Mortgage Lenders in Georgia Key Terms
Know the laws and organizations that regulate mortgage lenders in GeorgiaGeorgia 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)
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.
Georgia Department of Banking and FinanceThe 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.
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).
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.
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.
- 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.
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