Georgia Ga. Admin. Code § 80-11-1-.01

(1) Written disclosure required before acceptance of fees. Any person required to be licensed or registered under Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated ("Article 13") must make the following disclosures in writing to the applicant prior to accepting an application fee, property appraisal fee, credit report fee or any other third-party fee from an applicant for a residential mortgage loan.

(a) The amount of the application fee, a good faith estimate of the credit report fee, the property appraisal fee and/or any other third-party fees;

(b) 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;

(c) The specific services which will be provided or performed for the application fee;

(d) In cases where the fees are being accepted by a mortgage lender or mortgage broker that such lender or broker cannot guarantee approval of the loan application or acceptance into a particular loan program. Further, lender or broker may not use the terms "closing" or "settlement" to refer to a transaction unless the transaction meets the definition of settlement Paragraph 2 of this rule.

(2) For purposes of this Rule, the term "settlement" means the process of executing legally binding documents regarding a lien on residential property and the disbursement of funds (taking into consideration any right of rescission period) necessary to effect the transaction.

(3) Some or all of the disclosures required by paragraph (1) of this Rule may appear on forms used to comply with otherwise applicable state or federal laws.

(4) The disclosures required in paragraph (1) of this Rule shall be acknowledged in writing by the applicant and a copy of the acknowledgment maintained by the lender or broker required to make the disclosure, and a copy of the acknowledgment shall be given to the applicant. In instances of mail applications, the disclosures required by paragraph (1) must be included in the mail application package with a request that a signed acknowledgment form be returned to the mortgage broker or lender required to make the disclosure. A copy of this request shall be kept by the mortgage broker or lender. In instances of applications taken by telephone, the disclosures required by paragraph (1) must be mailed or delivered to the applicant with a request that a signed acknowledgment form be returned to the mortgage broker or lender required to make the disclosure. A copy of this request shall be kept by the mortgage broker or lender.

(5) For purposes of paragraph (1) of this Rule, "application fee" means any fee advanced prior to settlement by the applicant to the mortgage broker or lender in connection with an application for a mortgage loan, including any charge for soliciting. processing, placing or negotiating a mortgage loan. The term does not include payments to be remitted to third party service providers, such as appraisal fees or fees for credit reports.

(6) Good Faith Estimate to be provided by broker. Every broker required to be licensed or registered under Article 13 shall provide applicants for mortgage loans the good faith estimate disclosure as required below.

(a) Every broker shall disclose in writing to the applicant for a mortgage loan a good faith estimate, also required by federal law, of the costs the applicant can reasonably expect to pay in obtaining a mortgage loan, whether all or any part of these costs is refundable prior to settlement of the mortgage loan, and the terms and conditions under which all or any part of these costs is refundable. The good faith estimate of costs shall be mailed or delivered to the applicant within three business days after the application is received. If a mortgage broker acting as an exclusive agent of the lender receives the application, either the lender or the mortgage broker shall provide the good faith estimate. In the event that an application is received by a mortgage broker who is not an exclusive agent of the lender, the mortgage broker must provide a good faith estimate within three days of receiving a loan application based on his or her knowledge of the range of costs. An "exclusive agent" for the purposes of Article 13 shall mean a broker who represents only one lender and no others.

(b) The disclosures required in paragraph (6) of this Rule shall be acknowledged in writing by the applicant and a copy of the acknowledgment maintained by the broker, or lender if the broker is acting as an exclusive agent of the lender. A copy of such acknowledgment shall be given to the applicant. In instances of mail applications and applications taken by telephone or electronically, the broker, or lender if the broker is acting as an exclusive agent of the lender, shall deliver or mail to the applicant together with the required disclosures a request that a signed acknowledgment form be returned to the mortgage broker, or lender as appropriate. A copy of this request shall be kept by the mortgage broker or lender who delivers it.

(c) Some or all of the disclosures required in paragraph (6) of this Rule may appear on forms used to comply with otherwise applicable state or federal laws.

(7) Good Faith Estimate to be provided by Lender. Except as provided in subsection (d) of this Rule, every lender required to be licensed or registered under Article 13 shall provide applicants for mortgage loans the good faith estimate disclosure as required below.

(a) Every lender shall disclose in writing to the applicant for a mortgage loan a good faith estimate, also required by federal law, of the costs the applicant can reasonably expect to pay in obtaining a mortgage loan, whether all or any part of these costs is refundable prior to settlement of the mortgage loan, and the terms and conditions under which all or any part of these costs is refundable. The good faith estimate of costs shall be mailed or delivered to the applicant within three business days after the application is received.

(b) The disclosures required in paragraph 7 of this Rule shall be acknowledged in writing by the applicant, maintained by the lender required to make the disclosures, and a copy of such acknowledgment shall be given to the applicant. In instances of mail applications and applications taken by telephone or electronically, the lender shall deliver or mail to the applicant together with the required disclosures a request that a signed acknowledgment form be returned to the mortgage lender. A copy of this request shall be kept by the mortgage lender.

(c) Some or all of the disclosures required in paragraph (7) of this Rule may appear on forms used to comply with otherwise applicable state or federal laws.

(d) In cases where the broker provides a good faith estimate that includes the costs of the broker and the lender, the lender would not be required to issue a good faith estimate as dictated by paragraph of this Rule, provided the broker's good faith estimate is an accurate estimate of the lender's costs.

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