Inside this Issue: Streamlined Renewals — Mortgage Company Licensees, Registrants & Branches 2 Georgia License Renewal Fees 3 Streamlined Renewals — Mortgage Loan Originators 4 Mortgage Call Report Reminder 4 Continuing Education Requirements for 2018 License Renewal: Reminder to Mortgage Loan Originators 5 NMLS Electronic Surety Bonds 5 Administrative Actions 6 Fine Summary Information 6 Appendices: • Mortgage Company Activity by License Status • Mortgage Loan Originator Activity by License Status Georgia Department of Banking & Finance ~ Non-Depository Financial Institutions Division Monthly Summary of Mortgage Activities for the Period Ending September 2017 Georgia’s 2018 Mortgage Renewal Checklist Georgia’s mortgage license renewal checklist has been posted to the NMLS Resource Center. Please review the checklist for information on the requirements to renew your license. To avoid a late fee, please renew between November 1 and December 1, 2017. To complete a renewal request you must continue to meet all licensing requirements of the Georgia Residential Mortgage Act, O.C.G.A. § 7-1-1000, et seq. and must attest to that fact and submit a renewal request through NMLS. Click the Annual Renewal link on the home page of the NMLS Resource Center to get started. If you have any questions about renewing your Georgia license(s) through NMLS, please send an email to: [email protected]. 2018 Mortgage License/Registration Renewal Timeline All individuals and companies holding a Georgia mortgage license or registration must submit a renewal request through NMLS starting November 1 st if they wish to retain their license to conduct business in Georgia in 2018. Mortgage branches must also be renewed through NMLS. CE Deadline October 31 MLOs Renewal Period Begins November 1 NMLS opens renewal functionality. Renewal Period Ends December 1 Last day to renew without being subject to a late renewal fine. Late Renewal Begins December 2 Late Renewal Fines may be assessed. Late Renewal Ends December 31 NMLS closes renewal functionality. No renewal requests can be submitted after December 31. Expiration January 1 Licensees and Registrants that failed to request renewal will be expired.
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Inside this Issue: Georgia’s 2018 Mortgage Renewal Checklist...electronically through NMLS upon submission of the renewal request. Georgia’s Renewal Checklist. Mortgage Call Report
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Transcript
Inside this Issue:
Streamlined Renewals —
Mortgage Company
Licensees, Registrants &
Branches
2
Georgia License Renewal Fees
3
Streamlined Renewals —
Mortgage Loan Originators
4
Mortgage Call Report Reminder
4
Continuing Education
Requirements for 2018 License
Renewal: Reminder to
Mortgage Loan Originators
5
NMLS Electronic Surety Bonds
5
Administrative Actions
6
Fine Summary Information
6
Appendices:
• Mortgage Company Activity by License Status
• Mortgage Loan Originator Activity by License Status
Georgia Department of Banking & Finance ~ Non -Depository Financial Institutions Divis ion
Monthly Summary of Mortgage Activities for the Period Ending September 2017
Georgia’s 2018 Mortgage Renewal Checklist
Georgia’s mortgage license renewal checklist has been posted to the NMLS Resource
Center. Please review the checklist for information on the requirements to renew your
license. To avoid a late fee, please renew between November 1 and December 1, 2017.
To complete a renewal request you must continue to meet all licensing requirements of
the Georgia Residential Mortgage Act, O.C.G.A. § 7-1-1000, et seq. and must attest to
that fact and submit a renewal request through NMLS.
Click the Annual Renewal link on the home page of the NMLS Resource Center to get
started.
If you have any questions about renewing your Georgia license(s) through NMLS, please
Streamlined Renewals —Mortgage Company Licensees, Registrants & Branches
(continued)
(ii) renewal requirements have been satisfied, and (iii)
the company meets all license renewal eligibility
requirements.
Companies are required to complete an attestation
pertaining to company and branch renewal requests
selected for submission each time the Company
Renewals Cart is submitted.
NOTE: Companies cannot attest to an individual’s
MLO license. Once attestation is complete, either the
individual MLO or the sponsoring company can submit
a renewal request for the license.
Control Persons (Form MU2) do not need to attest to
their record as part of a company’s renewal
submission.
Renewing Sponsored MLOs
If your company will be submitting and paying the
renewal request for sponsored MLOs, you can submit
the request(s) through the Renewal tab in NMLS. The
individual must first attest that they continue to meet all
licensing requirements, including all continuing
education requirements, and that their record is up to
date before you can request renewal of their license.
Each individual is required to have completed 8 hours
of Continuing Education prior to being able to submit
their renewal request through NMLS. For information
on available courses, see the Professional Standards
section of the NMLS Resource Center.
Renewal Submissions Deadlines
Renewal requests may be submitted starting
November 1 and should be submitted no later than
December 1. If you have licenses you do not intend
to renew, you must notify the Department by selecting
the “Do Not Renew” option.
NMLS WILL NOT ACCEPT RENEWAL
SUBMISSIONS AFTER December 31, 2017 (EST).
Please note the time zone difference of your location.
Fees
In addition to Georgia annual renewal fees, NMLS
charges processing fees of $100 per company license,
$20 per branch license, and $30 per loan originator
license. These fees must be paid electronically through
NMLS upon submission of the license renewal
request. Processing fees cover NMLS’ operations,
including system access, financial statement
functionality, access to reports, the ability to maintain
and renew licenses, and call center support.
(Continued from page 2)
Georgia License Renewal Fees
These fees must be paid electronically through NMLS upon submission of the license renewal request. Requests must be submitted by December 1, 2017 for a timely renewal. Renewal requests submitted on or after December 2nd will be considered late and may be subject to an additional $300 (Company Licensees and Registrations) or $100 (MLO) late renewal application fee that will be invoiced through NMLS. The above fees do not reflect NMLS processing fees.
