A Georgia Mortgage Broker Bond, also refereed to as a Georgia Mortgage Broker/Processor Bond, is a type of surety bond required by the Georgia Department of Banking and Finance to obtain a mortgage broker license. The bond amount is $150,000 and the surety bond is filed electronically to the NMLS. The cost of the surety bond is usually between 1% and 3% of the bond amount. Surety1 will shop its many markets to procure the right price at the right terms.
How to Get a Georgia Mortgage Broker Bond
At Surety1.com we make it easy to obtain this surety bond. Our simple, three step process is:
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day. 2
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Georgia Mortgage Broker Bond will be filed electronically by Surety1 directly to 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.
2- Subject to underwriter approval, based on aggregate surety bond exposure, additional underwriting information may be required
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
About Surety1.com
Contact Surety1
About the Georgia Mortgage Broker/Processor License.
While the license is a requirement of the Georgia Department of Banking and Finance, the license administration and application is managed through the Nationwide Mortgage Licensing System (NMLS). A checklist for the license requirements can be found here.
Per the Official Code of Georgia Annotated (O.C.G.A.) § 7-1-1000 et. seq.), a “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,
- Offers to solicit, process, place, or negotiate mortgage loans for others
- 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.
- Loan Processors are, by definition, required by Georgia law to have a mortgage broker’s license or registration unless such person is otherwise exempt under Georgia law.
A license and Georgia Mortgage Broker Bond is required to perform any of these activities in the state.
Activities Authorized Under This License/Registration
This license authorizes the following activities.
- First mortgage brokering
- Second mortgage brokering
- Foreclosure consulting/foreclosure rescue
- Home equity lending/lines of credit
- Reverse mortgage brokering
- High cost home loans
- Third party mortgage loan processing
- Lead generation
- Mortgage loan modifications
- Manufactured housing financing
An on-site manager is required to be appointed for the main office and all other Georgia locations where the licensee conducts business with consumers in the state of Georgia. For the Main Office location, this
individual may be referred to as the Branch Manager and his/her business address must match the address listed as the “Main Address” on Form MU1. Georgia does not have a Qualifying Individual requirement.
The information provided above is for general informational purposes only and does not constitute legal advice. Do not rely solely on the information presented here as a substitute for professional legal counsel.
Click here to visit our state-by-state guide to mortgage industry bonds .
How to Get Your Georgia Mortgage Broker Surety Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.