Oklahoma
Oklahoma offers two license types, a Mortgage Broker and a Mortgage Lender License. The Broker License does require a bond or have a net worth requirement, but only allows you to serve as a broker in the state. The Lender License requires a bond in the amount of $100K and an Audited Financials reflecting a net worth of $25K but allows you to conduct brokering and lending activities. Both licensees require a named QI that must hold the OK MLO license. Oklahoma is like a handful of states that does require a separate Other Trade Name License (OTN) for any additional name you wish to conduct business under, unless you are utilizing a DBA in lieu of your legal company name.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Oklahoma | Mortgage Broker License | $1,330 | N/A | $414 | Call for More Information | $1,744 |
| Oklahoma | Mortgage Lender License | $1,330 | $750 | $414 | Call for More Information | $2,494 |
License: Mortgage Broker License
- Operating Status: Broker
- Bond Amount: N/A
- Net Worth: Positive
- Brick & Mortar: No
- Financial Type: Unaudited
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Mortgage Broker License
OK company license applications are one of the more expensive at almost $2,000. OK requires your qualified individual to be a licensed OK MLO. No bond is required for this license type.
License: Mortgage Lender License
- Operating Status: Broker/Lender
- Bond Amount: $100,000
- Net Worth: $25,000
- Brick & Mortar: No
- Financial Type: Audited
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Mortgage Lender License
OK company license applications are one of the more expensive at almost $2,000. OK requires your qualified individual to be a licensed OK MLO. Financial statements must reflect a net worth of at least $25K. This license also requires a high bond amount of $100K.
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**Fees & terms are subject to change without notice.**
Obtaining an Oklahoma mortgage license involves state-specific requirements that differ from states requiring in-state offices or physical presence. Importantly, Oklahoma does not require a physical office for mortgage broker companies. This means an out-of-state company can apply for and hold an Oklahoma mortgage license without establishing a local office.
Oklahoma requires a Qualified Individual (QI) for both mortgage broker and mortgage lender licenses. The QI must be an Oklahoma-licensed Mortgage Loan Originator (MLO) responsible for ensuring the company’s compliance with state and federal mortgage regulations, including the SAFE Act.
Key points for an OK mortgage license:
- No Physical Office Required: Companies headquartered outside Oklahoma can maintain an Oklahoma mortgage license without a brick-and-mortar office in the state.
- Qualified Individual (QI): Each mortgage license application must designate a QI to supervise the company’s mortgage activities.
- No Surety Bond or Net Worth Requirement: A standalone mortgage broker license does not require a bond or minimum net worth. (Lender licenses have separate requirements.)
- Trade Names: Additional trade names beyond the legal entity may require separate registration.
- Application Through NMLS: All company and control person information, including the QI, must be submitted via the Nationwide Multistate Licensing System (NMLS).
Applicants must also submit entity formation documents, list control persons, undergo background checks, and pay applicable fees. Understanding these steps helps companies efficiently obtain an Oklahoma mortgage license and maintain compliance.