The Georgia Mortgage Broker Bond is a type of surety bond required by the State of Georgia Department of Banking and Finance for any entity wishing to obtain a Georgia Mortgage Broker/Processor License. The application to be licensed is processed through the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS. Per the state definition:
“Mortgage Broker” is any person (individual, sole proprietorship, corporation, limited liability company, partnership, trust, or any other group of individuals, however organized), unless otherwise exempt, who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others, or offers to solicit, process, place, or negotiate mortgage loans for others or who closes mortgage loans which may be in the mortgage broker’s own name with funds provided by others and which loans are assigned within 24 hours of the funding of the loans to the mortgage lenders providing the funding of such loans in Georgia.
If a mortgage brokers utilizing Warehouse Lines must apply for a Mortgage Lender License and provide a $250,000 surety bond.
In order to obtain a Mortgage Broker License, the following requirements must be submitted through the online National Mortgage Licensing System:
More information about the specific licensing requirements and processes can be found on the NMLS website. Please note these requirements will slightly vary for Mortgage Lender Licenses. Visit our Georgia Mortgage Lender Surety Bond page for more information!
Under Title 7, Chapter 1 of the Georgia State Code, the Georgia Mortgage Broker Bond ensures the compliance of the licensee with the Georgia Residential Mortgage Act and protects the public from any damages caused by noncompliance. The required bond amount is $150,000. The price for the bond, also known as the bond premium, is only a small fraction of the bond amount. The applicant should verify the bond amount with the obligee before applying for the bond to ensure the bond amount is correct. Since the Georgia Mortgage Broker Surety Bond is required to be continuous in nature, it must be maintained at all times as a condition of licensure.
At surety1.com we make it easy to apply for your Georgia Mortgage Broker Bond. Our simple 3 step process is as follows:
Once these steps have been completed, the bond will be filed electronically with the NMLS.
1-The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Surety1.com is the premier online provider of surety bonds nationwide since 2003. The agency maintains an A+ rating by the Better Business Bureau.