Surety Bond Requirements for Mortgage Brokers and Lenders in Georgia
If you want to get a Mortgage Broker License, Mortgage Lender License, or Installment Lender License in Georgia, the Georgia Department of Banking and Finance requires you to file a surety bond as part of your license application through the Nationwide Multistate Licensing System (NMLS). Which bond amount applies to you depends on your license type.
Mortgage Broker License - Surety Bond Requirement
Required under the Georgia Residential Mortgage Act for anyone who solicits, processes, places, negotiates, or closes mortgage loans for others, including loan processors.
- Mortgage Broker License: $150,000 surety bond. Amount may increase based on loan origination volume.
Mortgage Lender License - Surety Bond Requirement
Required under the Georgia Residential Mortgage Act for anyone who makes, originates, underwrites, holds, purchases, or services mortgage loans, including loan servicers. A mortgage lender license already covers every activity a mortgage broker license does, so lenders don't need a separate broker license.
- Mortgage Lender License: $250,000 surety bond. Amount may increase based on loan origination volume.
Installment Lender License - Surety Bond Requirement
Required under the Georgia Installment Loan Act for anyone who advertises, solicits, offers, makes, or services installment loans of $3,000 or less.
- Installment Lender License: $25,000 surety bond for your main licensed business location, plus $5,000 for each additional location, up to a maximum of $100,000
Individual Mortgage Loan Originators (MLOs) don't need a bond of their own. They're covered under their sponsoring broker's or lender's bond.
How Much Does a Georgia Mortgage Broker Bond Cost?
The starting bond premium is 0.5% of your bond amount. For example, a $150,000 mortgage broker license bond would start at $750 a year. Sureties set your exact rate mainly based on your personal credit score; see our surety bond cost guide for a full breakdown of how pricing works.
Bad credit doesn't disqualify you from getting bonded. We've helped business owners across the credit spectrum qualify through our bad credit bond program, though your rate will typically be higher than the starting prices below.
Beyond credit score, your surety may also consider your personal and business financial statements, fixed and liquid assets, and industry experience. The table below shows the starting cost for each bond amount, assuming strong credit and a straightforward application.
| License Type | Bond Amount | Starting Cost / Year |
|---|---|---|
| Mortgage Broker License | $150,000 | $750 |
| Mortgage Lender License | $250,000 | $2,000 |
| Installment Lender License
1 licensed location |
$25,000 | $100 |
| Installment Lender License
2 or more locations |
$25,000
+$5,000 for each location |
$100
+$20 for each location |
| Installment Lender License
16 or more locations |
$100,000 | $400 |
Wondering how much your bond would cost? Complete our online application for a free, no-obligation quote.
Why You Need This Bond
Your bond is conditioned on conducting your licensed business in conformity with the applicable Georgia law, whether that's the Georgia Residential Mortgage Act or the Georgia Installment Loan Act. It runs to the State of Georgia for the benefit of anyone damaged by the licensee’s noncompliance, including the Department itself if you owe fees, fines, or penalties.
If you violate the terms of your license, a claim can be filed against your bond, and your surety pays out valid amounts up to the full penal sum of the bond. You're then responsible for reimbursing the surety. Georgia law also requires you to file a new bond immediately after any claim is paid out on your existing one, so your coverage stays continuous.
First time getting bonded? See our what is a surety bond guide for the basics.
How to Get Bonded
Getting your Georgia mortgage broker, lender, or installment lender bond with Bryant Surety Bonds takes three steps.
- Apply for a free quote. Tell us your license type and required bond amount online, with no obligation and no hard credit pull.
- Get approved and pay for your bond. We shop your application across 20+ A-rated carriers and issue your bond once you accept your rate.
- We file your bond electronically with NMLS, satisfying Georgia's Electronic Surety Bond (ESB) requirement so you don't have to submit a paper form yourself.
Before your bond is accepted by the Department, you'll need to grant us authority as your surety inside NMLS: log in to your NMLS account, go to your composite view, and enter our surety name or NAIC/NPN identifier, which we'll send you once your bond is issued.
