What Is the Georgia Residential Mortgage Bond?
Think of the Georgia residential mortgage bond as a promise to borrowers and the state. Break a mortgage rule, and they can claim against the bond. You then repay the surety.
In Georgia, the bond is $150,000.
Georgia uses one fixed amount, no matter how much you originate.
Who Needs This Bond in Georgia?
- Every home loan business in Georgia must carry the bond.
- You keep it active to hold your license.
How Much Will the Bond Cost?
Georgia's $150,000 bond is significant. Premiums for clean-credit applicants run $1,500–$3,000/yr:
| Credit Profile | Annual Premium | Approx. Rate |
|---|---|---|
| Excellent Credit | $1,500 – $3,000 | 1% – 2% |
| Good Credit | $3,000 – $4,500 | 2% – 3% |
| Fair Credit | $4,500 – $6,000 | 3% – 4% |
| Credit Challenges | $6,000 – $7,500 | 4% – 5%+ |
How to Get Bonded — Step by Step
- Start your NMLS application for your Georgia mortgage license.
- Get your bond here. Most quotes come back fast.
- File the bond through NMLS for the Georgia Department of Banking and Finance.
- Once approved, get licensed and start lending.
Renewal & Continuous Bond Coverage
Georgia mortgage licenses renew each year through NMLS, usually by December 31. Keep your bond active the whole time. Start before the deadline so you do not lose your license.
Frequently Asked Questions
Does Georgia's bond change with my volume?
No. Georgia uses one fixed $150,000 amount, no matter how much you originate.
Does the Georgia bond protect me?
No. The bond protects your customers and the state, not you. If a claim is paid, you repay the surety. It is not insurance for you.
How fast can I get bonded in Georgia?
Most quotes come back fast, often within a day. Many bonds are issued the same day for good credit.
How much does the bond cost?
You pay a yearly premium — a small percent of the bond amount. Your rate depends mostly on your credit.
How a Surety Bond Works
A mortgage broker bond is a type of surety bond. The picture below shows the three parties and what happens if someone files a claim.
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Start Your ApplicationRelated: All Georgia surety bonds · What is a surety bond? · How surety bond costs are calculated