Mortgage Broker License Requirements
Mortgage broker license requirements vary by state. Below is a summary of common requirements in licensing but there are other factors that are not listed like physical fingerprint card requirements and state-specific legal documentation requirements.
| State | License Category | License | Physical Office? | Qualified Individual | Net Worth | Audited Financial Statement? | Surety Bond | License Application Fee |
|---|---|---|---|---|---|---|---|---|
| Alabama | Broker | Alabama Mortgage Broker License | No | No | None | Unaudited (not compiled) | $25,000 | $700 |
| Alaska | Broker or Lender | Alaska Mortgage Broker/Lender License | No | No | None | Unaudited (not compiled) | $75,000 | $1,600 |
| Arizona | Broker | Arizona Mortgage Broker License | Yes | Yes, Arizona in-state employee | Positive Net Worth | Unaudited (not compiled) | $10,000 | $900 |
| Arkansas | Broker | Arkansas Mortgage Broker License | No | Yes, 3 years experience in mortgage lending. | None | Unaudited (not compiled) | $100,000 | $850 |
| California | Broker and/or Lender | California Finance Lender License | No | Yes, QI is just a designation. One individual must be licensed as a CA MLO. | $250,000 | Unaudited (not compiled) | $25,000 | $400 |
| Colorado | Broker and/or Lender | Colorado Mortgage Company Registration | No | No | None | None | None | $298 |
| Connecticut | Broker | Connecticut Mortgage Broker License | No | Yes, QI must be licensed CT MLO and must have 3 years experience within the five years immediately proceeding the application. | $50,000 | Unaudited (not compiled) | $50,000 | $600 |
| Delaware | Broker | Delaware Mortgage Broker License | No | No | $40,000 in capital | Unaudited (not compiled) | $25,000 | $850 |
| Florida | Broker | Florida Mortgage Broker License | No | Yes, 1 year experience, must be a licensed Florida MLO | None | Unaudited | None | $579 |
| Georgia | Broker | Georgia Mortgage Broker/Processor License | No | No | None specified | None | $150,000 | $750 |
| Hawaii | Broker and/or Lender | Hawaii Loan Originator Company License | Yes | Yes, in-state licensed Hawaii MLO that must be the branch manager of the Hawaii location | None | None | None | $1,300 |
| Idaho | Broker and/or Lender | Idaho Mortgage Broker/Lender License | No | Yes, 3 years experience - very detailed resume | None | Unaudited (not compiled) | None | $700 |
| Illinois | Broker and/or Lender | Illinois Residential Mortgage Broker License | No | Yes, 3 years experience or equivalent pre-licensing education | Illinois headquarters: $50,000, Non-Illinois companies: $150,000, min. 20% liquidity | Audited (without IL office) | $25,000 / $100k Fidelity for those without an Illinois office | $2,800 |
| Indiana | Broker | Indiana (SOS) Loan Broker License | No | Yes, Principal Manager (QI) must have 2 years of experience and take 16 continuing education hours in the year that they are obtaining the Indiana license. | None | None | $50,000 - $75,000 | $300 |
| Iowa | Broker | Iowa Mortgage Broker License | No | No | Positive Net Worth | Unaudited (if unaudited, signed by officer of company) | $100,000 | $500 |
| Kansas | Broker and/or Lender | Kansas Mortgage Company License | No | No | $50,000 | CPA reviewed or audited | $100,000 ($50,000 if you have a bona fide Kansas office) | $750 |
| Kentucky | Broker | Kentucky Mortgage Broker License | No | No | None | CPA compiled | $50,000 | $850 |
| Louisiana | Broker and/or Lender | Louisiana Residential Mortgage Lending License | No | No | None | None | $25,000 or $50,000 (depending on your company's total loan volume in previous year) | $600 |
| Maine | Broker | Maine Loan Broker License | No | On site designated manager, but no prior experience requirements | $25,000 | Unaudited (certified by officer) | $25,000 | $500 |
| Maryland | Broker and/or Lender | Maryland Mortgage Lender License | No | Yes, 3 years experience, must be an officer of the company | $25,000 | CPA compiled | $50,000 | $1,100 |
| Massachusetts | Broker | Massachusetts Mortgage Broker License | No | Yes, a control person must have three years of full time experience. | $25,000 | CPA reviewed | $75,000 | $1,000 |
| Michigan | Broker | Michigan First Mortgage Broker License | No | Yes | $25,000 | Unaudited | $25,000 only if accepting funds prior to closing | $1,050 |
| Minnesota | Broker and/or Lender | Minnesota Residential Mortgage Originator License | No | No | None | None | $100,000 | $1,100 |
| Mississippi | Broker | Mississippi Mortgage Broker License | No | Yes, 2 years experience with letters from past employers. Must be one licensed MS MLO | None | None | $25,000 | $1,601 |
| Missouri | Broker and/or Lender | Missouri Company License | Yes | No | $25,000 | Unaudited | $50,000 | $1,000 |
| Montana | Broker | Montana Mortgage Broker License | No | Yes, QI must work from the main office and have 3 years of mortgage experience and obtain a MT MLO license | None | None | $25,000 | $600 |
