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.
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).
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.
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.
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.