Mortgage Broker/Processor License or Registration $400 annual renewal license fee
Mortgage Lender License or Registration $900 annual renewal license fee
Continuing Education Requirements for 2018 License Renewal:
Reminder to Mortgage Loan Originators
All new mortgage company applicants must utilize the
Electronic Surety Bonds (ESB) feature through the
NMLS to meet Georgia’s surety bond requirements.
For existing licensees, the conversion of paper bonds
to an electronic surety bond must be completed no
later than December 31, 2017.
Please refer to the ESB for Licensees resources on
NMLS found at: http://
mortgage.nationwidelicensingsystem.org/Pages/
ESBforNMLSLicensees.aspx.
Refer to the Department’s previous article about ESB
conversion in our July 2017 newsletter for information
about proper conversion and delivery of the ESB to the
regulator.
Surety Bond Increases Required by December
31st
As noted in the May 2017 Monthly Mortgage
Summary, House Bill 143 increases the minimum
bond coverage to $150,000 for a licensed or
registered mortgage broker and $250,000 for a
licensed or registered mortgage lender.
The increase in minimum bond coverage for brokers
and lenders will be enforced on December 31, 2017,
which coincides with the deadline to convert company
surety bonds to an electronic format through NMLS.
All licensed and registered mortgage brokers and
lenders must have converted their paper bonds AND
provided an electronic surety bond rider through the
NMLS by December 31, 2017. Licensees that fail to
convert their bonds or fail to meet the minimum surety
requirements will be subject to expiration.
On August 30, 2017, a System-placed license item
was posted in NMLS for licensees that are
required to increase their surety bond to comply
with the above referenced law change but have not
yet done so.
NMLS Electronic Surety Bonds
On or before October 31, 2017, mortgage loan originators (“MLOs”) must obtain 8 hours of continuing education to renew their licenses for 2018.
MLOs approved for licensure that obtained their pre-licensing education (“PE”) in 2017 DO NOT have to obtain continuing education for the 2018 license renewal.
Continuing education obtained by MLOs for license renewal must be:
taken for the required number of hours in the following areas of study:
3 hours in federal law and regulations:
2 hours in ethics, which shall include instruction on fraud, consumer protection and fair lending issues;
2 hours in training related to lending standards for the nontraditional loan product marketplace; and
1 hour in coursework that covers changes made to the Georgia Residential Mortgage Act, O.C.G.A. § 7-1-1000, and its corresponding regulations.
approved by the Nationwide Multistate Licensing System (“NMLS”) and offered by an authorized person or entity;
taken in a classroom setting or on-line; and,
acquired on January 1, 2017, through October 31, 2017.
To find out when and where necessary course work will be offered to satisfy Georgia’s continuing education requirements, mortgage licensees should visit the NMLS website at http://mortgage.nationwidelicensingsystem.org/profreq/education/Pages/default.aspx.
MLOs can check their course completion and compliance record in NMLS.
Denied The entity applied for a license and the request was Denied.
RevokedThe entity’s license was Revoked and the entity is no longer authorized to conduct business.
Terminated – ExpiredThe entity failed to renew. Alternatively, this license status is also used for MLOs that were suspended by administrative action for failing to meet Georgia’s sponsorship requirement.
Terminated – Ordered to SurrenderAn entity has been ordered to surrender their approved license. The entity is not authorized to conduct business.
Terminated – Surrendered/CancelledThe entity has requested a surrender/cancelation of their license and the regulator has granted this surrender/ cancelation request.
Current Sponsoring Company Name(As of 10/01/2017)
License Status
Date
Entity NameNMLS#GRMA#
340Approved
206366 First Guaranty Mortgage Corporation24911 Sheldon Allen Pinsker 09/22/2017
30162 iFreedom Direct Corporation26573 Matthew Kenning 09/06/2017
200697 Movement Mortgage, LLC27026 Julie Anna Wood 09/01/2017
186727 Angel Oak Mortgage Solutions LLC27124 Steven Alan Krasnoff 09/29/2017
208226 Guild Mortgage Company28369 Deborah Williams 09/05/2017
146220 Quicken Loans Inc.28494 Nicole Lisa Van Gorder 09/28/2017
209405 Krista Gay Anderson28737 Krista Gay Anderson 09/18/2017
171017 Homestar Financial Corporation28962 Jake House 09/14/2017
334390 HomeBridge Financial Services, Inc.30114 David James Perry 09/14/2017
292895 J.G. Wentworth Home Lending, LLC30827 Tomas Balatbat Catalan Jr 09/21/2017
MORTGAGE COMPANY ACTIVITY BY CURRENT LICENSE STATUS
License Status Definition
Approved The entity has an Approved license.
Denied The entity applied for a license and the request was Denied.
RevokedThe entity’s license was Revoked and the entity is no longer authorized to conduct business.
Terminated – ExpiredThe entity failed to renew. Alternatively, this license status is also used for MLOs that were suspended by administrative action for failing to meet Georgia’s sponsorship requirement.
Terminated – Ordered to SurrenderAn entity has been ordered to surrender their approved license. The entity is not authorized to conduct business.
Terminated – Surrendered/CancelledThe entity has requested a surrender/cancelation of their license and the regulator has granted this surrender/ cancelation request.
MORTGAGE COMPANY APPENDIX
NMLS# Company Name City StateLicense NameGRMA# Date
Approved 7
209434 Krista Gay Anderson Dublin GAGA Mortgage Broker/Processor License/Registration