Prepare & Pass Your NMLS State of Georgia Test Component.
5 Hours of Access
The State of Georgia Mortgage Lending Law & Compliance
Course Details: Includes 80 Georgia law test questions. View The Class And Judge For Yourself
Section by Section, Rule by Rule, Cause and Effect, Violations, Fines & Penalties, Licensing and Renewals, Responsibilities and Duties.
This course will provide all mortgage professionals a complete understanding of the State of Georgia lending laws and prepare you for the NMLS, State of Georgia Component test. This class also is approved by the State of Georgia for the required 4 hours of instruction to apply for your mortgage broker’s license in the State of Georgia.
Kathy Lewis has carefully review all of the State of Georgia laws and new regulations and has created this manual to clearly explain to Lenders, Compliance Officers, Brokers, and Loan Officers what their responsibilities are and how to stay compliant with the Georgia Department of Banking & Finance.
GEORGIA RESIDENTIAL MORTGAGE ACT:
- Definitions
- Exemptions
- Operating without a license
- Applications for licenses
- Physical place of business
- Financial requirements for licensing & registration
- Investigation of applicants
- Annual license renewal
- License: contents, posting, transferring
- Notice of certain actions
- Change of control
- Maintenance of books, accounts, records
- Annual financial statements
- Annual $6.50 per loan fee
- Prohibition of certain acts
- Disclosure requirements
- Rules relative to escrow accounts
- Regulations relative to advertising
- Suspension or revocation
- Cease and Desist orders
- Criminal penalties
MORTGAGE DIVISION RULES:
- Examination, supervision, registration
- Application and other fees
- Levy and collection & other charges, fees
- Approval of Branch Managers
- Location requirement and minimum record retention
- Minimum requirements for books and record
- Mortgage Loan Transaction Journal
- Audits
- Experience and education requirements
- Licensing requirements
GEORGIA FAIR LENDING ACT
- Limitations and Prohibited Practices
- Points and Fees Triggers
- “Flipping” A Home Loan
- High Cost Home Loans
- Violations
- Claims and Defenses
- Violation of Chapter