State Banking Commission requirements for licensure.
Please note, there may be other types of licenses for the state.
This information is subject to change at any time. Check with the
the State or Legal Counsel BEFORE acting on this information. |
|
STATE |
REGULATOR (linked to Web site, where
available)
|
CONSUMER HOTLINE
|
NUMBER OF LICENSED BROKERS
|
SELECTED REQUIREMENTS
|
|
Alabama |
State Banking
Department
|
1-334-242-3452
|
Alabama issues a consumer credit license,
but does not specifically regulate mortgage brokers.
|
No specific educational or experience
requirements.
|
|
Alaska |
Dept. of Commerce
and Economic Development, Division of Banking, Securities and
Corporation
|
1-907-465-2521
|
None. Alaska licenses small loan
companies, but not individual mortgage brokers.
|
No specific education or experience
requirements.
|
|
Arizona |
State Banking
Department
|
1-602-255-4421 ext. 118
|
Approximately 627 mortgage brokers.
|
Required to maintain a surety 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
|
Approximately 222 licensed mortgage loan
brokers and companies; plus about 540 more that have filed proof that
they're exempt from licensing.
|
Required to maintain a net worth of
$25,000. No specific education or experience required.
|
|
California |
Department of Real Estate;
Department of
Corporations
|
1-916-227-0782;
1-213-736-2741
|
300,000 real estate
brokers who may engage in mortgage broker activities; 191 mortgage
lenders. |
Licensees aren't subject
to specific financial requirements; brokers and lenders must each meet
educational requirements and pass exams. You may check the license and
disciplinary status of individual real estate brokers through the
state's
online database. |
|
Colorado |
Department of Law,
Uniform Consumer Credit Code Unit
|
1-303-866-4494
|
Not available
|
No specific education or experience
requirements.
|
|
Connecticut |
Consumer Credit
Division
|
1-860-240-8299
|
Approximately 1,436 licensed first
mortgage lenders/brokers.
|
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
|
Approximately 569 brokers.
|
Mortgage brokers must maintain a bond of
$25,000. No specific education or experience requirements.
|
|
District of Columbia |
Office of Banking
and Financial Institution
|
1-202-727-1563
|
Not available
|
Began licensing mortgage brokers in 1997.
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
|
Approximately 20,000 mortgage brokers.
|
State issues four types of mortgage
broker/lender licenses; mortgage broker is by far the most common.
Mortgage brokers are not subject to any specific financial requirements.
Applicants for a broker's license must pass a written test.
|
|
Georgia |
Department of
Banking and Finance
|
1-770-986-2812
|
Approximately 2,750 mortgage brokers or
lenders are licensed or registered.
|
Mortgage brokers are required to maintain
a net worth of $25,000 or surety bond for $50,000. No specific education
or experience requirements.
|
|
Hawaii |
Department of
Commerce and Consumer Affairs
|
1-808-587-3222
|
Not available
|
Maintain a surety bond for $50,000.
Mortgage brokers have no specific education or experience requirements;
designated principal mortgage solicitors must have two years experience.
|
|
Idaho |
Department Of
Finance
|
1-208-332-8004
|
Approximately 391 licensed mortgage
brokers and 663 licensed mortgage lenders.
|
A surety bond for $10,000 for home office
and additional $10,000 for each office outside of Idaho. Applicants for
mortgage banker/broker license must have three years experience in
residential mortgage lending.
|
|
Illinois |
Office of Banks and Real Estate
|
1-312-793-3000
|
Approximately 1,000 brokers.
|
Mortgage brokers must maintain a fidelity
bond for $100,000 and surety bond for $20,000. Licensees must pass a
test or have three years experience in real estate financing.
|
|
Indiana |
Secretary of State, Securities Division
Department of Financial Institutions |
1-317-232-6684 (first
mortgages)
1-317-232-3955 (second
mortgages) |
Not available
|
Registered loan brokers are required to
post a $25,000 bond. No specific education or experience requirements.
|
|
Iowa |
Division of Banking
|
1-515-281-4014
|
Approximately 415 mortgage brokers and
lenders.
|
Must maintain a surety bond for $15,000.
