| STATE |
REGULATOR (linked to Web site, where available)
|
CONSUMER HOTLINE
|
WHERE TO CHECK YOUR BROKER'S LICENSE INFORMATION
|
SELECTED REQUIREMENTS
|
|
Alabama
|
N/A
|
N/A
|
N/A
|
N/A
|
|
Alaska
|
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
|
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
|
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 and demonstrate two
years' experience in the field, or meet the education requirement.
|
| 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
|
N/A
|
N/A
|
N/A
|
N/A
|
SOURCE: 1999 State & Federal
Mortgage Banking Regulators Guide, by Robert S. Lotstein.
Published by Mortgage Press, Ltd.; additional research by
Julie Bandy, Dani Arthur, Cassie Nordenbrock and Naomi Gaff
of Bankrate.com
*Some sources are Adobe acrobat files and require
downloading the Adobe Acrobat Reader |
