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State-by-state tally of mortgage broker rules
• Bankrate.com

Mortgage broker regulations vary widely from state to state, but this chart should give you an idea of how rigorous broker requirements are in your neck of the woods.

Some states impose significant educational requirements. Others demand proof of sound financial footing. A few states impose no regulations at all while others conduct background checks designed to weed out applicants convicted of fraud or other crimes, as well as those who have had their licenses revoked in other states.

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A few final things to keep in mind: some states refer to mortgage brokers by different names while others license brokerage offices, but not individuals.

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

Alaska

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.
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.
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.

Colorado

N/A
N/A
Connecticut
1-860-831-7225
Required to maintain a surety bond for $40,000. No specific education or experience requirements.
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.
District of Columbia
1-202-727-1563
Brokers are required to maintain a surety bond ranging from $12,500 to $50,000. No specific education or experience requirements.
Florida
1-850-410-9895
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.
Hawaii
1-808-587-3295
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.
Illinois
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.
Iowa
1-515-281-4014
Must maintain a surety bond for $15,000. No specific education or experience requirements.
Kansas
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.
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.
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.
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.
Massachusetts
1-800-495-2265 ext. 501
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.
Minnesota
1-800-657-3602
No specific financial, education or experience requirements.
Mississippi

1-601-359-1031

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.

Montana

N/A
N/A
Nebraska
1-402-471-2171
Surety bond for $50,000 required. No specific educational or experience requirements.
Nevada
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.
New Jersey
1-609-984-2777
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
1-505-827-7100
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.
North Carolina
1-919-733-3016
Must maintain a $25,000 surety bond. No specific educational or experience requirements.
North Dakota
1-701-328-9933
Must maintain a surety bond for $25,000. No specific educational or experience requirements.
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.
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.
Oregon
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.
Pennsylvania
1-800-722-2657
Mortgage brokers must maintain a bond for $100,000. No specific educational or experience requirements.
Rhode Island
1-401-222-2405
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.
South Dakota
1-605-773-3421
No minimum financial requirements, no specific educational or experience requirements.
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.
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.
Utah
1-801-538-8830
Must have surety bond for $25,000. No specific educational or experience requirements.
Vermont
1-802-828-3307
Brokers must maintain a bond for $10,000. No specific educational or experience requirements.
Virginia
1-804-371-9705
Brokers must maintain a surety bond for $5,000.
Washington
1-360-902-8703
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
1-304-558-2294
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.

Wyoming

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
-- Updated Oct. 15, 2004
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