Alabama mortgage licensing
Mortgage Broker Licensing
License: Alabama Mortgage Broker License
Physical Office Required: No
Qualifying Individual Required: No
Minimum Net Worth: None
Financial Statements: Unaudited (not compiled)
Surety Bond Amount: $25,000
Company License Fee: $700
Mortgage Lender Licensing
License: Alabama Consumer Credit License
Physical Office Required: No
Qualifying Individual Required: No
Minimum Net Worth: None
Financial Statements: Unaudited – Compiled
Surety Bond Amount: $25,000
Company License Fee: $700
Regulated by:
State Banking Department
P.O. Box 4600
Montgomery, Alabama 36103-4600
Phone: 334-242-3452
www.banking.alabama.gov
Alabama Mortgage Broker License Requirements
To obtain an Alabama Mortgage Broker License, you need to adhere to the requirements set by the Alabama State Banking Department (ASBD). Here’s a guide outlining the key requirements:
Pre-Licensing Education:
- Complete at least 20 hours of pre-licensing education courses approved by the Nationwide Multistate Licensing System & Registry (NMLS). These courses cover topics such as federal and state mortgage laws, ethics, mortgage origination practices, and Alabama-specific regulations.
Background Check:
- Undergo a criminal background check, including fingerprinting. Applicants must have a clean criminal record to be eligible for licensure.
Surety Bond:
- Obtain a surety bond in the amount required by the ASBD. Currently, the bond amount is $25,000.
Net Worth Requirement:
- Meet the net worth requirement set by the ASBD. Currently, mortgage brokers must have a net worth of at least $25,000.