Georgia Banking Regulators Urge Mortgage Lenders to Prioritize Compliance

In an effort to maintain the integrity of Georgia’s financial sector, state regulators are urging mortgage broker/processors and lenders to implement robust policies and procedures to ensure compliance with various banking regulations.

Mandatory Compliance Measures

• Conduct regular criminal background checks on current employees to ensure they have not become ineligible to work in the industry.
• Train personnel to review advertisements for compliance with Georgia trade name laws and regulations.

Staying Up-to-Date

• Stay informed about changes to applicable state law and Department Rules and Regulations.
• Regularly check the Department’s website for information on proposed rule changes.

Compliance Requirements

• Be aware of the GRMA $10-per-loan fee, remittance requirements, and payment portal.
• Utilize the comprehensive FAQ available online to assist with this compliance requirement.

Importance of Prioritizing Compliance

By prioritizing these best practices, Georgia’s banking industry can ensure continued stability and consumer confidence. By implementing robust policies and procedures, mortgage broker/processors and lenders can demonstrate their commitment to maintaining a fair and honest financial environment for Georgians.