An independent mortgage operation runs under a Georgia licensee name in 2026 outside its daily control. May this independently controlled net branch operate solely under the other firm license?
Correct Answer
D) Not a branch: a net branch must hold a license of its own instead
A separate entity referred to as a net branch, which is an independent business or mortgage operation not under the direct control, management, supervision and responsibility of the licensee, is not deemed a branch and is required to have its own license. Other choices: operating under the name is the arrangement the rule looks through; quarterly file review is not direct and daily supervision; and the trade name is not the test. Source: Ga. Comp. R. & Regs. 80-11-1-.03(5)(b)
Why This Is the Correct Answer
A separate entity referred to as a net branch, which is an independent business or mortgage operation not under the direct control, management, supervision and responsibility of the licensee, is not deemed a branch and is required to have its own license. Other choices: operating under the name is the arrangement the rule looks through; quarterly file review is not direct and daily supervision; and the trade name is not the test. Source: Ga. Comp. R. & Regs. 80-11-1-.03(5)(b)
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