| STATE |
REGULATOR (linked to Web site, where available)
|
CONSUMER HOTLINE
|
WHERE TO CHECK YOUR BROKER'S LICENSE INFORMATION
|
SELECTED REQUIREMENTS
|
|
Alabama
|
State Banking Department
|
1-334-242-3452
|
Licensing Information
|
Must show a net worth of $25,000. Submit three letters of character reference and three letters of reference concerning experience. Initial license fee of $500 + an investigation fee of $100 and evidence of the satisfactory completion of at least 12 hours of approved continuing education in primary and subordinated financing transactions.
|
|
Alaska
(No regulations) |
Department of Community and Economic Development
|
1-907-465-2530
|
Licensing Information
|
The state of Alaska does not regulate mortgage lending or mortgage brokering, regardless of lien position.
|
| Arizona |
State Department of Financial Institutions
|
1-602-255-4421
|
Licensing Information
|
Required to maintain a surety bond for $10,000 to $15,000. Must have three years of experience in lending and pass a written exam.
|
| Arkansas |
Securities Department
|
1-501-324-9260
|
Licensing Information
|
Company required to maintain a net worth of $25,000 and surety bond of $35,000. No specific education or experience required.
|
| California |
Department of Real Estate; Department of Corporations
|
1-916-227-0931
|
Licensing Information |
Most brokers register under the Department of Real Estate. They must have two years' of industry experience during the last 5 years or a four-year college degree and pass an exam. |
|
Colorado |
Division of Securities, Department of Regulatory Agencies
|
1-303-894-2320
|
Licensing Information |
Pay a license fee of $75 and take a required examination.
|
| Connecticut |
Department of Banking, Consumer Credit Division
|
1-860-831-7225
|
Licensing Information
|
Required to maintain a surety bond for $40,000. No specific education or experience requirements.
|
| Delaware |
Office of the State Bank Commissioner
|
1-302-739-4235
|
Licensing Information
|
Mortgage brokers must maintain a bond of $25,000 and provide references from companies that have done business with them. No specific education or experience requirements.
|
| District of Columbia |
Office of Banking and Financial Institutions
|
1-202-727-1563
|
Licensing Information
|
Brokers are required to maintain a surety bond ranging from $12,500 to $50,000. No specific education or experience requirements.
|
| Florida |
Office of the Comptroller, Department of Banking
and Finance
|
1-850-410-9800
|
Licensing Information
|
Mortgage brokers must pay a $200 fee, become finger printed, complete 24 hours of classroom education and pass a written test.
|
| Georgia |
Department of Banking and Finance
|
1-770-986-1269
|
Licensing Information
|
Mortgage brokers are required to maintain a net worth of $25,000 or surety bond for $50,000. They must also have two years of lending experience or complete 40 hours of coursework in the field.
|
| Hawaii |
Department of Commerce and Consumer Affairs
|
1-808-587-3295
|
Licensing Information
|
Broker application & license fee is $320. Maintain a surety bond for $15,000. Mortgage brokers have no specific education or experience requirements.
|
| Idaho |
Department Of Finance
|
1-208-332-8000
|
Licensing Information
|
An application fee of $350 plus post a surety bond for $25,000 and additional $10,000 for each additional office . Applicants for mortgage broker license must have three years experience in residential mortgage lending if they are in charge of the place of business.
|
| Illinois |
Office of Banks and Real Estate, Bureau of Residential Finance
|
1-312-793-3000
|
Licensing Information
|
Mortgage brokers must have a net worth of $35,000 and a surety bond for $20,000. Licensees are also required to have three years' experience in real estate financing or attend mortgage lending classes.
|
| Indiana |
Secretary of State, Securities Division |
1-317-232-6681 |
Licensing Information
|
Registered loan brokers are required to post a $50,000 bond. They also must take 24 hours of classes on loan brokering.
|
| Iowa |
Division of Banking
|
1-515-281-4014
|
Licensing Information
|
Must maintain a surety bond for $15,000. No specific education or experience requirements.
|
| Kansas |
Office of the State Bank Commissioner, Division of Consumer and Mortgage Lending
|
1-785-296-2266
|
Licensing Information
|
Mortgage brokers are required to meet specific requirements.
|
| Kentucky |
Department of Financial Institutions
|
1-800-223-2579
|
Licensing Information
|
An investigation fee of $300 & an application fee of $450 is required and must maintain a surety bond for $50,000. Applicants for a mortgage loan broker license must complete a 30-hour training course.
