Rhode Island Mortgage Licensing
RI is one of the few states that separates its licenses by activities. If you wish to conduct brokering, lending and servicing activities you will need to obtain a separate license for each. Although each state has different bond and net worth requirements they all require a named QI that holds a RI MLO license, have 5 years of experience in the mortgage industry and be present at the cooperate office at least 51% of the time. For the Lender license only a special registered agent associated with the state of RI is required to satisfy/sign the ‘Insurance Claim Check Endorsement’. This person cannot be an employee or owner of the Applicant.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Rhode Island | Loan Broker License | $925 | $150 | $310 | Call for More Information | $1,385 |
| Rhode Island | Lender License | $1,750 | $375 | $310 | Call for More Information | $2,435 |
| Rhode Island | Third Party Loan Servicer License | $1,750 | $375 | $310 | Call for More Information | $2,435 |
License: Loan Broker License
- Operating Status: Broker
- Bond Amount: $20,000
- Net Worth: $10,000
- Brick & Mortar: No
- Financial Type: Unaudited
License: Lender License
- Operating Status: Lender
- Bond Amount: $50,000
- Net Worth: $100,000
- Brick & Mortar: No
- Financial Type: Unaudited
License: Third Party Loan Servicer License
- Operating Status: Servicer
- Bond Amount: $50,000
- Net Worth: $100,000
- Brick & Mortar: No
- Financial Type: Unaudited
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**Fees & terms are subject to change without notice.**