Georgia Residential Mortgage Act (“GRMA”) FAQ
What is the $10 per loan fee GRMA fee?
Under Georgia law, there is imposed on the closing of every mortgage loan subject to regulation under Title 7, Chapter 1, ARTICLE 13 of the Financial Institutions Code of Georgia which, as defined in Code Section 7-1-1000, includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee or registrant, a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction.
Under Georgia law, there is imposed on the closing of every mortgage loan subject to regulation under Title 7, Chapter 1, ARTICLE 13 of the Financial Institutions Code of Georgia which, as defined in Code Section 7-1-1000, includes all mortgage loans, whether or not closed by a mortgage broker or mortgage lender licensee or registrant, a fee of $10.00. The fee shall be paid by the borrower to the collecting agent at the time of closing of the mortgage loan transaction.
Who is the collecting agent?
The term "collecting agent" means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction.
The term "collecting agent" means the person listed as the secured party on a security deed or other loan document that establishes a lien on the residential real property taken as collateral at the time of the closing of the mortgage loan transaction.
Who is required to remit the Georgia Residential Mortgage Act $10 per loan fees (“GRMA fees”) to the Department of Banking and Finance?
The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Though collecting agents may use third parties to remit the fees and the fee statement to the Department, the collecting agent is still the person responsible for remittance of GRMA fees. Failure of a collecting agent or its third party remitter to timely remit the GRMA fees along with the corresponding fee statement via the online reporting and payment system may result in the imposition of a fine. Beginning January 1, 2017, the Department may return any future paper checks received for GRMA fees and, in such case, will not treat the payment as a timely remittance.
The collecting agent shall remit the fee to the department at the time and in the manner specified by regulation of the department. Though collecting agents may use third parties to remit the fees and the fee statement to the Department, the collecting agent is still the person responsible for remittance of GRMA fees. Failure of a collecting agent or its third party remitter to timely remit the GRMA fees along with the corresponding fee statement via the online reporting and payment system may result in the imposition of a fine. Beginning January 1, 2017, the Department may return any future paper checks received for GRMA fees and, in such case, will not treat the payment as a timely remittance.
What is the deadline for remitting GRMA $10 per loan fees?
Fees collected for the period January 1 through June 30 of each year shall be remitted to the department no later than the first business day of September of each year. Fees collected for the period July 1 through December 31 of each year shall be remitted to the department no later than the first business day of March of each year.
Fees collected for the period January 1 through June 30 of each year shall be remitted to the department no later than the first business day of September of each year. Fees collected for the period July 1 through December 31 of each year shall be remitted to the department no later than the first business day of March of each year.
Must an individual or entity remit GRMA fee statements if no GRMA fees were collected during the applicable reporting period?
No, GRMA fee statements are only required if GRMA fees were collected during the reporting period. The Department no longer requires the filing of $0 fee statements.
No, GRMA fee statements are only required if GRMA fees were collected during the reporting period. The Department no longer requires the filing of $0 fee statements.
Is an entity that is not licensed by the Department required to collect and remit GRMA fees to the Department?
Yes, any individual or entity that closes residential mortgage loans, regardless of whether the individual or entity is licensed by the Department, is required to act as the collecting agent for payment of GRMA loan fees for each residential mortgage loan closed by the individual or entity. Fees should be remitted for the semiannual periods as referenced in O.C.G.A. § 7-1-1011(b)(2) and Department Rule 80-5-1-.04.
Yes, any individual or entity that closes residential mortgage loans, regardless of whether the individual or entity is licensed by the Department, is required to act as the collecting agent for payment of GRMA loan fees for each residential mortgage loan closed by the individual or entity. Fees should be remitted for the semiannual periods as referenced in O.C.G.A. § 7-1-1011(b)(2) and Department Rule 80-5-1-.04.
Are mortgage brokers required to collect and remit GRMA fees to the Department?
Mortgage licensees/registrants that act as the collecting agent (including brokers who table fund and collect the fee) must submit the fees and file the fee statement before the deadline to avoid fines and possible administrative action.
Mortgage licensees/registrants that act as the collecting agent (including brokers who table fund and collect the fee) must submit the fees and file the fee statement before the deadline to avoid fines and possible administrative action.
What is table funding?
Table funding is when a mortgage broker closes mortgage loans, which may be in the mortgage broker's own name with funds provided by others, and which loans are assigned to the mortgage lenders providing the funding of such loans within 24 hours of the funding.
Table funding is when a mortgage broker closes mortgage loans, which may be in the mortgage broker's own name with funds provided by others, and which loans are assigned to the mortgage lenders providing the funding of such loans within 24 hours of the funding.
For what type of mortgage loans must an individual or entity collect GRMA fees?
A loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, or other document representing a security interest or lien upon any interest in one-to-four family residential property located in Georgia, regardless of where made, including the renewal or refinancing of such loan.
A loan or agreement to extend credit made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, or other document representing a security interest or lien upon any interest in one-to-four family residential property located in Georgia, regardless of where made, including the renewal or refinancing of such loan.
What is the link for the on-line GRMA per Loan Fee Reporting and Payment Process main page?
https://dbf.georgia.gov/georgia-residential-mortgage-act-grma
https://dbf.georgia.gov/georgia-residential-mortgage-act-grma
Georgia Residential Mortgage Act (GRMA)
Title 7, Chapter 1, ARTICLE 13 of the Financial Institutions Code of Georgia
Remittance Instructions Vary by Entity Category
Title 7, Chapter 1, ARTICLE 13 of the Financial Institutions Code of Georgia
- January 1 through June 30 reporting period due by first business day in September
- July 1 through December 31 reporting period due by first business day in March
Remittance Instructions Vary by Entity Category
GRMA Remitters Not Regulated by the Department
GRMA remitters not regulated by the Department include, but are not limited to, federally chartered banks and credit unions, non-Georgia state chartered banks and credit unions.
GRMA remitters not regulated by the Department include, but are not limited to, federally chartered banks and credit unions, non-Georgia state chartered banks and credit unions.
Mortgage Companies Regulated by the Department
Georgia state licensed or registered mortgage lenders and brokers that close Georgia residential mortgage loans in their name during the reporting period are required to remit GRMA fees collected.
Georgia state licensed or registered mortgage lenders and brokers that close Georgia residential mortgage loans in their name during the reporting period are required to remit GRMA fees collected.
Banks and Credit Unions Regulated by the Department
Georgia state chartered banks and credit unions that close Georgia residential mortgage loans during the reporting period are required to remit GRMA fees collected.
If you are a Georgia state-chartered bank or credit union, you should have received an email from the Department on September 28, 2020, with instructions on how to use the system, your PIN, and Credential #. If you did not receive this email or have misplaced your log in information, please contact your Supervisory Manager.
Georgia state chartered banks and credit unions that close Georgia residential mortgage loans during the reporting period are required to remit GRMA fees collected.
If you are a Georgia state-chartered bank or credit union, you should have received an email from the Department on September 28, 2020, with instructions on how to use the system, your PIN, and Credential #. If you did not receive this email or have misplaced your log in information, please contact your Supervisory Manager.