No specific education or experience requirements.
|
|
Kansas |
Office of the State
Bank Commissioner
|
1-785-296-2266
|
Approximately 400 licensed mortgage
brokers.
|
Mortgage brokers are not required to meet
any specific requirements.
|
|
Kentucky |
Department of
Financial Institutions
|
1-502-573-3390
|
Approximately 180 licensed mortgage loan
brokers, 160 licensed mortgage loan companies.
|
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
|
1-225-925-4660
|
Approximately 259 licensed loan brokers.
|
Must maintain a surety bond for $25,000.
No specific education or experience requirements.
|
|
Maine |
Office of Consumer
Credit Regulation
|
1-207-624-8527
|
Approximately 350 brokers.
|
Registered credit services organizations,
which include loan brokers, must maintain a bond in the amount of
$10,000. No specific education or experience requirements.
|
|
Maryland |
Division of
Financial Regulations
|
(410) 333-6830
|
Approximately 1,843 mortgage brokers and
lenders.
|
Mortgage lenders are required to maintain
a surety bond ranging from $15,000 to $75,000. Mortgage lenders must
have three years experience.
|
|
Massachusetts |
Division of Banks,
Consumer Compliance Unit
|
1-617-956-1500, ext. 501
|
Approximately 434 mortgage brokers.
|
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 |
Financial Institutions Bureau
|
1-517-73-3460
|
Approximately 1,380 licensed mortgage
brokers, lenders and servicers.
|
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
|
1-651-296-2488
|
Not available
|
2
licenses types -- "residential mortgage
originators" and "residential mortgage servicers."
|
|
Mississippi |
Department of Banking and Consumer Finance |
1-601-359-1350 |
Mississippi doesn't license mortgage
brokers. Through its Consumer Loan Broker Act, it does impose some
modest regulation.
|
Brokers are not required to meet any
specific regulations.
|
|
Missouri |
Division of Finance
|
1-573-751-3242
|
Approximately 436 mortgage brokers.
|
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
Commerce, Division of Banking and Financial Institutions
|
1-(406) 444-2091
|
Not available
|
Lenders for first mortgages are not
required to obtain a license; nor are they subject to any financial,
educational or experience requirements.
|
|
Nebraska |
Department of Banking and Finance
|
1-402-471-2171
|
Approximately 326 licensed mortgage
lenders.
|
No specific educational or experience
requirements.
|
|
Nevada |
Department of
Business and Industry, Financial Institutions Division
|
1-702-687-4259
|
Not available
|
No financial requirements; applicants for
a mortgage company license must employ someone with accounting and at
least two years mortgage-lending experience.
|
|
New Hampshire |
Banking Department
|
1-603-271-3561
|
Approximately 300 mortgage brokers.
|
First-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
|
Approximately 1,600 mortgage brokers.
|
Brokers are required to have a net worth
of $50,000 and a bond for $50,000.
|
|
New Mexico |
Regulations and
Licensing Department, Financial Institutions Division
|
1-505-827-7100
|
Approximately 800 mortgage loan companies
and brokers.
|
Must maintain a $25,000 surety bond. No
specific educational or experience requirements.
|
|
New York |
Banking Department
|
1-212-618-6681
|
Approximately 1,700 first-mortgage
brokers.
|
Mortgage brokers may be asked to post a
$25,000 bond. No specific educational or experience requirements.
|
|
North Carolina |
Office of the
Commissioner of Banks
|
1-919-733-3016
|
Approximately 579 mortgage brokers.
|
Must maintain a $25,000 surety bond. No
specific educational or experience requirements.
|
|
North Dakota |
Department Of
Banking and Financial Institutions
|
1-701-328-9935
|
Approximately 165 mortgage lenders and
brokers.
|
Must maintain a surety bond for $25,000.
