Mortgage broker license

New Hampshire Mortgage Broker License

Mortgage broker licenseGetting a mortgage broker license can be a journey to a rewarding and exciting career. When obtaining a mortgage broker license, applicants quickly realize that multiple federal and state requirements must be met before licensure. Like other states, New Hampshire does have some unique requirements for mortgage broker license applicants.

Anyone who directly or indirectly engages in brokering mortgage loans secured by real property located in the state of New Hampshire and who does so for compensation or gain (or the expectation of compensation or gain) must have a mortgage broker license before conducting business in the state.

Education Required for Licensure

The Secure and Fair Enforcement for Mortgage Licensing Act, or SAFE Act, requires that all applicants in the nation meet a minimum education standard before being licensed as a mortgage broker. In addition to being over 18 and having a high school diploma or equivalent, mortgage broker applicants must meet the federal standard for education before applying for a license. The SAFE pre-licensure education requirements include a total of 20 hours of education. The courses must include the following categories:

  • 3 hours of federal law
  • 3 hours of ethics
  • 2 hours of non-traditional mortgage lending
  • 10 hours of electives
  • 2 hours of New Hampshire state-specific education

While some states require additional education, New Hampshire only includes education required by the federal SAFE Act. However, the courses must be approved and accepted by the Nationwide Multistate Licensing System & Registry (NMLS). Additionally, candidates must pass a pre-licensing exam covering mortgage-related information from the categories in the SAFE Act. Once applicants have completed the education requirements and passed the exam, they may focus on other requirements for licensure in New Hampshire.

Application Requirements

An application for licensure in the state of New Hampshire must also be completed in the NMLS system. A completed application must include the following elements:

Fees: The cost of licensure for New Hampshire is $500; for new applicants, there is also an NMLS initial processing fee of $100. Additionally, applicants may also have to pay small fees for the required credit report and state and federal background checks. These must be paid when the application is submitted.

MU1 Form: Each business must apply for a mortgage broker license by submitting the MU1 through NMLS by completing this form.

Financial Statements: the applicant is subject to a credit check and must also provide financial statements consistent with the applicant’s legal status, including documents in which the applicant operates under other trade names. Bank account information is also required as mortgage broker applicants must demonstrate a positive net worth. Applicants are also required to complete financial disclosure questions.

Criminal Background Check: Mortgage broker license applicants in New Hampshire are subject to an FBI criminal background check that can be authorized through NMLS. This check also includes providing fingerprints for comparison to criminal databases.

Surety Bond: Like many other states, New Hampshire requires mortgage brokers to have a surety bond. The minimum amount required is $50,000, and the bond must be secured through a company authorized to conduct business in New Hampshire.

AML/BSA Policy: New Hampshire requires applicants for mortgage broker licenses to provide a few additional state-specific documents, including the Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) policy forms.

Business Plan: Applicants must also include a business plan that addresses marketing strategies, products, target markets, a fee schedule, and the operating structure of the organization.

Qualifying Individual: New Hampshire requires officer experience. This individual shall be employed full-time in a supervisory capacity at the company’s principal office and shall have been actively engaged in the mortgage business in a similar supervisory capacity for at least three of the preceding five years. This individual may be a principal of the company, and the experience outlined on the MU2 filed through the NMLS will be reviewed for compliance with the statute. If the named individual has not already completed a background check,they will need to complete one through this office unless they are a New Hampshire licensed loan originator. This individual must be listed in the Qualifying Individual section of the Company Form (MU1).

All required documentation can be submitted on NMLS and generally must be received within five days of the application submission on NMLS. Once all listed conditions are met, the applicant can receive their license for the state of New Hampshire. It is valid for a year, after which the applicant must ensure they meet their continuing education requirements and submit a license renewal request.

The continuing education requirements for New Hampshire include:

  • 3 hours of federal law
  • 2 hours of ethics
  • 2 hours of non-traditional mortgage lending
  • 1 hour of electives

New Hampshire has a vibrant real estate market, which means mortgage brokers can experience a very fulfilling and lucrative career in this field. To learn more about getting a mortgage broker license in New Hampshire, contact Mortgage Licensing Group today.

The Mortgage Licensing Group, Inc. is a full-service mortgage licensing firm headquartered in Southern California that is recognized throughout the industry as an experienced and reliable service provider. Established in 2006, our company has been at the forefront of the ever-changing rules and regulations, helping alleviate the often-daunting task of meeting our clientele’s diverse state licensing requirements.