Originating a Georgia domestic mortgage as opposed to an effective MLO license often topic the latest MLO along with his/the woman workplace in order to administrative step and you can penalties and fees

The requirement to have a license hinges on the information removed, that are an “application” to possess condition certification objectives. Another information pertains to “telemarketing” – if the data is received through standard phone solicitations, or as a consequence of internet sites lead generation.

• Sales agents just who accept applications getting fund on their own initiative off users and you will as opposed to a binding agreement regarding an excellent licensee for sale off the fresh get in touch with to licensees must be authorized under the Act.
• Telemarketers just who contact Georgia consumers and create a listing of possible residential financial agreements around a created offer away from a good licensee try not needed becoming licensed, provided:
• The new sales agent makes it clear that they’re contacting the user on the part of (a) particular licensee(s);
• The price to the solution is found on a beneficial “flat-fee” foundation, perhaps not a “per-loan” base otherwise a shut financing payment foundation;
• The company should be from the telemarketing company rather than create other mortgage related functions on the licensee; and you can
• The organization might only collect minimal get in touch with and low-specific property otherwise earnings guidance.