No specific educational or experience requirements.
|
|
Ohio |
Department Of
Commerce, Division of Financial Institutions
|
1-614-644-9574
|
Approximately 918 mortgage brokers.
|
Mortgage brokers must maintain a net
worth of $25,000 and have an associate's degree in finance, banking or
business administration; or three years experience in financial
services.
|
|
Oklahoma |
Department of
Consumer Credit
|
1-800-448-4904
|
Approximately 213 loan brokers.
|
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
|
Approximately 1,500 mortgage lenders.
|
Licensed mortgage brokers required to
maintain a surety bond for $10,000
|
|
Pennsylvania |
Department of
Banking
|
1-717-787-1854
|
Approximately 1,361 first-mortgage
brokers and 733 secondary-mortgage brokers.
|
First-mortgage brokers must maintain a
bond for $100,000. No specific educational or experience requirements.
|
|
Puerto Rico |
Office of the
Commissioner of Financial Institutions
|
1-787-723-3131,ext. 2341
|
Approximately 178 licensed mortgage
institutions and intermediaries.
|
Mortgage brokers must have five years
experience in the industry, or a college degree and two years
experience.
|
|
Rhode Island |
Department of
Business Regulations, Division of Banking
|
1-401-222-2405
|
Approximately 800 licensed loan brokers
and lenders.
|
Licensed brokers must have a net worth of
$10,000 and post a $10,000 bond, plus $5,000 for each additional office.
No specific educational or experience requirements.
|
|
South Carolina |
Department of
Consumer Affairs
|
1-803-734-9452, ext. 134. The department
will accept faxed requests only to 1-803-736-9365
|
Approximately 320 mortgage loan brokers.
|
Must maintain a surety bond for $10,000.
To obtain a license, brokers must have worked for two years as a loan
originator, or one year of experience if educational standards are met.
Eight hours of continuing education each year required.
|
|
South Dakota |
Division of Banking
|
1-605-773-3421
|
Not available
|
No minimum financial requirements, no
specific educational or experience requirements.
|
|
Tennessee |
Department of
Financial Institutions
|
1-615-741-8186
|
Approximately 1,069 mortgage companies.
|
Mortgage lenders and loan brokers must
maintain a net worth of $25,000 and a surety bond for $90,000.
Educational requirements
are pending.
|
|
Texas |
Savings and Loan
Department
|
1-512-475-1350
|
None
|
License required.
|
|
Utah |
Department of Financial Institutions
|
1-801-538-8830
|
Approximately 2,000 residential mortgage
brokers, lenders and servicers.
|
No minimum financial requirements, no
specific educational or experience requirements.
|
|
Vermont |
Department of Banking, Insurance, Securities
& Health Care Admin.
|
1-802-828-3307
|
Approximately 400 mortgage brokers and
lenders.
|
Brokers must maintain a bond for $10,000.
No specific educational or experience requirements.
|
|
Virginia |
State Corporation
Commission, Bureau of Financial Institutions
|
1-804-371-9657
or 1-800-552-7945
|
Approximately 820 mortgage brokers and
lenders.
|
Brokers must maintain a surety bond for
$5,000. Some experience in mortgage banking is required.
|
|
Washington |
Department of
Financial Institutions, Division of Consumer Services
|
1-360-902-8703
|
Not available
|
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. Licensees must fulfill yearly
continuing education requirements.
|
|
West Virginia |
Division of Banking
|
1-304-558-2294
|
Approximately 110 licensed secondary
mortgage lenders and brokers.
|
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
|
1-608-267-3332
|
Approximately 5,161 loan solicitors and
5,118 loan originators.
|
Loan companies must maintain a net worth
of $50,000, but no specific financial, educational or experience
requirements are applied to individuals.
|
|
Wyoming |
Division of Banking
|
1-307-777-7797
|
Not available; Wyoming does not regulate
first mortgage lenders except under extraordinary conditions.
|
No minimum financial requirements, no
specific educational or experience requirements.
|
