Payments - Fines & Fees
FEES
Annual licensing/renewal fees are as follows:
- $1,000 per year for Mortgage Lenders required to be licensed or registered;
- $500 per year for Mortgage Brokers/Processors required to be licensed or registered;
In addition, a $250 non-refundable initial Investigation Fee for a Mortgage License or Registration is charged when the initial application is filed, but is not charged for renewals.
Other Fees:
-
Branch Application - $350;
-
Change-in-Control Application - $500;
-
GRMA Per Loan Fee - Each licensee who closes a loan in their name is required to collect a $6.50 "per loan" fee from the borrower on each loan. These fees are aggregated and remitted twice each year to the Department (See "Reports" below). On-line reporting is available at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.
Branch applications included in the initial application or submitted subsequent to license approval require the payment of a $350 application fee per branch.
FINES
Fines are imposed to insure that licensees operate as specified by the GRMA and the rules promulgated by the Department (the Code and Regulations). Fines provide the Department an option other than license REVOCATION OR SUSPENSION in order to insure compliance with GRMA. Those licensees who operate in a professional manner and strictly observe the provisions of the Code will probably never be fined. Those who ignore the provisions of the Code or who commit prohibited acts will likely pay thousands in fines. Fine payments may be made at:
https://bkgfin.dbf.state.ga.us/MortgageDocs/MtgFinePay.html