How Do I Renew My Bond?
Georgia mortgage broker, lender, and installment lender licenses all run on the same calendar-year term.
- License term: Your license expires December 31 each year, regardless of when it was issued.
- Renewal window: Submit your renewal application between November 1 and December 1 to avoid a late fee.
- Late window: Renewals received December 2-31 are still accepted but incur a late fee.
- Bond amount: If you're an installment lender and added a location during the year, you'll need to increase your bond by $5,000 for that location, up to the $100,000 cap. Mortgage broker and lender bonds don't need to change at renewal.
We send renewal reminders 1-2 months before your bond expires, and our agents actively help you reduce your bond cost where possible.
How Do Mortgage Brokers, Lenders, and Installment Lenders Apply for a License in Georgia?
All three license types are handled through NMLS. Here's the general process:
- Create or update your NMLS record and complete the Company Form (MU1) for your license type.
- Submit required documentation, including a business plan, formation documents, and management and ownership charts. Mortgage brokers and lenders also need a BSA/AML policy; all three license types need an information security policy.
- Meet the minimum tangible net worth for your license type: $50,000 for mortgage brokers, $100,000 for mortgage lenders (plus $1 million in liquidity), no net worth requirement for installment lenders.
- Complete background checks and credit reports for owners with 10% or more interest and for executive officers.
- Grant your surety authority in NMLS, so they can file your required Electronic Surety Bond (ESB) directly to your record.
- Have a Georgia-licensed Mortgage Loan Originator in place, if you're applying for a Mortgage Broker or Lender License. Brokers/processors need this before approval, unless the application clearly indicates the company will only act as a processor. Installment lenders don't need this.
- Pay the required fees (see below).
Keep in mind that Georgia branch locations need their own Branch Form (MU3) filing.
You can find full information about the licensing process and required documents on the NMLS website.
Georgia Licensing Fees
| Fee | Mortgage Broker/Processor | Mortgage Lender | Installment Lender |
|---|---|---|---|
| Application fee | $250 | $250 | $250 |
| License registration fee | $400 | $900 | $500 |
| NMLS processing fee | $120 | $120 | $120 |
| Branch registration | $330 + $25 NMLS fee | $330 + $25 NMLS fee | $300 + $25 NMLS fee |
Individual Mortgage Loan Originator applications cost $200, plus a $35 NMLS processing fee and a $35 sponsorship fee. Additional NMLS system fees apply for credit reports and criminal background checks; check the NMLS System Fees page for current amounts.
Multistate Licensing and Bonding
If you do business with consumers in more than one state, NMLS lets you manage all of your state licenses, including Georgia, from a single company record. Bond amounts and requirements aren't the same in all states. Each state sets its own requirement and needs its own Electronic Surety Bond. South Carolina, for example, only requires a mortgage broker bond between $25,000 and $55,000, based on loan volume, well below Georgia's flat $150,000.
Bryant Surety Bonds handles multi-state bonding for businesses licensed in more than one state, so you can work with a single agency across all 50 states instead of coordinating separate sureties.
FAG
I have bad credit. Can I still get bonded?
Yes. Your credit score affects your premium, not your eligibility. We work with applicants across the credit spectrum through our bad credit bond program.
Do I need a physical office in Georgia?
Not for a mortgage broker or lender license. Since January 1, 2021, a physical place of business is no longer required for those license types. Installment lenders are treated differently: each Georgia location is still a branch that needs its own approval and affects your bond amount.
What happens if a claim is filed against my bond?
The Department can require your surety to pay valid claims, up to your full bond amount, for damages tied to noncompliance with the applicable law. You're responsible for reimbursing the surety, and Georgia law requires you to file a new bond immediately afterward so your coverage stays continuous.
Can I cancel my bond?
Your bond stays in effect until canceled. Cancellation requires written notice to the Department and doesn't take effect until at least 30 days after the Department receives it.
Get Bonded With Bryant Surety Bonds
Bryant Surety Bonds is licensed to issue surety bonds in Georgia under license number 206289.
Questions about getting bonded in Georgia? Call us at 866.450.3412.
