Georgia Mortgage License

Well, it has been a bit since I have posted any new information, so I figured we would hit one of the more popular states we do licensing for; Georgia.

The state of Georgia has a single application form (governed by the Georgia Department of Banking and Finance) that can be used to apply for either a brokers license, lenders license, or dual authority. The requirements are higher for lenders, so be sure to pay attention to that should you decide to apply.

One of the first things you will want to do if applying in GA will be to order blank fingerprint cards through the GA website. This is critical as you will want to get your completed fingerprints filed as quickly as possible because the timeframe for those to be investigated can be rather long.

To be licensed as a broker, you have to meet a number of requirements. First, you will have to prove at least 2 years of experience in the mortgage industry through either letters of reference or W2's. You will also have to take a 4 hour GA course which is available at most online providers such as schoolofmortgagelending.com. GA also requires a $50,000 surety bond, but doesn't necessarily have a net worth requirement. However, we have found that your best chance for a speedy approval is to show at least $20-$25k in company net worth.

To be licensed as a lender, the net worth and bond requirements go up substantially. You have the option of either providing audited company financials in the amount of $250,000 or providing a $150,000 surety bond. The experience requirement is still the same as the broker.

One unique requirement that Georgia has involves the need for a physical office. Essentially, GA says that if your home state requires a physical office for out-of-state brokers/lenders then you will have to maintain a physical office in the state of Georgia in order to do business there. Currently, GA recognizes Alabama, Idaho, Kentucky, Missouri, Nevada, New Jersey, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, & Texas as states that require physical offices in their states. If you are located in one of these states, then you will be required to open an office in GA in order to get licensed there.

As always, I hope you have found this information helpful and easy to read. If you have any questions, please post them in the comments section or give us a call at 866.588.6600. Feel free to check out our website at www.amlicensing.com.

Thanks, Eric