In Georgia, individuals and companies engaged in mortgage brokering or processing activities are regulated by the Georgia Department of Banking and Finance. Here are the general requirements for obtaining a Mortgage Broker or Mortgage Processor license/registration:

1. Meet Basic Eligibility Criteria:

   • Applicants must be at least 18 years old.
   • Applicants must have a high school diploma or equivalent.

2. Pre-Licensing Education:

   • Complete pre-licensing education courses approved by the Nationwide Multistate Licensing System & Registry (NMLS). Georgia typically requires 20 hours of NMLS-approved education for mortgage loan originators (MLOs).

3. Pass the NMLS Exam:

   • Successfully pass the SAFE Mortgage Loan Originator Test administered by the NMLS. This exam assesses knowledge of federal and state mortgage regulations and lending practices.

4. Background Check and Fingerprints:

   • Undergo a criminal background check and provide fingerprints through the NMLS.

5. Electronic Surety Bond:

   • Electronic Surety Bond via NMLS in the amount of $150,000 furnished and submitted by a surety company authorized to conduct business in Georgia. The name of the principal insured on the bond must match exactly the Full Legal Name of the applicant on the MU1and any organizing documents.

6. State Background Check Authorization:

   • Individuals identified as a control persons listed on the Company Form (MU1) are required to upload an executed original copy of the Background Check Authorization Form consenting to a criminal history record check on the proposed control persons. This is separate from the NMLS federal background check for the submission of the Individual Form (MU2)

7. Errors and Omissions Insurance:

   • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker or processor activities. This insurance protects against liability for errors or omissions in professional services provided to clients.

8. Certificate of Authority (Foreign/Out-Of-State Entities):

9. Upload a State-issued and approved document (typically by the Secretary of State’s office) that demonstrates authorization to do business in Georgia.

10. Formation Documents:

    • Obtain Errors and Omissions (E&O) insurance coverage for your mortgage broker or processor activities. This insurance protects against liability for errors or omissions in professional services provided to clients.

11. Register with the NMLS:

    • Register your mortgage broker or processor company and its associated individuals with the NMLS.

12. Submit Application:

    • Complete the mortgage broker or processor license/registration application through the NMLS. Provide all required information accurately and ensure that all supporting documents are submitted.

13. Pay Fees:

    • Pay the required application and licensing fees to the Georgia Department of Banking and Finance.

14. Maintain Compliance:

    • Ensure ongoing compliance with all state and federal regulations governing mortgage brokers and processors in Georgia. This includes maintaining accurate records, adhering to advertising guidelines, and fulfilling any continuing education requirements.