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Become A Mortgage Broker In Georgia

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Georgia or anyone looking to become a mortgage broker in Georgia.

The Georgia Department of Banking and Finance, oversees all aspects of the regulations and activities of Mortgage Brokers in Georgia. A Mortgage Broker license is required even if only one loan is brokered.

Applicants who desire to become a Mortgage Broker in Georgia pay a $250 Investigation Fee plus a $500 Annual License Fee. Applicants also provide either a $50,000 Surety Bond or an Irrevocable Letter of Credit. In addition, Financial Statements audited by a CPA are part of the application, plus a copy of your most recent income tax return and a passport-size photo. Applicants need to meet a minimum tangible net worth requirement of $25,000.

Applicants need to provide original duplicate fingerprints (processing fee is $30 per set) and permission for obtaining a current Credit Report. The regulating agency will do thorough background checks through the Federal and State information systems. Bad credit makes an application very difficult to be approved as applicants need to demonstrate reasonable financial responsibility. Criminal activity that has not been pardoned will result in the application not being approved.

Effective July 1, 1998, Georgia requires all Mortgage Brokers licensed out of state to have a physical location within the state of Georgia. This location may not be just a post office box or mail/message delivery spot, and must be staffed by at least one supervised employee. However, if your home state is a state other than Georgia, you may still obtain a Georgia Mortgage Broker license if your home state does not require a physical place of business in it.

Proof of two recent years experience in the mortgage industry or else proof of equivalent education is also required to become a Mortgage Broker in Georgia.

The Georgia Association of Mortgage Brokers (GAMB) which is an affiliate member of the National Association of Mortgage Brokers (NAMB) www.namb.org, formed a sister organization in 2001. The Georgia Association of Mortgage Brokers Educational Foundation (GAMBEF) provides educational and certification courses for existing Mortgage Brokers and for those who desire to become a Mortgage Broker in Georgia.

We also offer information and resources for Georgia Commercial Mortgage.

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