Georgia Mortgage Loan Originator

What is the regulatory authority responsible for overseeing mortgage loan originators in Georgia?

• AGeorgia Real Estate Commission
• BGeorgia Department of Banking and Finance
• CGeorgia Secretary of State
• DGeorgia Department of Revenue

Under the Georgia Residential Mortgage Act, how many hours of NMLS-approved pre-licensing education are required before applying for an MLO license?

• A10 hours
• B15 hours
• C20 hours
• D25 hours

What is the minimum surety bond amount required for a Georgia mortgage loan originator?

• A$12,500
• B$25,000
• C$50,000
• D$150,000

Georgia is primarily a non-judicial foreclosure state. What legal instrument is typically used to secure mortgage loans in Georgia?

• AMortgage deed only
• BSecurity deed (deed to secure debt)
• CTrust deed with public trustee
• DLand contract

How many hours of continuing education are required annually for Georgia MLO license renewal?

• A4 hours
• B8 hours
• C12 hours
• D16 hours

Under Georgia law, what is the required notice period a lender must provide before conducting a non-judicial foreclosure sale?

• A15 days
• B30 days
• C60 days
• D90 days

In Georgia, where must a non-judicial foreclosure sale be conducted?

• AAt the property being foreclosed
• BAt the county courthouse steps on the first Tuesday of the month
• CAt any public auction house in the county
• DAt the lender's office

Under the Georgia Fair Lending Act, which practice is specifically prohibited?

• ACharging loan origination fees
• BSteering borrowers to higher-cost loans when they qualify for better terms
• CRequiring property appraisals before closing
• DOffering adjustable-rate mortgages

What is the Georgia usury limit for conventional residential mortgage loans?

• A5% per month (60% annually)
• B5% per annum simple interest
• CThere is no specific usury cap for first-lien residential mortgages
• D8% per annum

Which of the following is required for advertising mortgage services in Georgia?

• AOnly the company name
• BThe NMLS unique identifier of the MLO and the company
• COnly the interest rate being offered
• DNo specific requirements exist

Under Georgia law, what happens to a borrower's right of redemption after a non-judicial foreclosure sale?

• AThe borrower has a 6-month redemption period
• BThe borrower has a 12-month redemption period
• CThere is no statutory right of redemption after a non-judicial foreclosure sale
• DThe borrower has 30 days to redeem

What is the Georgia Department of Banking and Finance's authority regarding MLO license applications with criminal history?

• AAutomatic denial for any criminal record
• BMay deny a license based on felony convictions or certain financial crimes
• CCriminal history has no bearing on license decisions
• DOnly federal convictions are considered

In Georgia, how must foreclosure sale advertisements be published?

• AIn any newspaper in the state
• BIn the official legal organ of the county where the property is located for 4 consecutive…
• COn the county courthouse bulletin board only
• DThrough a licensed auctioneer's notice

What is the penalty for practicing as a mortgage loan originator without a license in Georgia?

• A$500 fine only
• BMisdemeanor with up to $5,000 fine
• CFelony with up to $10,000 fine and/or imprisonment
• DWarning letter from the DBF

Under the Georgia Residential Mortgage Act, which entity is exempt from MLO licensing requirements?

• AIndependent mortgage brokers
• BRegistered agents of licensed mortgage lenders who only process loans
• CAny person who refers borrowers for a fee
• DOnline-only mortgage companies

Georgia's Residential Mortgage Act requires licensed mortgage brokers to maintain a minimum net worth of what amount?

• ANo net worth requirement
• B$25,000
• C$50,000
• D$100,000

What disclosure must a Georgia MLO provide to a borrower regarding the lender's relationship with affiliated settlement service providers?

• ANo disclosure is required
• BVerbal notice only is sufficient
• CA written Affiliated Business Arrangement (AfBA) disclosure
• DDisclosure only if the borrower requests it

In Georgia, what is the consequence if a borrower's escrow account is found to have an excess balance at the end of the year?

• AThe lender keeps the excess as a service fee
• BThe lender must refund any excess over $50 to the borrower
• CThe excess is applied to the following year's escrow
• DThe lender must follow RESPA guidelines for escrow account management