Georgia Amends Regulations for Residential Mortgage Brokers and Lenders

Georgia recently issued a final rule which, among other things, amended certain disclosure and employee background check requirements applicable to residential mortgage brokers and lenders. 

The final rule, in relevant part:

• Provides
  that employee files must contain documentation indicating that, prior to employment,
  both the Georgia Department of Banking and Finance’s website as well as NMLS Consumer
  Access were searched for public records to determine whether an applicant was
  eligible for employment;
• Provides
  that any licensee that fails to examine the Department’s website and NMLS
  Consumer Access prior to employment in order to confirm employment eligibility is
  subject to a fine of $1,000 for each violation;
• Removes
  the requirement that a licensee obtain prior approval before a change in executive
  officers; and
• Eliminates
  language that previously permitted a mortgage lender to avoid providing a
  Georgia-specific mortgage foreclosure statement by complying with a
  substantially similar disclosure as required by federal law.

The changes described above became effective on July 29, 2019.