N To Z: Mortgage Broker Regulations Breakdown By State
The Nebraska Department of Banking and Finance carries out the regulation and licensure of mortgage brokers (mortgage bankers) in the state of Nebraska.
Mortgage brokers seeking a Nebraska mortgage license are not required to maintain a physical office within the state of Nebraska. Applicants must maintain a surety bond in the amount of $50,000. All applicants must submit recent financials and a resume detailing work history for the previous ten years.
The state of Nebraska charges an application fee to mortgage brokers in the amount of $300.
The Nevada Division of Mortgage Lending regulates and licenses mortgage brokers in the state of Nevada.
Mortgage brokers seeking a Nevada mortgage license are required to maintain a physical office within the state of Nevada. Financial statements within the last three months are required to submit with the mortgage broker application as well as the past two fiscal year end reports, a personal financial questionnaire, personal history record, fingerprint cards and a general business plan. On going education of 12 hours per year is required to renew a license.
The state of Nevada charges a non-refundable application fee to mortgage brokers in the amount of $1,500. A mortgage license fee in the amount of $1,000 is charged after the application has been approved.
Mortgage brokers in New Hampshire are licensed and regulated by the State of New Hampshire Banking Department.
Mortgage brokers seeking a New Hampshire mortgage license are not required to maintain a physical office within the state of New Hampshire. Applicants must maintain a surety bond in the amount of $20,000. However, if the mortgage broker's net worth is less than $100,000, then a surety bond in the amount of $100,000 is required. The state requires a thorough criminal background check which includes submitting completed fingerprint cards.
The state of New Hampshire charges a licensing fee in the amount of $500 for each application. The fee for each New Hampshire branch office is $500.
Mortgage brokers in New Jersey are licensed and regulated by the New Jersey Department of Banking and Insurance.
Mortgage brokers seeking a New Jersey mortgage license are required to maintain a physical office within the state of New Jersey. Applicants must maintain a surety bond in the amount of $100,000 and provide audited company financials displaying a net worth of at least $50,000. Both the company and a designated individual are required to be licensed. No pre-requisite education is required, but an individual must pass a state exam.
The state of New Jersey charges a non-refundable application fee in the amount of at least $1,400.
Mortgage brokers in New Mexico are licensed and regulated by the New Mexico Financial Institutions Division
Mortgage brokers seeking a New Mexico mortgage license are not required to maintain a physical office within the state of New Mexico. Applicants must maintain a surety bond in the amount of $25,000. Mortgage brokers in New Mexico are not required to have specific education, nor are they required to pass an exam.
The state of New Mexico charges a non-refundable application fee in the amount of $400.
Mortgage brokers in New York are licensed and regulated by the State of New York Banking Department.
Mortgage brokers seeking a New York mortgage license are not required to maintain a physical office within the state of New York. Applicants must have two years of verifiable mortgage lending experience and maintain a surety bond in the amount of at least $10,000. Mortgage brokers in New York are not required to have specific education, nor are they required to pass an exam. However, New York has one of the more thorough application processes in the country. This includes an in depth criminal background check, detailed work experience, personal credit reports and three business reference letters that must accompany the mortgage broker application.
The state of New York charges a non-refundable application fee in the amount of $500, plus fingerprint fees in the amount of $99 per card.
Mortgage brokers and lenders in North Carolina are licensed and regulated by the North Carolina Commission of Banks.
Applicants seeking a North Carolina mortgage license are required to maintain a physical office within the state of North Carolina. However, mortgage lenders are not required to maintain a physical office in the state and are able to act as mortgage brokers in accordance with the Mortgage Lending Act.
As well as having a physical office, mortgage brokers must also maintain all of the company's files and records within the principle office. Mortgage brokers and branch managers are required to be separately licensed as a loan officer and have a minimum of three (3) years of mortgage lending experience. Applicants must have successfully completed an approved North Carolina Mortgage Fundamentals course within three (3) years preceding the date of the application and pass a state examination. Applicants must also maintain a surety bond in the amount of $50,000.
Mortgage lenders must meet the same education and experience requirements as a mortgage broker. Mortgage lender applicants must also have a minimum net worth of $100,000 and maintain a surety bond in the amount of $150,000.
The state of North Carolina charges an application fee in the amount of $1000 for mortgage brokers and lenders. Loan officers are charged a licensing fee in the amount of $50. There is also a $46 investigation fee for each principal owner and loan officer.
Mortgage brokers in North Dakota are licensed and regulated by the State of North Dakota Department of Financial Institutions. North Dakota refers to a mortgage broker as a money broker.
Applicants seeking a North Dakota money broker license are not required to maintain a physical office within the state of North Dakota. There is no exam or specific experience or education requirements. Applicants must maintain a surety bond in the amount of $25,000.
The state of North Dakota charges an investigation fee in the amount of $400 and a licensing fee in the amount of $300.
Mortgage brokers and loan originators in Ohio are licensed and regulated by the Financial Institutions Division of the Ohio Department of Commerce.
