Over the years, mortgage broker licensing has evolved with the goal to protect consumers during the mortgage application process. Today, professionals holding a mortgage broker license function as a catalyst between the consumer and financing institutions. In order to serve as that catalyst, each state defines the educational requirements and qualifications necessary to be licensed in their state. As you look to grow your business, you may decide to become licensed in multiple states. Doing so can be a challenging process, as the rules and regulations are not all the same from state to state.
The Nationwide Multistate Licensing System & Registry (NMLS) was born to provide protection for consumers nationwide by housing a record of all the new licenses required by mortgage companies and other financial services companies. It is also meant to serve as a brief information guide for all licensing requirements in each state.
Mortgage broker licensing laws reflect the diversity of the rules and regulations adopted by each state. For instance, your business may need a physical office within the state, or you may be able to provide services through an online platform. As business over the internet increases, the mortgage licensing laws are becoming more lenient on this physical office requirement. Educational requirements also differ from state to state, both for your initial mortgage broker license and the continuing education needed to maintain your license from year to year.
As you grow your business, it can be challenging to track the requirements for a new mortgage broker license or what is necessary to renew your current license. Working with many companies over the years, we have assisted them through the process regarding qualifications for a mortgage broker license, some of which can take months to complete.
To assist you through this process, we provide our License Ready™ program, which consists of reviewing your corporate structure, determining what license to obtain, reviewing your net worth, pre-license education, and other key details. The goal is to help you streamline your efforts so that you pursue the right licensing for your business.
If you are researching mortgage license requirements, we encourage you to explore the information on each state below. Although we believe all information is accurate as of today, change in mortgage broker licensing is inevitable. Our knowledgeable and experienced staff are here to answer your questions and provide the services you need to expand your business into another state or manage the renewal of your current licenses.
To further assist you, we have included links to each state’s mortgage licensing office below, and to the state’s current information on proposed mortgage broker license regulations. For more information contact us today!