Rhode Island

StateLicense NameState FeeBond Premium Est.
SoS FeeMLG ProcessingTotal
Rhode IslandLoan Broker License$925.00$150.00$485.50Call for More Information$1560.50
Rhode IslandLender License$1750.00$375.00$485.50Call for More Information$2610.50
Rhode IslandCOA$0.00$0.00$0.00Call for More Information$0.00

License: Lender License

  • Operating Status: Lender/Broker
  • Bond Amount: $50,000
  • Net Worth: $100,000
  • Brick & Mortar: No
  • Audited Financials: No

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Mortgage Lender

The QI must be licensed RI MLO, must have at least 5 years’ experience in the industry. Application fee is fairly expensive at almost $2,000 (almost twice amount of broker) compared to other state application fee’s. The bond amount requirement is higher than the broker license with amount of $50,000 surety bond required. Application requires a special registered agent associated with the state of RI in order to satisfy the ‘Insurance Claim Check Endorsement’. This person cannot be an employee or owner of the Applicant.

License: Loan Broker License

  • Operating Status: Broker
  • Bond Amount: $20,000
  • Net Worth: $10,000
  • Brick & Mortar: No
  • Audited Financials: No

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Mortgage Broker

The QI must have at least five 5 years’ experience in the industry and must be on site at least fifty-one percent (51%) of the hours of Operation. The registered agent of the company must be physically located in RI. Application has a low bond requirement is $20,000. If applicant wants to conduct RI branch activity then bond amount will go up, depending on how many branches.

For more information or to speak to a representative for your state call us today at 866-576-7726