A person wishing to become a mortgage broker must submit an application, a fingerprint card, a registration fee, a zoning permit if applicable, a photograph of the proposed office location, evidence of at least three years experience in the mortgage lending field, a registration fee, a surety bond in the amount of $50,000 and a statement attesting that the person has not been convicted of or pleaded guilty to a criminal offense which is a felony or to any criminal offense involving fraud. The Division must investigate the financial condition, experience, character and general fitness of the applicant, including requesting a criminal background check.
Certificates of registration may be renewed annually by filing a renewal application and paying an annual registration fee. Each mortgage broker office must be individually registered. If an office is relocated, the registrant must obtain a new certificate of registration prior to conducting business at the new location.
Each individual loan officer who works for a registered mortgage broker must submit a loan officer application, a fingerprint card, a verification of employment form, and a nonrefundable license fee. The Division must request a criminal background check on the individual.
Loan officer licenses may be renewed annually by filing a renewal application, and providing proof that the loan officer has met continuing education requirements, and paying an annual license fee.
The state of Ohio charges a non-refundable application fee in the amount of $350 for mortgage brokers.
Mortgage brokers in Oklahoma are licensed and regulated by the Oklahoma Department of Consumer Credit.
Applicants seeking a Oklahoma money broker license are required to maintain a physical office within the state of Oklahoma. Applicants must have three (3) continuous years of mortgage lending experience within the past five (5) years. Recent financials within 30 days of applying must be submitted to the Department of Consumer Credit and each applicant must pass an exam prior to applying for their license. The company must have a trust account in a federally insured Oklahoma bank.
Loan officers are also required to be licensed in the state of Oklahoma.
The state of Oklahoma charges a $750 application fee, a $150 examination fee and a $100 licensing fee.
Mortgage brokers in Oregon are licensed and regulated by the Oregon Department of Consumer and Business Services.
Applicants seeking an Oregon mortgage broker license are not required to maintain a physical office within the state. However, applicants are required to be licensed in their home state before applying. Applicants must have three (3) years of mortgage lending experience within the past five (5) years. Financial statements in accordance with GAAP must be submitted. A surety bond in the amount of $25,000 is also required.
Loan officers are required to be licensed in the state of Oregon and must pass an exam before applying. They must complete six (6) hours of continuing education each year in order to be renewed.
The state of Oregon charges a licensing fee in the amount of $825.
Mortgage brokers in Pennsylvania are licensed and regulated by the Bureau of Licensing and Consumer Compliance of the Pennsylvania Department of Banking.
Applicants seeking a Pennsylvania mortgage broker license are required to maintain a physical office within the state of Pennsylvania. Applicants must submit detailed history of their experience in the mortgage lending industry. A penal bond in the amount of $100,000 is only required if a lender will be accepting fees up.
Pennsylvania requires a first and second mortgage license.
The state of Pennsylvania charges a licensing fee in the amount of $500 per application.
Mortgage brokers in Rhode Island are licensed and regulated by the Rhode Island Department of Business Regulation, Division of Banking.
Applicants seeking a Rhode Island mortgage broker license are not required to maintain a physical office within the state of Rhode Island. Applicants must submit detailed history of their experience in the mortgage lending industry for the past five years. A surety bond in the amount of $10,000 is required. Applicants must submit a three (3) year business plan including pro-forma financial statements showing a minimum net worth of $10,000.
There are no education requirement and mortgage brokers are not required to pass an exam.
The state of Rhode Island charges an application fee in the amount of $275. A licensing fee is also charged after the applicant is approved.
Mortgage brokers in South Carolina are licensed and regulated by the South Carolina Department of Consumer Affairs.
Applicants seeking a South Carolina mortgage broker license are required to maintain a physical office within the state of South Carolina. Applicants must two years of mortgage lending experience while working under a licensed broker. One year of experience may be substituted with specific academic studies.
A surety bond in the amount of $10,000 is required.
There are no education requirements and mortgage brokers are not required to pass an exam.
The state of South Carolina charges an application fee in the amount of $500 and a licensing fee in the amount of $500.
Mortgage brokers in South Dakota are licensed and regulated by the South Dakota Department of Revenue and Regulation, Division of Banking.
Applicants seeking a South Dakota mortgage broker license are not required to maintain a physical office within the state of South Dakota. There are no surety bond requirements and no specific education or experience requirements.
The state of South Dakota charges an initial application fee in the amount of $365.
Mortgage brokers in Tennessee are licensed and regulated by the Tennessee Department of Financial Institutions.
Applicants seeking a Tennessee mortgage broker license are not required to maintain a physical office within the state of Tennessee. Applicants are required to maintain a surety bond in the amount of $90,000. They also must provide compiled, reviewed or audited financials within the past 12 months that reflect a minimum, tangible net worth of $25,000. All loan officers must be licensed.
The state of Tennessee charges $600 for the annual license and investigation fees.
Mortgage brokers in Texas are licensed and regulated by the Texas Department of Savings and Mortgage Lending.