|
| Louisiana |
Office of Financial Institutions
|
1-888-525-9414
|
Licensing Information
|
Application fee of $400. Must have net worth of $50,000 or a surety bond of the same amount. Brokers are also required to complete 10 hours of education and pass a written lending exam.
|
| Maine |
Office of Consumer Credit Regulation
|
1-207-624-8527
|
Licensing Information
|
Registered credit services organizations, which include mortgage brokers, must maintain a bond in the amount of $10,000. No specific education or experience requirements.
|
| Maryland |
Division of Financial Regulation
|
1-410-333-6830
|
Licensing Information
|
Mortgage brokers are required to maintain a surety bond ranging from $15,000 to $75,000. They must have three years' experience.
|
| Massachusetts |
Division of Banks
|
1-800-495-2265 ext. 501
|
Licensing Information
$115.00 Investigation Fee & $600.00 Mortgage Broker Application Fee
|
Mortgage brokers must demonstrate financial responsibility but aren't required any specific requirements. Brokers must show a year's experience in the field; related course work can trim the experience requirement.
|
| Michigan |
Division of Financial Institutions
|
1-517-373-1837
|
Licensing Information
|
Mortgage brokers are required to maintain a net worth of $25,000 and a bond for $25,000. No specific education or experience requirements.
|
| Minnesota |
Department of Commerce
|
1-800-657-3602
|
Licensing Information
|
$850 inital application fee. No specific education or experience requirements. A surety bond or an irrevocable letter of credit of not less than $50,000 is required for servicing residential loans unless the originator is FNMA or FHLMC approved.
|
| Mississippi |
Department of Banking and Consumer Finance |
1-601-359-1031 |
Licensing Information
|
Mortgage brokers are required to maintain a surety bond for $25,000. They must also have two years' lending experience or pass an exam.
|
| Missouri |
Division of Finance
|
1-573-751-3463
|
Licensing Information
|
Applicants must file and pay a $700 license fee + a non-refundable investigation fee of $300. Mortgage brokers are required to maintain a net worth of $25,000 and a surety bond for $20,000. No specific educational or experience requirements.
|
|
Montana |
Department of Administration
Banking and Financial Institutions Division
|
1-406-841-2930
|
Licensing Information
|
Mortgage brokers are required to pay a license application of $500 and loan originators $400. A broker applicant must have minimum of 3 years experience as a loan originator and take an exam to test experience. Surety bond of $25,000 required.
|
| Nebraska |
Department of Banking and Finance, Financial Institutions Division
|
1-402-471-2171
|
Licensing Information
|
Surety bond for $50,000 required. No specific educational or experience requirements.
|
| Nevada |
Department of Business and Industry, Financial Institutions Division
|
1-702-687-4259
|
Licensing Information
|
An applicant for a license as a mortgage broker must have: 1) At least 2 years of verifiable experience in lending money for real estate or mortgages; and 2) A knowledge of generally accepted accounting practices and bookkeeping procedures evidenced by verifiable experience in working in these areas or appropriate educational training, or both.
|
| New Hampshire |
Banking Department
|
1-603-271-3561
|
Licensing Information
|
Mortgage brokers must maintain a surety bond for $20,000. No specific educational or experience requirements.
|
| New Jersey |
Department of Banking and Insurance
|
1-609-984-2777
|
|
Brokers are required to have a net worth of $50,000 and a bond for $50,000. They also must pass a written exam.
|
| New Mexico |
Regulations and Licensing Department, Financial Institutions Division
|
1-505-827-7100
|
Licensing Information
New Mexico Statutes
Chapter 58 Article 21
|
Must maintain a $25,000 surety bond, and pay a $400 initial license application fee. No specific educational or experience requirements.
|
| New York |
Banking Department
|
1-800-334-3360
|
Licensing Information
|
Mortgage brokers are required to have two years of experience in the field.
|
| North Carolina |
Office of the Commissioner of Banks
|
1-919-733-3016
|
Licensing Information
|
The initial application & license fee is $1000 + $100 per branch office. You must maintain a $50,000 surety bond. Mtg Broker licensee must have 3 yrs exp.
|
| North Dakota |
Department Of Banking and Financial Institutions
|
1-701-328-9933
|
Licensing Information
Click on the "Money Broker" heading and down load information and application.
|
There is a $400 investigation fee and $300 license fee for each applicant. Must maintain a surety bond for $25,000. No specific educational or experience requirements.
