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 |
1-602-255-4421 |
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. |
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|
Arkansas |
1-501-324-9260 |
Company required to maintain a net worth of $25,000 and surety bond of $35,000. No specific education or experience required. |
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|
California |
1-916-227-0931 |
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. |
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|
Colorado (No regulations) |
N/A |
N/A |
N/A |
N/A |
|
Connecticut |
1-860-831-7225 |
Required to maintain a surety bond for $40,000. No specific education or experience requirements. |
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|
Delaware |
1-302-739-4235 |
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. |
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|
District of Columbia |
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 |
1-770-986-2812 |
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. |
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|
Hawaii |
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 |
1-208-332-8004 |
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. |
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|
Illinois |
Office of Banks and Real Estate, Bureau of Residential Finance |
1-312-793-3000 |
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 |
1-317-232-6681 |
Registered loan brokers are required to post a $50,000 bond. They also must take 24 hours of classes on loan brokering. |
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|
Iowa |
|
1-515-281-4014 |
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 |
Mortgage brokers are not required to meet any specific requirements. |
|
|
Kentucky |
1-800-223-2579 |
Must maintain a surety bond for $50,000. Applicants for a mortgage loan broker license must complete a 30-hour training course. |
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|
Louisiana |
1-888-525-9414 |
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. |
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|
Maine |
1-207-624-8527 |
Registered credit services organizations, which include mortgage brokers, must maintain a bond in the amount of $10,000. No specific education or experience requirements. |
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|
Maryland |
(410) 333-6830 |
Mortgage brokers are required to maintain a surety bond ranging from $15,000 to $75,000. They must have three years’ experience. |
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|
Massachusetts |
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 |
1-517-373-3460 |
Mortgage brokers are required to maintain a net worth of $25,000 and a bond for $25,000. No specific education or experience requirements. |
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|
Minnesota |
1-800-657-3602 |
Not available online yet |
No specific financial, education or experience requirements. |
|
|
Mississippi |
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 |
1-573-751-3463 |
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. |
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|
Montana (No regulations) |
N/A |
N/A |
N/A |
N/A |
|
Nebraska |
Department of Banking and Finance, Financial Institutions Division |
1-402-471-2171 |
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 |
Brokers must have or work in an office with a supervisor who has two years’ mortgage lending experience. |
|
|
New Hampshire |
1-603-271-3561 |
Mortgage brokers must maintain a surety bond for $20,000. No specific educational or experience requirements. |
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|
New Jersey |
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 |
1-800-334-3360 |
Mortgage brokers are required to have two years of experience in the field. |
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|
North Carolina |
1-919-733-3016 |
Must maintain a $25,000 surety bond. No specific educational or experience requirements. |
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|
North Dakota |
1-701-328-9933 |
Must maintain a surety bond for $25,000. No specific educational or experience requirements. |
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|
Ohio |
1-614-644-7527 |
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. |
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|
Oklahoma |
1-800-448-4904 |
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. |
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|
Oregon |
Department of Consumer and Business Services, Division of Finance and Corporate Securities |
1-503-378-4140 |
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. |
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|
Pennsylvania |
1-800-722-2657 |
Mortgage brokers must maintain a bond for $100,000. No specific educational or experience requirements. |
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|
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 |
1-800-922-1594 |
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. |
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|
South Dakota |
1-605-773-3421 |
No minimum financial requirements, no specific educational or experience requirements. |
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|
Tennessee |
1-615-741-9340 |
Mortgage brokers must maintain a net worth of $25,000 and a surety bond for $25,000. No specific educational or experience requirements. |
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|
Texas |
1-877-276-5550 |
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. |
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|
Utah |
1-801-538-8830 |
Must have surety bond for $25,000. No specific educational or experience requirements. |
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|
Vermont |
Department of Banking, Insurance, Securities & Health Care Admin. |
1-802-828-3307 |
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 |
Brokers must maintain a surety bond for $5,000. |
|
|
Washington |
Department of Financial Institutions, Division of Consumer Services |
1-360-902-8703 |
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 |
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 |
1-608-261-7578 |
Mortgage brokers must maintain a bond for $10,000 or net worth of $100,000. No specific educational or experience requirements. |
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|
Wyoming (No regulations) |
N/A |
N/A |