AL Alabama

An interesting aspect of Alabama’s licensing structure is that it is divided into two types, Consumer Credit License (Lender) and a Mortgage Brokers License. Each of these licenses require a Surety Bond that is based off the loan volume of the previous calendar year. However, the Consumer Credit License allows for different loan types beyond mortgages and the license location cannot be a residence or in a zoned residential area. Although technically neither license requires a brick and mortar location for the business, they do define where business can be conducted under these licenses. Alabama also requires a QI for a mortgage broker’s license, with a defined amount of experience necessary to fill that position versus other states that may not have those same experience requirements.
StateLicense NameState FeeBond Prem.RA FeeSoS FeeMLG Processing FeeTotal
AlabamaConsumer Credit License$720$188—$291Call for More Information$1,199
AlabamaAlabama Debt Collection—$5,000—$291Call for More Information$5,291
AlabamaMortgage Broker License$720$188—$291Call for More Information$1,199

License: Consumer Credit License

  • Operating Status: Lender/Broker
  • Bond Amount: $25,000
  • Net Worth: $25,000
  • Brick & Mortar: No
  • Financial type: Compiled

The required Surety Bond amount is based off of loan volume in AL loans closed in the previous calendar year. Resume of all owners, principals, and executive officers are required by the application for the past 5 years. The requested licensed location must not be a residence or zoned residential.  QI is not required for this license. Things to Note: Each branch location, wherever located, desired to conduct business under this license will require a branch license. (Branch app is almost the same price as the company app.)

License: Mortgage Broker License

  • Operating Status: Broker
  • Bond Amount: $25,000
  • Net Worth: $25,000
  • Brick & Mortar: No
  • Financial type: Unaudited

The required Surety Bond amount is based off of loan volume in AL loans closed in the previous calendar year. One item required for this application is a Resume form all owners, principals, and executive officers reflecting at minimum the last 5 years. A QI is required for this license and must have 2 of the last 4 years experience. Things to note: Each branch location, wherever located, desired to conduct business under this license will require a branch license. (Branch app is almost the same price as the company app.)

Additional Information

checking general notes on license page.

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