|
| Ohio |
Department Of Commerce, Division of Financial Institutions
|
1-614-728-8400
|
Licensing Information
|
Mortgage brokers must maintain a surety bond of $25,000 for their main office, plus $5,000 for each branch office. They must also have 3 years' experience in the lending field or an associate's degree in finance, banking or business administration.
|
| Oklahoma |
Department of Consumer Credit
|
1-800-448-4904
|
Licensing Information
|
Brokers must have three years continuous experience in the residential mortgage loan industry, real estate sales or lending industry. There is a $750 initial application fee and a $150 test fee.
|
| Oregon |
Department of Consumer and Business Services, Division of Finance and Corporate Securities
|
1-503-378-4140
|
Licensing Information
|
Licensed mortgage brokers are required to maintain a surety bond for $25,000 to $50,000. They must also have at least 3 years' experience in mortgage lending or a related business.
|
| Pennsylvania |
Department of Banking
|
1-800-722-2657
|
Licensing Information
|
Mortgage brokers must maintain a bond for $100,000. No specific educational or experience requirements.
|
| Rhode Island |
Department of Business Regulation
|
1-401-222-2405
|
Licensing Information
|
Licensed brokers must have a net worth of $10,000 and post a $10,000 bond, plus $5,000 for each additional office. They are also required to have five years' experience in the field.
|
| South Carolina |
Department of Consumer Affairs
|
1-800-922-1594
|
Licensing Information
|
Must maintain a surety bond for $10,000. To obtain a license, brokers must have worked for two years as a loan originator. They can substitute six hours of academic study for one of those years.
|
| South Dakota |
Division of Banking
|
1-605-773-3421
|
Licensing Information
|
No minimum financial requirements, no specific educational or experience requirements.
|
| Tennessee |
Department of Financial Institutions
|
1-615-741-9340
|
Licensing Information
|
Mortgage brokers must maintain a surety bond for $90,000, pay a nonrefundable $100 investigation fee, have a tangible networth of $25,000 and pay a $500 license fee. No specific educational or experience requirements.
|
| Texas |
Finance Commission of Texas, Savings and Loan Department
|
1-877-276-5550
|
Licensing Information
|
Application fee of $375 plus background investigation. Mortgage brokers must maintain a net worth of $25,000 or a surety bond of $50,000. They must also have three years' lending experience and pass a state licensing exam.
|
| Utah |
Department of Financial Institutions
|
1-801-538-8830
|
Licensing Information
|
$200 application fee, 20hr educational completion certificate, be fingerprint and take a state exam.
|
| Vermont |
Department of Banking, Insurance, Securities & Health Care Admin.
|
1-802-828-3307
|
Licensing Information
|
Brokers must maintain a bond for $10,000. No specific educational or experience requirements.
|
| Virginia |
State Corporation Commission, Bureau of Financial Institutions
|
1-804-371-9705
|
Licensing Information
|
Brokers must maintain a surety bond for $25,000 with a $500 application fee.
|
| Washington |
Department of Financial Institutions, Division of Consumer Services
|
1-360-902-8703
|
Licensing Information
|
Mortgage brokers must maintain a surety bond for $20,000 to $60,000. Applicants must pass an exam or demonstrate two years' experience in the field.
|
| West Virginia |
Division of Banking
|
1-304-558-2294
|
Licensing Information
|
Must maintain a net worth of $10,000 and a bond for $25,000. No specific educational or experience requirements.
|
| Wisconsin |
Department of Financial Institutions
|
1-608-261-7578
|
Licensing Information
|
Mortgage brokers must maintain a bond for $10,000 or net worth of $100,000. No specific educational or experience requirements.
|
|
Wyoming |
Division of Banking
|
1-307-777-7797
|
Licensing Information
|
File a license application and a $150 fee.
|
| Puerto Rico |
Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico
|
(787) 723-8403
|
Licensing Information
|
$1,500 application fee, have a financial statement prepared by a CPA showing a net worth minimum of $10,000, credit report by all three major bureaus, and a criminal backgrounf check.
|
SOURCES Include: Online research by Richard Noah, of the Mortgage Academy, validating resource links to be current as of 12/22/06.
*((Anyone finding broken links or changed information, is asked to share that information with the Mortgage Academy by emailing here.))
*Some sources are Adobe acrobat files and require downloading the Adobe Acrobat Reader
"To Be Successful In The Any Of These States As A Lending Professional,
It's Easier Using Our Top Rated Professional Loan Officer Lending Resources"
    
© 1996-2006 Mortgage Academy/NTG & Associates, Inc. All rights reserved.
|
