Georgia Mortgage Broker Bond |
AmeriPro Surety Bonds | 844-589-9732
Mortgage Brokers – Georgia
Georgia’s Department of Banking and Finance oversees the licensing and regulation of mortgage brokers in the state.
In addition to other requirements, some of which are detailed below, mortgage brokers are required to furnish the Department with a $150,000 Georgia mortgage broker bond.
AmeriPro Surety Bonds offers you this surety bond for electronic filing as required via NMLS as a either first time/new or renewal surety bond.
Georgia Mortgage Broker: Open Window
For existing licensees, the renewal period is between November 1st and December 1st. The application is late and subject to late fees if received between December 2nd and December 31st.
Georgia Mortgage Broker Bond: The Purpose of this Surety Bond Requirement
The purpose of the Georgia mortgage broker bond is a financial guarantee which ensures your compliance with the GRMA (Georgia Residential Mortgage Act) and any other statutes regulating your profession within the state, particularly Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated.
The mortgage broker surety bond protects others —the Department and the people of the state of Georgia — from acts of fraud, theft, negligence, or malfeasance committed by a mortgage broker which causes harm.
The bond’s existence allows those who can credibly demonstrate harm to be compensated; however, as principal of the surety bond, you are responsible for the reimbursement of all fees and costs paid to cover any claims against you.
Georgia Mortgage Broker Bond: Premium and the Bond Term
In addition to the credit check involved in the licensing of a Georgia mortgage broker, there is also a credit check involved in determining the surety bond’s annual premium.
An applicant with very good credit, may pay 1%, or $1500 annually for this surety bond; however, the amount you will be required to pay will be determined by information provided on your surety bond application.
Because of the bond’s large size, you may be requested to provide information about:
- Your net worth;
- Your income and the source or sources of the income;
- Unsatisfied debt, taxes, liens, and any unpaid judgments;
- Whether you have filed bankruptcy.
Our agency will appreciate your candor and honesty in answering these questions. We are here to assist you, and our goal is to get you bonded at the best pricing.
Some Requirements to Become a Georgia Mortgage Broker :
In addition to the $150,000 surety bond requirement, Georgia mortgage brokers must:
- Complete an application;
- Pay a $250 investigation fee and a $400 annual fee;
- Provide their net worth (there is no pre-established minimum);
- Submit to a credit check (this is separate from the one required for the surety bond application)
Applicants must also be in good standing with student loans and child support payments.
AmeriPro Surety Bonds is a surety bonds-only agency. We provide license and permit, contractor, court, and fiduciary bonds throughout Georgia.
Our agency also provides surety bonds nationwide.
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