Mortgage Banker or Broker
Mortgage Lender License
Physical In-State Office Required: No
Qualifying Individual: Yes, owner or officer with 3 years mortgage experience (Verified by resume)
Minimum Net Worth: $25,000 (broker) to $250,000 depending on volume (Lender’s Only) – CPA Compiled
Surety Bond: $50,000 to $150,000 depending on loan volume.
Education/Experience: One owner/officer must have at least 3 years of mortgage experience
Comments: Owners of 25% or more of the company were previously exempt from loan originator licensing. This exemption was eliminated on 7/31/09.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$100 – Foreign Entity Fee
$125 – Registered Agent Fee
$500 to $1,500 – Surety Bond Fee (Depending on nationwide loan volume)
$1,200– Company License Fee
