance; you can now submit your Georgia brokers application through the NMLS Portal.

Here’s the link to the NMLS site for company registration:  http://mortgage.nationwidelicensingsystem.org/slr/resources/Pages/GettingStartedStateCo.aspx

If you need assistance contact our Director of Operations,  Garry Trost for guidance / garryt@capinst.com

Georgia Broker Application & Fees

Using the NMLS company portal you will complete your required forms
GA-Mtg-Broker-Processor-License-Registration-NewApp-Checklist

For a Control Person who owns 100% of the brokerage there’s a $750.00 fee paid through the NMLS portal.
Any additional Control Persons  owning more than 10% ownership of the brokerage must pay an additional $250  for their own separate background checks.

Additional Surety Bond Fees:

The brokerage must also obtain a pre-paid Surety Bond with the Georgia Dept of Banking & Finance Named as the Payee in the amount of $50,000.

After December 31, 2017 the surety bond requirement will be raised to $150.000 for Brokers and $250,000 for Lenders 

Here is the link for your surety bond information:
https://dbf.georgia.gov/surety-bond-information

Here is a link provided by the NMLS of Surety Bond providers:
 http://mortgage.nationwidelicensingsystem.org/news/Documents/Authorized%20Producers%20and%20Companies.pdf

If you don’t want to call the entire list ; here a link to Google: surety bond companies serving GA
https://www.google.com/searchq=surety+bond+companies+serving+GA&rlz=1C1CHFX_enUS572US572&oq=surety+bond+companies+serving+GA&aqs=chrome.0.69i59.11967j0j8&sourceid=chrome&ie=UTF-8

 

Almost There:

Submit your application with all required documentation, fees and prepaid surety bond and wait!

How Long? 3 to 5 weeks depending on the amount of broker application that the GA Dept of Banking & Finance are processing

Once your broker’s application is granted you’ll need to think about hiring loan originators. Even though you’re now a broker you can’t originate loans or speak to the public about rates and loan programs. So now you’ll make a request through the NMLS to create a RELATIONSHIP and then a SPONSORSHIP for each originator you wish to hire; including yourself.

Getting Close:

So now you have your Broker’s license and you’ve hired your loan originators,  but how are you planning on processing your loan applications and what Lenders have agreed to buy your loans?

Loan Processing :

As the Broker are you planning to process your own loans?
Or; are you planning on hiring your own processor?
Or; are you electing to send your loan files to an outside loan processing company.

Mortgage Regulations & Compliance

You really need to know your Federal and State of Georgia Mortgage laws and regulations.
Capstone Institute can help you with online training with your GA mortgage regulations


Now All That’s Done- The Most Important Thing You Need To Do Is To Find A Lender Who Will Buy Your Loans :

We have a solution for that to:

Visit – Meet Lenders – on our home page.

 

 

 

 

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