Mortgage Broker Information by State

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Mortgage Broker Information by State

Editor’s Note: These regulations were taken in 2002 thanks to http://www.bankrate.com/nsc/news/mtg/20010104b.asp.

STATE

REGULATOR (linked to Web site, where available)

CONSUMER HOTLINE

WHERE TO CHECK YOUR BROKER’S LICENSE INFORMATION

SELECTED REQUIREMENTS

Alabama

(No regulations)

N/A

N/A

N/A

N/A

Alaska

(No regulations)

N/A

N/A

N/A

N/A

Arizona

State Banking Department

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

(No regulations)

N/A

N/A

N/A

N/A

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

Not available online yet

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

1-850-410-9895

Licensing information

Mortgage brokers are not subject to any specific financial requirements. Applicants for a broker’s license must receive classroom education and pass a written test.

Georgia

Department of Banking and Finance

1-770-986-2812

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

Not available online yet

Maintain a surety bond for $15,000. Mortgage brokers have no specific education or experience requirements.

Idaho

Department Of Finance

1-208-332-8004

Licensing information

A surety bond for $10,000 for home office and additional $10,000 for each office outside of Idaho. 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 not required to meet any specific requirements.

Kentucky

Department of Financial Institutions

1-800-223-2579

Licensing information

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

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 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

(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

Not available online yet

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

1-517-373-3460

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

Not available online yet

No specific financial, education or experience requirements.

Mississippi

Department of Banking and Consumer Finance

1-601-359-1031

Not available online yet

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

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

(No regulations)

N/A

N/A

N/A

N/A

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

Brokers must have or work in an office with a supervisor who has two years’ mortgage lending experience.

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

Not available online yet

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

Not available online yet

Must maintain a $25,000 surety bond. 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

Must maintain a $25,000 surety bond. No specific educational or experience requirements.

North Dakota

Department Of Banking and Financial Institutions

1-701-328-9933

Licensing information

Must maintain a surety bond for $25,000. No specific educational or experience requirements.

Ohio

Department Of Commerce, Division of Financial Institutions

1-614-644-7527

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 two years continuous experience in the residential mortgage loan industry, real estate sales or lending industry. Also, they must have a trust account in a federally insured bank in Oklahoma.

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

Not available yet

1-401-222-2405

Not available online yet

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 net worth of $25,000 and a surety bond for $25,000. No specific educational or experience requirements.

Texas

Finance Commission of Texas, Savings and Loan Department

1-877-276-5550

Licensing information

Mortgage brokers must maintain a net worth of $25,000 or a surety bond of $50,000. They must also have a bachelor’s degree in finance, banking or business administration and 18 months’ experience in lending or three years’ lending experience.

Utah

Department of Financial Institutions

1-801-538-8830

Licensing information

Must have surety bond for $25,000. No specific educational or experience requirements.

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 $5,000.

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

Not available online yet

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

(No regulations)

N/A

N/A

 

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