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Georgia Mortgage Broker, Lender or Loan Originator Bond

Georgia Mortgage Broker, Lender or Loan Originator Bond

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Who Requires the Mortgage Broker, Lender or Loan Originator Bond and Why Is It Needed?

Mortgage originators, brokers and lenders operating in Georgia must post a surety bond on behalf of the Georgia Department of Banking and Finance. In order to receive an accurate premium quote, you should verify with the state the exact bond amount required for your particular situation prior to requesting a bond quote. The minimum coverage amounts for the surety bonds required pursuant to Georgia House Bill 143 are $150,000 for licensed or registered mortgage brokers and $250,000 for licensed or registered mortgage lenders. 

How Much Will My Surety Bond Cost?

Take 2 minutes to provide the basic information required to get the best rates for your Georgia Mortgage Broker, Lender or Loan Originator Bond. The quote request is free and there is no obligation to you. If you prefer, please call 1‐800‐608‐9950 to speak with one of our friendly bond experts. We can help guide you through the bonding process and identify the lowest cost in the market for your situation.

If you are interested in spreading out the cost of your bond over time, we can offer convenient financing plans for many types of surety bonds. More information will be provided with your quote.

What Does the Bond Protect Against?

The purpose of the bond is to ensure that licensed mortgage brokers and lenders conduct business practices in accordance with the provisions the Georgia Residential Mortgage Act and other applicable guidelines and legal requirements.

In the event that damages result from the broker or lender’s non-compliance or other violation, a valid claim may be filed requiring the surety company to compensate the damaged party for losses up to the full amount of the bond. The bond principal provides indemnity to the surety company requiring reimbursement of any losses. This bond may be canceled if the surety company provides 30 days advance written notice to the Department of Banking and Finance.

What is Needed to Obtain My License or Registration?

A Georgia Mortgage Broker license or registration is required for any non-exempt individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, who directly or indirectly makes, originates, or purchases mortgage loans or who services mortgage loans in the state of Georgia. Non-exempt loan servicers are also required by Georgia law to have a mortgage broker’s license.

The following are general requirements to securing the license in Georgia:

  • Pay state licensing Fees as required
  • Provide tax return information and company financials to the state for review
  • Furnish Surety Bond as outlined above
  • Submit to FBI criminal background check
  • Submission of a credit report through NMLS for all control persons
  • Meet Georgia Residential Mortgage Act requirements related to student loans and child support

Note: A license may not be required some parties including; federally insured financial institutions and wholly owned subsidiaries, W-2 employees of licensees and registrants, attorneys not in the business of negotiating loans, anyone performing any act relating to mortgage loans under a court order, nonprofit corporations making mortgage loans to promote home ownership or improvements for the disadvantaged, or any natural person who makes five or less mortgage loans in any one calendar year.

List of Georgia surety bonds.

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