Getting your Georgia loan officer license might seem daunting, but we’re here to guide you through the process.
Read on to learn about the 6 steps you’ll need to complete before starting your career as a Georgia Mortgage Loan Officer (MLO). We’ve also answered some of the most common questions that prospective Georgia Loan Officers have as they consider this exciting new career.
Before beginning the educational component of licensing, prospective Loan Officers must create an NMLS (Nationwide Multistate Licensing System & Registry) account on the State Mortgage Registry website. NMLS is a national database in which all MLOs must register. After creating their account, applicants receive a personal NMLS number that will be maintained for the duration of their time working as a Loan Officer.
In Georgia, you’re required to complete 20 hours of coursework in order to meet the education requirements. The courses include the following:
3 hours of Federal Law
3 hours of Ethics
2 hours of Non-Traditional Mortgage Lending Training
12 hours of Electives
This specific set of courses must be approved by the Georgia Department of Banking & Financing.
The SAFE MLO Test can be scheduled by visiting the NMLS website. Applicants use their existing account number to schedule the exam. The exam has 115 scored questions, and test takers must answer at least 75% correctly. It costs $110 to take, and students are given 3 hours and 10 minutes to complete the test. You can learn more by reviewing the MLO Testing Handbook.
Applicants will need to login into their NMLS account and head to the Filing section. From there, click on the Criminal Background Check tab. You will authorize a Federal Criminal Background Check by completing the fields and clicking Attest.
Then, applicants must schedule an appointment to submit their fingerprints. In the portal, users will click on the Composite View button then select Criminal Background Requests. In this module, you can schedule your fingerprinting appointment by clicking the “Fieldprint” button.
The total cost of the state and FBI criminal background check is $36.25.
Now it’s time to submit for official Georgia licensure through NMLS. Applicants will apply through the NMLS licensing portal. Applicants are advised to review the MLO New Application checklist beforehand in order to ensure they’re ready to apply.
The NMLS application fee is $30, and you’ll also need to pay $100 for the Georgia portion of the licensing fee. Additionally, a credit report must be submitted at the time of application for a fee of $15.
Your Loan Officer License will remain in pending status until your employing sponsorship is verified with NMLS. This verification is completed inside of the NMLS portal. Users will visit the Form Filing Home screen, then click Company Access. They’re then prompted to add their employer sponsorship by submitting employment details. Once the sponsoring employer receives notice of the verification request, they can approve the sponsorship. Upon approval, applicants are officially licensed.
Pre-Licensure Education
The SAFE MLO Test
Georgia Application Fee
Criminal Background Check
Credit Report
NMLS Processing Fee
The summary below, provided by the Georgia Department of Financing, is important for Mortgage Loan Officers to understand. Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the following statement.
A ‘‘Mortgage Loan Originator’’ is “an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan…” O.C.G.A. 7-1-1000(22); see also 12 U.S.C. § 5102(4). Mortgage lenders, Mortgage Brokers, banks, and credit unions employ Mortgage Loan Originators to take mortgage applications and offer/negotiate terms of mortgage loans. If you have obtained a mortgage loan, you have interacted with at least one Mortgage Loan Originator
Note: The titles “Mortgage Loan Officer” and “Mortgage Loan Originator” are often used interchangeably, including in the summary above.
According to ZipRecruiter, Atlanta Mortgage Officers make approximately $67,000 per year on average as of October 2021. The 75th percentile of earners makes above $100,000, while the bottom 25th makes under $35,000. Top earners can earn more than $120,000 in Georgia.
The real estate market in Georgia may put the “hot” in “Hotlanta” but the truth is that the whole state is seeing prices rise. Just last year, Georgia home values jumped 20.3%, which is great news for MLOs. After all, increased home prices translate into bigger commission checks.
It pays to be a Mortgage Loan Officer in Georgia. The median home cost in Georgia is $256,000. At a commission rate of 1%, that’s a $2,560 payment for the MLO once the loan is secured. Here are the average home payouts in a few Georgia locations:
Location | Average Home Price | Average Commission |
|---|---|---|
Atlanta | $346,000 | $3,460 |
Savannah | $221,000 | $2,210 |
Augusta | $146,000 | $1,460 |
Norcross | $260,000 | $2,600 |
Athens | $245,000 | $2,450 |
All average home price figures were collected from Zillow.
If you’re looking to get in contact with mortgage loan companies to ask about the profession, services, or employment opportunities, you can contact any of the following local businesses:
Southeast Mortgage of Georgia (Duluth)
ATL Mortgage (Atlanta)
Savannah River Mortgage (Savannah)
Athens Mortgage Resources, Inc. (Athens)
Augusta Mortgage Company (Augusta)
