GRMA $10 Per Loan Fees for Period 17A

Add to Calendar
Mon, 07/03/2017 - 8:00am to Fri, 09/01/2017 - 8:00pm

Please be reminded of the following for the upcoming semi-annual reporting period, which applies to reporting and remittance for any fees collected January 1, 2017 – June 30, 2017 (“17A”):

IF YOU DID NOT CLOSE ANY LOANS DURING THE SEMI-ANNUAL PERIOD AND HAVE NO FEES TO SUBMIT, NO REPORTING OR FURTHER ACTION IS REQUIRED ON YOUR PART.

Georgia Residential Mortgage Act (GRMA) Per Loan Fees - The $10.00 per loan fees required by O.C.G.A. § 7-1-1011(b)(2) and Department Rule 80-5-1-.04 are due on a semiannual basis.  GRMA fees are required to be collected and remitted by the collecting agent, which is the entity “listed as the secured party on a security deed or any other loan document.”  This requirement exists to ensure that each collecting agent is given proper credit for remitting the required GRMA fees.  The fees along with a fee statement indicating the number of mortgage loans closed by the collecting agent shall be remitted semiannually to the Department through its online reporting and payment system located at: https://bkgfin.dbf.state.ga.us/GRMAFee.html.  If done properly, the use of this payment system should eliminate any findings by the Department that the collecting agent did not remit all of the required fees. 

Fees collected for the period January 1 through June 30 of each year shall be remitted to the Department no later than the first business day of September of each year. The Department's reporting and payment site for period 17A is now open.