Rhode Island
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 | $945 | $150 | $386 | Call for More Information | $1,481 |
| Rhode Island | Lender License | $1,770 | $375 | $386 | Call for More Information | $2,531 |
| Rhode Island | Third Party Loan Servicer License | $1,770 | $375 | $386 | Call for More Information | $2,531 |
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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To obtain a mortgage broker license in Rhode Island, applicants must apply through the Nationwide Multistate Licensing System (NMLS) and satisfy the requirements established by the RI Department of Business Regulation. This state is unique in that it separates mortgage licensing by activity type, requiring distinct licenses for brokering, lending, and servicing activities. Companies engaging in multiple lines of business must obtain each applicable license separately.
This state requires applicants to designate a Qualified Individual (QI) who holds an active Mortgage Loan Originator (MLO) license and has significant mortgage industry experience. Branch managers may also be required, depending on the company’s structure and operations. The state places a strong emphasis on experienced supervision and operational oversight as part of its licensing framework.
Unlike some states with minimal financial requirements, Rhode Island imposes both surety bond and net worth requirements for mortgage brokers and lenders. Applicants must also submit business plans, financial statements, background checks, and other supporting documentation through NMLS. Although they do not require a physical in-state office location, the review process is detail-oriented and compliance-focused.
Because Rhode Island separates licenses by activity and maintains strict supervisory requirements, applicants should carefully evaluate their business model before applying. Proper preparation, accurate documentation, and a clear understanding of the state’s licensing structure are essential for a smooth approval process and ongoing compliance.