Georgia Mortgage License Bonds

Georgia Mortgage License Bonds

The Department of Banking and Finance manages the regulation and licensing of mortgage brokers/processors, mortgage lenders, and mortgage loan originators within the State of Georgia. 

To qualify for and maintain a license, the Department mandates a surety bond. Specifically a $150,000 Mortgage Broker/Processor Bond or a $250,000 Mortgage Lender Bond. 

Jet Insurance Company provides the surety bonds listed above to act as a financial assurance to the Department that the mortgage professional will abide by the regulations of their license. If the licensee commits a violation that causes financial damages, funds from the bond may be used as a means of restitution for the claimant. 

QUOTE

It is important to note that if you are a first-time applicant for a mortgage loan originator license, sponsorship by an already licensed mortgage broker or lender is required by the Department (MLOs are covered by their sponsor’s mortgage bond). 

What Is Jet’s Lowest Price for a Georgia Mortgage License Bond?

At Jet, the cost of a surety bond is a small fraction of the required limit and is determined by a soft credit check of the applicant. 

For instance, rates for the $150,000 Mortgage Broker/Processor Bond start at $563 for a one-year bond term or just $56 a month. Additional bond terms at Jet’s preferred tier pricing can be found in the chart below. 

Bond TermCost
Monthly$56
1-Year$563
2-Years$984
3-Years$1,407
GA Mortgage Broker/Processor Bond Pricing

As for the $250,000 Mortgage Lender Bond, rates begin at $94 per month or $938 for a one-year term. View the following chart for examples of two and three-year rates. 

Bond TermCost
Monthly$94
1-Year$938
2-Years$1,640
3-Years$2,345
GA Mortgage Lender Bond Pricing

Georgia Mortgage Broker/Processor Bond and Mortgage Lender Bond Details

The Georgia Department of Banking and Finance uses the Nationwide Multistate Licensing System and Registry (NMLS) for the management of mortgage licenses, as well as for the filing of applicable surety bonds. So, once you purchase a Mortgage Broker/Processor Bond or a Mortgage Lender Bond, it must then be sent over to the NMLS for filing.

No need to worry about this step as the Jet team can take care of all of this for you! We simply need you to grant us permission to act as your designated surety company with the NMLS (Jet Insurance Company NAIC #16379). If you are unsure how to do this, the NMLS breaks it down within the Electronic Surety Bond for Licensees webpage.

In the State of Georgia, renewal applications for a mortgage broker/processor, mortgage lender, and mortgage loan originator are due between December 1st and December 31st of each year. According to the Department, applicants must have an active surety bond on file with the NMLS to qualify for a renewed license. Check out the appropriate link at the bottom of the page for instructions on how to renew your surety bond with Jet.

If you are in need of further details on the mortgage industry, licensure processes in multiple states, and applicable surety bond regulations, take a look at Jet’s comprehensive Mortgage License Bonds Guide.

How to Renew My Bond

For annually-purchased bonds, see Jet’s process to renew your bond. Hint- it’s simple.

How to Cancel My Bond

Georgia mortgage bonds require a 30-day cancellation period. Click here for details on how to cancel your bond.

Bond Claim Process

Mortgage licensees need to be aware of what causes a bond claim and what happens after a claim is made.

Georgia Mortgage Broker/Lender Bond Form

Notary Bond Application:

X

Business Information:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Employee Dishonesty Bond Application:

Business Information:

Business Description:

Coverage Requirements:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Contract Bond Application:

X

Business Information:

Owner Information:

Job Details:

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information:

Worker's Compensation Application:

X

Business Information:

Business Description:

Coverage Requirements

Indemnity Agreement:

I, the undersigned, hereby apply for a Dishonesty Bond also known as a Business Service Bond or Janitorial Service Bond (“bond”) to the Surety Company (“SURETY”) through Jet Insurance Company (“JET”), with whom I hereby grant the authority to act on my behalf with respect to the bond and assign as my Broker of Record, and declare that the statements herein are true and correct. In consideration of the SURETY issuing, renewing or substituting said bond(s), I, individually and as the owner or officer of the bonded entity, hereby understand and agree, as follows: (i) to reimburse, hold harmless, and indemnify SURETY upon demand for all loss, liability, claim, expense, including but not limited to attorneys’ fees, expert’s fees, investigative fees and claims handling fees, and any other cost which SURETY shall pay or incur in defense, adjustment, or settlement of such claims/suits by reason of such suretyship; (ii) that an itemized statement of loss and expenses by SURETY shall be indisputable proof of my liability to SURETY; (iii) coverage is subject to a $100 deductible; (iv) the employee must be convicted before coverage will apply (v) performance and any form of dispute resolution of this agreement shall take place in the county of SURETY's office of service; and (vi) a facsimile copy or electronically signed version of this agreement shall be binding as if it were an original. This agreement shall survive any changes in, substitute to or renewal of the bond(s).

Required Effect Date of Bond Policy:

Contact Information: