How to Become a Commercial Loan Broker in Georgia

Becoming a mortgage broker can be an enticing endeavor for savvy entrepreneurs and salespeople hungry for large commissions and the satisfied feeling of being an integral part of someone's investment. In the past 10 years, mortgage brokers and the industry in general have seen a decline in revenue from $150,000 per year in 2001 to $50,000 in 2010. Decreased revenues along with an increase in regulations make obtaining a mortgage license a decision that should be carefully weighed.

Prelicensing

• 1

  Complete 3 hours of federal laws and regulations coursework.

• 2

  Complete 3 hours of education covering the ethics, fraud, consumer protection, and fair-lending practices that pertain to mortgage brokering.

• 3

  Complete 2 hours of training on the lending standards for the non-conventional mortgage product marketplace, along with 12 hours of instruction on loan origination practices.

  In total, 20 hours of education are required in order to apply for a Mortgage Broker license in the state of Georgia.

• 4

  Take the Certification of Testing and Education exam, to receive your proof of education fulfillment.

Obtaining A Broker License

• 1

  Fill out the "New Broker Application" and submit it to the NDFI Division or the Georgia Department of Banking & Finance. The complete mailing address is found within the application.

• 2

  Send in your application along with a check for $750 and all required documentation as listed within the application. If you have any questions before submitting, you may call the licensing staff at 770-986-1136.

• 3

  Await mail correspondence from the Georgia Department of Banking & Finance as to the status/acceptance or rejection of your application.