Residential Mortgage Lenders and Brokers must apply to the Department and meet certain licensing standards before they may legally offer their services to the public. If a person or company is discovered to be operating in Georgia without being properly licensed, monetary fines and civil sanctions can be levied. After obtaining a license, periodic assessments of the licensee's operations are carried out to monitor operating standards to assure compliance with the provisions of the Georgia Residential Mortgage Act (GRMA).

All applicants for the Mortgage Broker License must meet either certain Education or Experience requirements set by the Mortgage Division of Georgia. The Experience Requirements include at least two years of verifiable experience working full time for a licensed mortgage broker or lender. The following types of work profile are considered as experience:

• Direct Soliciting
• Processing Mortgage Loans
• Placing or Negotiating Mortgage Loans

To prove the above, you must submit, along with your application, a letter from your employer (past or current) on the company letterhead certifying that you have completed at least two years of full time work experience in any of the profiles mentioned above. Contact Phone and Address of the Employer should be mentioned on the letterhead. You should also provide a copy of IRS form W-2 for the tax years covering the experience requirement, completed and signed IRS form 4506 which enables the department to verify the W-2, and any other documents requested by the Department for verification of your employment.

In case, you wish to apply for the Mortgage Broker License based on your education, these are the requirements. You must complete a minimum of 40 course hours of prescribed courses from a department approved provider of mortgage training courses. Amongst other topics, these courses must cover at least 4 course hours on Georgia Law, Rules, and Regulations. You must submit proof of completion of the required training courses in the form of a certificate of completion issued by an approved provider of mortgage education courses. For a list of the approved institutions, visit the Mortgage Division of Georgia, Department of Banking and Finance.

Finally, all experience requirements must be completed within three calendar years before the date of approval. Education requirements must be completed within one calendar year before the date of approval. Detailed instructions and application to become a licensed Mortgage Broker in Georgia can be downloaded from Mortgage Application and Forms.

Renewal applications are usually mailed in February and are to be submitted by April 1 of each year.