| Nebraska | Broker and/or Lender | Nebraska Mortgage Banker License | No | No | None | None | $100,000 | $500 |
| Nevada | Broker and/or Lender | Nevada Mortgage Broker License | Yes | Yes, one QI must be from a NV location and one from the home office with a minimum of 2 years mortgage experience within the past 5 years. Both individuals must obtain NV MLO licenses. | Positive Net Worth | CPA compiled | $50,000 | $2,848 |
| New Hampshire | Broker | New Hampshire Mortgage Broker License | No | Yes, must be from the main office with 3 years of mortgage experience within the past 5 years. | Positive Net Worth | Unaudited (certified by officer) | $50,000 | $600 |
| New Jersey | Broker | New Jersey Residential Mortgage Broker License | No | Yes, must be an officer of the company and licensed as a NJ MLO | $50,000 | CPA Audited (applicant or parent company) | $150,000 | $1,300 |
| New Mexico | Broker and/or Lender | New Mexico Mortgage Loan Company License | No | Yes, 2 years experience out of the last 4 years. W2s, 1099 Tax Returns, etc. required. | None | Unaudited | $50,000 | $1,600 |
| New York | Broker | New York Mortgage Broker Registration | No | Yes, 2 years experience required | None | Unaudited | $10,000 | $1,500 |
| North Carolina | Broker | North Carolina Mortgage Broker License | No | Yes, QI requires 3 years of experience in mortgage lending/orignation, must have taken the 20 hour pre-licensing course within the past 3 years an passed the NMLS exam within the past 5. Must retake pre-licensing course and exam if it has been more than those timeframes. | $25,000 (at least $10,000 in bank) | Unaudited | $75,000 | $1,250 |
| North Dakota | Broker and/or Lender | North Dakota Money Broker License | No | Yes, QI must submit a resume | $25,000 | Unaudited | $25,000 | $900 |
| Ohio | Broker and/or Lender | Ohio Residential Mortgage Lending Act (RMLA) Certificate of Registration | No | Yes, 3 years experience within the past 6 years, 4 hour Ohio course required | None | Unaudited | $50,000 | $600 |
| Oklahoma | Broker | Oklahoma Mortgage Broker License | No | Yes, one individual must obtain an OK MLO license and be identified as the QI | None | Unaudited | None | $1,760 |
| Oregon | Broker and/or Lender | Oregon Mortgage Lender License | No | Yes, 3 years experience within the past 5 years | None | Unaudited | $50,000 | $1,060 |
| Pennsylvania | Broker | Pennsylvania Mortgage Broker License | No | Yes, must have the education and testing requirements of a PA MLO and be an officer in the company | None | Unaudited (certified by officer) | $50,000- $150,000 | $1,100 |
| Rhode Island | Broker | Rhode Island Loan Broker License | No | Yes, 5 years experience required | $10,000 | Unaudited | $20,000 | $925 |
| South Carolina | Broker and/or Correspondent Lender | South Carolina DCA Mortgage Broker License* *We recommend speaking with a licensing professional or contacting South Carolina prior to determining the correct license type. | No | Yes, in-state licensed SC branch manager, must be a SC licensed MLO | None | Unaudited | $25,000 | $850 |
| South Dakota | Broker | South Dakota Mortgage Brokerage License | No | No | None | Unaudited (certified by officer) | $25,000 | $600 |
| Tennessee | Broker and/or Lender | Tennesse Mortgage License | No | Yes, 1 year experience in the mortgage industry | $25,000 | CPA compiled | $90,000 (Broker), $200,000 (Lender, Servicer) | $1,125 |
| Texas | Broker and/or Lender | Texas Mortgage Company License | Yes | No | None | None | None | $600 |
| Utah | Broker and/or Lender | Utah Mortgage Entity License | No | Yes, QI (Principal Lending Manager) must have 3 years of experience with 45 loans - must provide loan details. After experience is approved, individual must take 40 hour Utah course and pass a Utah manager exam. | None | Unaudited | None | $325 |
| Vermont | Broker | Vermont Mortgage Broker License | No | Yes | None | Unaudited (if certified) | $25,000 | $1,100 |
| Virginia | Broker | Virginia Mortgage Broker License | No | No | None | Unaudited | $25,000 | $600 |
| Washington | Broker and/or Lender | Washington Consumer Loan Company License | No | No | None | None | $100,000 | $1,162 |
| District of Columbia (Washington D.C.) | Broker | District of Columbia Mortgage Broker License | No | No | $25,000 | Unaudited | $12,500 | $1,200 |
| West Virginia | Broker | West Virginia Mortgage Broker License | No | Yes, one person must be licensed | $10,000 | Unaudited | $50,000-$150,000 | $450 |
| Wisconsin | Broker | Wisconsin Mortgage Broker License | No | Yes, one person must be licensed | $100,000 | CPA reviewed or audited (audited for renewal) | $120,000 | $850 |
| Wyoming | Broker | Wyoming Mortgage Broker License | No | Yes, one person must be licensed | None | Unaudited (certified by officer) | $25,000 | $500 |