Mortgage brokers assist individuals who want to purchase their dream homes or businesses, but don't have quite enough capital. Brokers use their knowledge, expertise, and professional connections to ensure the customer is given an adequate loan on palatable terms. Each state, including Georgia, has specific licensing requirements and guidelines for prospective mortgage brokers.
Physical Office Requirements
If the company or individual requesting a mortgage broker's license originates the process in Georgia, then they are required to have a physical Georgia address. Post office boxes or mail delivery addresses are ineligible; locations must have at least one supervised employee. If the state of origination does not require the broker to have a physical location within their state, the state of Georgia will extend leniency; however, if the state of origination does require to broker operate from an in-state physical location, the residency regulation extends to the state of Georgia as well.
Georgia mortgage brokers are required to complete 40 hours of broker education prior to licensing. If the applicant has two years of mortgage brokering experience, the education requirement will be waived and the candidate will only need to complete a four-hour Internet course regarding Georgia's laws and regulations.
Fee and Asset Requirements
There are several fee requirements for individuals who wish to become Georgia mortgage brokers. Applicants have to pay an initial investigation fee of $250 and a $500 licensing fee annually. Mortgage broker candidates have to supply either an Irrevocable Letter of Credit or Surety Bond worth $50,000. They must also provide financial statements to be thoroughly audited by a certified public accountant, as well as their current income tax return with a passport sized photograph. Applicant's tangible assets are required to total or exceed the net amount of $25,000.
Background and Credit Requirements
Georgia mortgage broker applicants are required to undergo federal and state background checks. To this end, candidates are required to supply original duplicate fingerprints with a $30 processing fee. Applicants must also grant permission for the investigation of a current credit report, with the understanding that mortgage brokers are required to prove financial reliability and a low credit rating could result in the denial of a licensing application. Unpardonable criminal activity will also result in the rejection of a broker application.
Georgia mortgage broker licensing is regulated by the Georgia Department of Banking and Finance:
2990 Brandywine Road, Suite 200 Atlanta, GA 30341 770-986-1633 http://dbf.Georgia.gov