Georgia Increases Mortgage Closing Fees

On May 12, Georgia Governor Sonny Purdue signed into law H.B. 1055, a bill that, among other things, amended the Georgia Residential Mortgage Act (GRMA) by increasing the Georgia Residential Mortgage fee from $6.50 per loan to $10.00 per loan. Under the GRMA, borrowers must pay a fee to a designated collecting agent whenever closing a loan subject to the GRMA, regardless of whether the loan is closed by a mortgage broker or mortgage lender licensee or registrant. The change became effective May 12.