Mortgage Lenders in Georgia Key Terms

Know the laws and organizations that regulate mortgage lenders in Georgia

By Laurie Edwards

Georgia mortgage companies can help you finance your home or property. Buyers have access to many mortgage lenders in Georgia, but researching and comparing rates among the many competitors can be time consuming. Government agencies and statewide organizations can help you narrow your search and avoid fraudulent deals. Learn the following terms to make the right choices for your business.

Georgia Association of Mortgage Brokers (GAMB)

The Georgia Association of Mortgage Brokers is a non-profit organization that provides education and legislative initiatives for its members and encourages professionalism and integrity in their dealings with the public. The association maintains a list of members in Georgia by name, address and license type. Buyers can access this list when they are looking for mortgage financing.
Try: An article on the Georgia Association of Mortgage Brokers website explains some of the organization's initiatives on behalf of consumers.

Mortgage Bankers Association of Georgia (MBAG)

The Mortgage Bankers Association of Georgia is a trade association whose goal is to both preserve and improve mortgage banking in Georgia. Many mortgage lenders, brokers and their affiliates belong to this organization. In addition to providing legislative and educational assistance to its members, MBAG supplies information to home buyers.
Try: The Mortgage Bankers Association of Georgia canon of ethics explains the function and purpose of this organization.

Georgia Department of Banking and Finance

The Georgia Department of Banking and Finance oversees and regulates financial services throughout the state of Georgia. This government entity requires banks, mortgage lenders, and other financial services to register and obtain licenses. Buyers seeking financing for purchasing property can find information on regulations and lists of registered financial institutions.
Try: Find more information on the services the Georgia Department of Banking and Finance provides for consumers.

Georgia Real Estate Fraud Prevention and Awareness Coalition (GREFPAC)

The goal of the Georgia Real Estate Fraud Prevention and Awareness Coalition (GREFPAC) is to prevent mortgage fraud in Georgia. GREFPAC informs consumers about the Georgia Residential Mortgage Fraud Act and issues notices about federal laws from the FBI and Mortgage Bankers Association (MBA).
Try: Find out more about GREFPAC activities at their website.

Georgia Fair Lending Act (GFLA)

Georgia has many laws regulating mortgage lending. The Georgia Fair Lending Act (GFLA) is an anti-predatory lending law designed to protect the poor, uneducated, or elderly from signing mortgage loans they will be unable to pay. Lenders may not extend loans that they know are not repayable.
Try: The Atlanta Business Chronicle gives an overview of the amendments recently made to the Georgia Fair Lending Act.

Georgia Governor's Office of Consumer Affairs (OCA)

The Georgia Governor's Office of Consumer Affairs (OCA) protects buyers from illegal, deceptive and unfair practices in the marketplace. In this capacity, they supply home buyers with information on mortgage lenders. They also deal with complaints about fraudulent practices in the state mortgage industry.
Try: Georgia Governor's Office of Consumer Affairs has an article for home buyers on qualifying for financing, understanding the types of mortgages available and some dangers to avoid when taking on a mortgage.

Choose local vendors because they have insider knowledge of the neighborhood. Local lenders in Georgia are available for in-person appointments and can deliver documents to you quickly when necessary.