TN Tennessee
Tennessee offers just one license for Brokering, Lending and Servicing activities. Reverse mortgage activities is however a separate authorization within TN. While there is no requirement for a brick and mortar location within the state, there is a requirement that you provide a Compiled financial statement reflecting at minimum tangible net worth of $25K for your most recent fiscal year end (FYE) . Tennessee requires a bond in the amount of $90K for Brokers and $200K for Lenders/Servicers. A named QI with 3 out of the last 5 years experience is necessary, although the QI does not have to hold the TN MLO license. An Anti-Money Laundering (AML) / Bank Secrecy Act (BSA) Policy and the most recent Independent Review is also required to be uploaded into the NMLS.
| State | License Name | State Fee | Bond Prem. | RA Fee | SoS Fee | MLG Processing Fee | Total |
|---|---|---|---|---|---|---|---|
| Tennessee | Mortgage License | $1,270 | $1,500 | — | $600 | Call for More Information | $3,370 |
License: Mortgage License
- Operating Status: Broker/Lender/Servicer
- Bond Amount: $90,000 - $200,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Compiled
Additional Information
Obtaining a mortgage broker license in Tennessee requires navigating a structured, compliance-focused process through the Nationwide Multistate Licensing System (NMLS). This license applies to both individuals and companies engaged in mortgage brokering, lending, or servicing.
Tennessee upholds strict eligibility requirements, including a criminal background check and credit report review to verify professional integrity and financial responsibility. Unlike some states, Tennessee requires mortgage companies to secure a surety bond, submit CPA-compiled financial statements (rather than specifically unaudited financials) to demonstrate net worth, and designate a qualifying individual with proven mortgage industry experience.
While a physical office in Tennessee is not mandatory, the state’s emphasis on accurate financial reporting, bonding, and experienced leadership ensures that licensed mortgage brokers meet high professional standards. Most states require a surety bond, but Tennessee’s additional CPA-compiled financial requirement sets it apart.