How to Open a Mortgage Broker Company in Georgia

If you’re establishing yourself as a mortgage broker in Georgia, you’ll need to apply for the mortgage broker/processor license with the Department of Banking and Financing.

With this license, you’ll be able to solicit, process, place, and negotiate residential and commercial mortgage loans. Learn how to get your individual or company license with this step-by-step guide.

How Do I Get a Mortgage Broker License in Georgia?

Georgia mortgage broker license applications are submitted via NMLS. You’ll need to provide several documents providing background on your company and meet the financial requirements for approval. 

Below, we’ve outlined a clear, 11-step process you can follow to open your licensed mortgage brokerage in Georgia.

Step 1: Gather financial documents

First, prepare the necessary financial documents:

• Proof of net worth of at least $50,000
• Balance sheet from the most recent fiscal year
• Income statement from the most recent fiscal year
• Any other relevant financial documents 

Submit these documents via the “Documents Upload” section of the Company Form (MU1).

Note: For the first year of operation, a beginning balance sheet, a pro forma balance sheet and income statement may be accepted.

Step 2: Identify your Registered Agent

You must have a Registered Agent (RA) with a permanent address in the state of Georgia. If you are the primary license applicant, this is likely you. 

For corporate, LLC, and partnership applicants based in Georgia, the RA must be the same person or legal entity registered with the Secretary of State.

Step 3: Hire a Mortgage Loan Originator

You will need to hire a Georgia-licensed MLO before your application can be approved unless you are only processing mortgage loans. If so, indicate this in your application. 

Step 4: Create a business plan

Submit your business plan that describe the following:

• Business activities
• Mortgage activities 
• Products offered
• Marketing strategies
• Operating structure

Be sure to title the document as: [Company Legal Name] Business Plan.

Step 5: Gather formation documents

Submit state-certified documentation of formation documents and a name change list if applicable. You will have different documents depending on your business structure.

If you are an out-of-state or foreign company, you’ll need a state-issued Certificate of Authority to do business in Georgia. The document should be titled “GA Certificate of Authority.”

Note: If the company is a sole proprietorship, file your business name as an “Other Trade Name” in NMLS.

Step 6: Get a $150,000 surety bond

Next, purchase a $150,000 Georgia mortgage broker license bond. Make sure your principal name on the bond form matches the MU1 and formation documents identically. 

Once you buy the bond, it will be automatically uploaded as an electronic surety bond to NMLS. 

Step 7: Create personnel charts

You’ll need to make two types personnel charts:

• Management Chart: Include names and titles of all executive officers, officers, and control persons
• Organizational Chart: Include names and percentage ownership of all persons with 10% or more ownership in the company

Use the formatting below to save and submit the files: 

• [Company Legal Name] Management Chart
• [Company Legal Name] Organization Chart - Description.

Step 8: Upload your BSA/AML policy

Create and submit your Bank Secrecy Act/Anti-Money Laundering (BSA/AML) policy. Ensure that you are compliant with the regulations. 

You’ll need to identify a compliance officer and specifically address the following components of the policy:

• Risk assessment
• Board/management governance
• Internal routines & controls
• Independent testing
• BSA/AML compliance training
• Record retention

You can find more information about each of the sections in the CSBS Knowledge Center.

Step 9: Upload your infosec policy

Review the guidance for the FTC’s Safeguards Rules to ensure you are compliant. Then, upload your information security policy in NMLS.

Step 10: Authorize background checks

Next, all owners and control persons listed in the Form MU1 upload an original copy of the background check authorization form. 

This authorizes a credit report and FBI criminal background check. Then, each person must schedule a fingerprinting appointment unless there are already prints on file. 

Step 11: Verify lawful presence 

One individual who is listed as an owner or officer must complete the verification of lawful presence within the U.S. affidavit packet. 

This document should be named “[Company Legal Name] GA Affidavit.”

Step 12: Authorize a state background check

Lastly, all control persons from the MU1 need to sign and upload the Background Check Authorization Form found on the NMLS licensing checklist. 

Another primary expense will be the premium for your $150,000 surety bond. It’s best to work with a surety agency to find the best available rates on the market. 

More FAQs for Georgia Mortgage Brokerage Owners

What activities are authorized under the broker license?

As a licensed Georgia mortgage broker, you are authorized to perform the following activities. 

• First and second mortgage brokering
• Foreclosure consulting/foreclosure rescue
• Home equity lending/lines of credit
• Reverse mortgage brokering
• High cost home loans
• Third-party mortgage loan processing
• Lead generation
• Mortgage loan modifications
• Manufactured housing financing

Find more information on the Department of Banking and Finance mortgage licensing page. 

Do I need a business location to open a mortgage brokerage in Georgia?

No, you don't need a physical place of business to obtain a Georgia mortgage broker license. However, if you do have office locations in Georgia, you must have an on-site manager present.

Is there a QI requirement?

No, Georgia does not have a Qualifying Individual requirement for a mortgage broker license. 

Do loan processors need a separate license?

No, in Georgia, loan processors are defined as mortgage brokers. So, if you work independently or own a company that processes mortgage loans, you will need the joint mortgage broker/processor license. 

More Resources 

• Alabama Mortgage Broker Bonds | Apply Online
• South Carolina Mortgage License Bond Guide
• Licensing Checklists, Requirements, and Fees
• DBF: Mortgage Brokers and Mortgage Lenders