Georgia Mortgage Broker Bond— Flat $150K Broker | $250K Lender

Georgia is one of the few states that sets flat bond amounts rather than scaling with loan volume. Per OCGA 7-1-1003.2, mortgage brokers require exactly $150,000 and mortgage lenders require exactly $250,000. The statute does allow the department to require a greater sum by regulation based on loan volume, but in practice the flat amounts have been the standard. This simplifies the process but means Georgia's bonds are relatively high compared to states with lower entry-level tiers.

For the $150,000 broker bond with excellent credit (750+), expect $1,500-$4,500/year (1-3%). Good credit (700-749) costs $4,500-$7,500 (3-5%). Fair credit (650-699) ranges from $7,500-$15,000 (5-10%). The $250,000 lender bond costs proportionally more: $2,500-$7,500 with excellent credit. Because Georgia's bonds are flat and relatively high, credit quality significantly impacts your annual premium.

Georgia draws a clear line: mortgage brokers need a $150,000 bond and mortgage lenders need a $250,000 bond. The difference reflects the greater financial risk associated with direct lending versus brokering. If you hold both license types, you need separate bonds for each. The lender bond is $100,000 more than the broker bond, which translates to roughly $1,000-$3,000 more in annual premium depending on credit.

The bond runs to the State of Georgia for the benefit of any person damaged by a licensee's noncompliance with the Georgia Residential Mortgage Act (OCGA Article 13). Damages covered include moneys owed to the Department of Banking and Finance for fees, fines, or penalties. Consumers harmed by broker or lender violations can file claims against the bond to recover damages.

Not for MLO employees of a licensed or registered broker or lender. The Georgia Department of Banking and Finance says a licensed or registered broker or lender must cover its MLO employees under the company’s surety bond, so the company bond — $150,000 for a broker, $250,000 for a lender — is the one that covers them.

In addition to the surety bond, Georgia requires minimum net worth: $25,000 for mortgage brokers and $250,000 for mortgage lenders. These are separate from the bond requirement and must be maintained continuously. Lenders with higher operational scales may face additional financial requirements set by the Department of Banking and Finance.

Yes, but the high bond amounts mean premiums will be substantial with poor credit. At 8-10% of bond value, a $150,000 broker bond could cost $12,000-$15,000/year, and a $250,000 lender bond could reach $20,000-$25,000/year. We work with specialized carriers who can help offset credit concerns with strong financial statements and industry experience.

Georgia bond requirements are explicitly continuous per OCGA 7-1-1003.2. The bond must be maintained at all times as a condition of licensure. Allowing the bond to lapse results in automatic license suspension. The bond form and term must be satisfactory to the Department of Banking and Finance. We send renewal reminders 60 days before expiration to ensure continuous coverage.

Upload your bond electronically through your NMLS account. Georgia accepts NMLS electronic filing. The bond must be approved by the Department of Banking and Finance and issued by a surety company authorized to do business in Georgia. We provide bonds in the correct format and can assist with the NMLS upload process.