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GRMA Charging

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Question: 
When is it required to charge GRMA? Is it on all residential (1-4) property or just when recording DSD on a principal dwelling?
Answer: 

80-5-1-.04 Levy, Collection and Remittance of Georgia Residential Mortgage Act Per Loan Fee.

(a) Each borrower who obtains a mortgage loan as defined in Article 13 shall pay to the department a per loan fee of $6.50. The $6.50 fee will be due if the loan is a residential mortgage loan as defined in the Georgia Residential Mortgage Act, and if a security deed, a modification of a security deed, or other form or modification of a security interest is recorded. A change to a security instrument made solely for the purpose of correcting a clerical error will not be subject to a $6.50 fee. Any person who closes mortgage loans that are subject to regulation under Article 13, regardless of whether said person is required to be licensed or registered under Article 13, shall act as collecting agent for payment to the department of said per loan fee for each mortgage loan closed by that person on and after January 1, 1994. A mortgage loan shall be deemed to have been closed by a person if such person is indicated as the secured party on the security deed or any other loan document that establishes a lien on the residential real estate taken as collateral for the mortgage loan.

Residential mortgage loan means a loan or agreement to extend credit made to a person with the loan being secured by a deed to secure debt, security deed, mortgage, security interest, 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 including the renewal or refinancing of any such loan.

First published on BankersOnline.com 10/08/07

First published on 10/08/2007

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