| Citation | Entity | Topic | Requirement |
| Residential Mortgage Act / Georgia Code Ann. §7-1-1014(2) | Lender | Commitment Letter (Optional Form) | At or before the time a commitment to make a mortgage loan is given, a licensee or registrant must give the applicant a written disclosure of the fees to be paid in connection with the commitment and the loan, or the manner in which such fees will be determined and the conditions under which the fees may be refundable. |
GA. CODE ANN. § 15-19-50(2)-(3) (West 2012) GA. CODE ANN. § 15-19-52 (West 2012) In Re UPL Advisory Opinion 2003-2, 588 S.E.2d 741 (Ga. 2003) | Lender | Document Preparation and Loan Closings | It is the unauthorized practice of law “for someone other than a duly-licensed Georgia attorney to close a real estate transaction or to prepare or facilitate the execution of such deed(s) for the benefit of a seller, borrower, or lender.” |
| Rules and Regulations / Georgia Comp. R. & Regs. r. 80-11-1-.01 | Broker/Lender | Fee Disclosure/Application Fee Disclosure | A mortgage lender or broker must make the following disclosures in writing to the applicant before accepting an application fee, property appraisal fee, credit report fee, or any other third-party fee from an applicant for a residential mortgage loan: (1) the amounts of the application fee, the credit report fee, the property appraisal fee and/or any other third-party fees; (2) whether all or any part of such fees or charges is refundable prior to settlement of the mortgage loan, and the terms and conditions for obtaining a refund if all or any part of the fees or charges is refundable; (3) the specific services which will be provided or performed for the application fee; and (4) in cases where the fees are being accepted by a mortgage lender or mortgage broker, the lender or broker must disclose that the lender or broker cannot guarantee approval of the loan application or acceptance into a particular loan program. |
| Rules and Regulations / Georgia Comp. R. & Regs. r. 80-11-1-.01(9) | Broker/Lender | Foreclosure Disclosure | Every mortgage lender, and every mortgage broker who closes mortgage loans in the broker's own name with funds provided by others and which loans are assigned within 24 hours of the funding of the loan to the mortgage lender providing the funding of such loans (i.e., table funding), must disclose in writing to each applicant for a mortgage loan that failure to meet every condition of the mortgage loan may result in the loss of the applicant's property through foreclosure. The disclosure must be made at or before the time of settlement. The disclosure must include the following language in at least 10 point bold-faced type: “O.C.G.A. Section 7-1-1014(3) requires that we inform you that if you fail to meet any condition or term of the documents that you sign in connection with obtaining a mortgage loan you may lose the property that serves as collateral for the mortgage loan through foreclosure.” The applicant must sign the above disclosure and the lender or broker, as applicable, must keep a copy of the signed disclosure. This disclosure requirement may be satisfied by a substantially similar disclosure as required by federal law. |
| Residential Mortgage Act / Georgia Code Ann. §7-1-1004.3 | Originator | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan must be clearly shown on all residential mortgage loan application forms, solicitations or advertisements, including business cards or web sites, and on any other documents as established by the Department. |
| Fair Lending Act / Georgia Code Ann. §7-6A-5(8) | Broker/Lender | Reasonable Tangible Net Benefit/Ability to Repay | A lender may not make a high-cost home loan unless a reasonable creditor would believe at the time the loan is consummated that the borrower residing in the home will be able to make the scheduled payments associated with the loan based upon a consideration of his or her current and expected income, current obligations, employment status, and other financial resources, other than the borrower's equity in the collateral that secures repayment of the loan. There is a rebuttable presumption that the borrower residing in the home is able to make the scheduled payments to repay the obligation if, at the time the loan is consummated, the borrower's total monthly debts, including amounts under the loan, do not exceed 50% of the borrower's monthly gross income as verified by tax returns, payroll receipts, and other third-party income verification. |
| Interest and Usury / Georgia Code Ann. §7-4-18(a) | Lender | Usury | Rates of interest cannot exceed 5% per month. |
| Fair Lending Act / Georgia Code Ann. § 7-6a-2(12)(G)(ii) | Lender | Notice of Right to Select Attorney | Attorney’s fees are excluded from the definition of “Points and Fees” if the borrower has the right to select the attorney from an approved list or otherwise for the purposes of determining whether a high-cost mortgage. |
| Fair Lending Act / Georgia Code Ann. §7-6A-5(15) | Lender | Notice to Purchaser-Assignees | All high-cost home loan documents that create a debt or pledge property as collateral must contain the following notice on the first page in a conspicuous manner: Notice: This is a mortgage subject to special rules under the “Georgia Fair Lending Act.” Purchasers or assignees of this mortgage may be liable for all claims and defenses by the borrower with respect to the mortgage. |
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