Applicants seeking a Texas mortgage broker license are required to maintain a physical office within the state of Texas. Mortgage brokers must demonstrate that they can continue to maintain either a personal net worth of $25,000, or have paid for and submitted a personal surety bond in the amount of $50,000. A surety bond in the company's name will not be accepted to fulfill this requirement.
All applicants (mortgage brokers and loan originators) must schedule a pre-licensing exam with the provider, Promissor, Inc.
The state of Texas charges $434 in fees for new mortgage brokers and $42 for a pre-licensing examination. Loan officers are charged $234 and also pay the $42 examination fee.
Mortgage brokers in Utah are licensed and regulated by the Utah Division of Real Estate. There are two separate licenses in Utah, an individual license and a company license. All mortgage companies licensed by the Utah Division of Real Estate require a licensed Principle Lending Manager who supervises and pays all mortgage officers.
Principle Lending Managers must have at least 3 years of direct supervision experience in the mortgage lending industry and must also complete forty (40) hours of education from a certified Pre-licensing Mortgage School. Applicants must then pass the state Principle Lending Manager exam. The exam may be taken outside of the state of Utah. Submission of Fingerprint Cards are also required.
Applicants seeking a Utah mortgage broker license are not required to maintain a physical office within the state of Utah.
Loan officers are required to take 20 hours of approved education at a Pre-licensing Mortgage School. Loan officers must pass the Mortgage Officer exam.
The Utah Division of Real Estate charges $250 in fees for a company license, $275 in fees for Principle Lending Managers and $275 in fees for Loan Officers.
Mortgage brokers in Vermont are licensed and regulated by the Department of Banking, Insurance Securities and Health Care Administration.
Applicants seeking a Vermont mortgage broker license are not required to maintain a physical office within the state of Vermont. Applicants must maintain a surety bond in the amount of $10,000 and submit recent financial statements as well as detailed work history.
The Vermont Department of Banking charges a $250 investigation fee and a $250 licensing fee once the applicant is approved.
Mortgage brokers in Virginia are licensed and regulated by the Bureau of Financial Institutions.
Applicants seeking a Virginia mortgage broker license are not required to maintain a physical office within the state of Virginia. Applicants must maintain a surety bond in the amount of $25,000 and submit personal financial statements that have been completed within the past 90 days. Licensed brokers are not required to renew their license on an annual basis, but they must submit an annual report each year.
The Virginia Bureau of Financial Institutions does not require mortgage brokers to pass an examination.
The Virginia Bureau of Financial Institutions charges $500 for the mortgage broker application fee.
Mortgage brokers in the state of Washington are licensed and regulated by the Washington State Department of Financial Institutions.
Applicants seeking a Washington mortgage broker license are not required to maintain a physical office within the state of Washington unless they have less than two years of mortgage lending experience. Applicants must maintain a surety bond ranging from the amounts of $20,000 to $60,000 as determined by the director based on the number of loan officers. Each applicant must pass a written exam that is taken in Olympia, WA.
Licensees must complete a licensing seminar class within the first year of their initial license grant date. This class can be taken from approved online providers.
The Washington State Department of Financial Institutions charges an initial deposit fee in the amount of $371.60 towards the time spent processing the application.
Loan officers are not required to be licensed in the state of Washington.
Mortgage brokers in the state of West Virginia are licensed and regulated by the West Virginia Division of Banking.
Applicants seeking a West Virginia mortgage broker license are not required to maintain a physical office within the state of West Virginia. Applicants must maintain a surety bond in the amounts of $50,000. If brokers are engaged in Table Funding, then they need to maintain a surety bond in the amount of $100,000.
Applicants must submit financial statements showing a minimum net worth of $10,000. Applicants must also have a FICO score greater than 500 to apply and greater than 575 in order to be approved.
Loan officers need to be licensed in the state of West Virginia.
The West Virginia Division of Banking charges licensing fees for mortgage brokers ($350) and loan originators ($150). Each additional branch office is also charged a $350 licensing fee.
Mortgage brokers in the state of Wisconsin are licensed and regulated by the Wisconsin Department of Financial Institutions.
Out of state applicants seeking a Wisconsin mortgage broker license are not required to maintain a physical office in the state of Wisconsin, however, they must submit reviewed financials that demonstrate a net worth of at least $250,000 and maintain a surety bond in the amount of $120,000. Applicants with a bona-fide office in the state of Wisconsin do not need to meet these same requirements. Each office must maintain a licensed manager.
Each mortgage broker applicant must pass an exam. All loan officers are required to be licensed in the state of Wisconsin.
The Wisconsin Department of Financial Institutions charges an application fee in the amount of $750.
Mortgage brokers in the state of Wyoming are licensed and regulated by the Wyoming Department of Audit, Division of Banking.
Applicants seeking a Wyoming mortgage broker license are not required to maintain a physical office in the state of Wyoming. Applicants must maintain a surety bond in the amount of $25,000. An additional $10,000 surety bond is required for each licensed branch office.
Examinations may be required by the state commissioner. The commissioner will have free and reasonable access to the offices, records, etc. The examinations will be performed at a cost of $100 per hour.
Applicants will pay a non-refundable mortgage license application fee, not to exceed $1,000.
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