Kentucky Mortgage Licensing

Kentucky offers two license types for mortgage companies, a mortgage broker and a mortgage company license. Both applications hold the highest application fee in the country at $5,100.

For the mortgage broker license, the bond amount is less and there is no net worth requirement but does require a named QI that is located at the corporate office and has 2 years of experience in the industry.

The Kentucky mortgage company application does not require a QI but does require a licensed KY MLO on staff if you will be conducting originations. This application has a high net worth requirement and a bond amount that is five times more than the mortgage broker license. There is also an increased financial reporting requirement needed as the financial statement must be Audited unlike the needed Compiled for the broker license.

To complete either application in Kentucky, you will need to provide personal financial statements of the owners of 10% or more in addition to the companies financial statement.