| STATE |
REGULATOR (linked to Web site, where available) |
CONSUMER HOTLINE |
NUMBER OF LICENSED BROKERS |
SELECTED REQUIREMENTS |
| Alabama |
State Banking Department |
1-334-242-3452 |
Alabama issues a consumer credit license, but does not specifically regulate mortgage brokers. |
No specific educational or experience requirements. |
| Alaska |
Dept. of Commerce and Economic Development, Division of Banking, Securities and Corporation |
1-907-465-2521 |
None. Alaska licenses small loan companies, but not individual mortgage brokers. |
No specific education or experience requirements. |
| Arizona |
State Banking Department |
1-602-255-4421 ext. 118 |
Approximately 627 mortgage brokers. |
Required to maintain a surety for $10,000 to $15,000. Must have three years of experience in lending and pass a written exam. |
| Arkansas |
Securities Department |
1-501-324-9260 |
Approximately 222 licensed mortgage loan brokers and companies; plus about 540 more that have filed proof that they're exempt from licensing. |
Required to maintain a net worth of $25,000. No specific education or experience required. |
| California |
Department f Real Estate; Department of Corporations |
1-916-227-0782;
1-213-736-2741 |
300,000 real estate brokers who may engage in mortgage broker activities; 191 mortgage lenders. |
Licensees aren't subject to specific financial requirements; brokers and lenders must each meet educational requirements and pass exams. You may check the license and disciplinary status of individual real estate brokers through the state's online database. |
| Colorado |
Department of Law, Uniform Consumer Credit Code Unit |
1-303-866-4494 |
Not available |
No specific education or experience requirements. |
| Connecticut |
Consumer Credit Division |
1-860-240-8299 |
Approximately 1,436 licensed first mortgage lenders/brokers. |
Required to maintain a surety bond for $40,000. No specific education or experience requirements. |
| Delaware |
Office of the State Bank Commissioner |
1-302-739-4235 |
Approximately 569 brokers. |
Mortgage brokers must maintain a bond of $25,000. No specific education or experience requirements. |
| District of Columbia |
Office of Banking and Financial Institution |
1-202-727-1563 |
Not available |
Began licensing mortgage brokers in 1997. Brokers are required to maintain a surety bond ranging from $12,500 to $50,000. No specific education or experience requirements. |
| Florida |
Office of the Comptroller, Department of Banking and Finance |
1-850-410-9895 |
Approximately 20,000 mortgage brokers. |
State issues four types of mortgage broker/lender licenses; mortgage broker is by far the most common. Mortgage brokers are not subject to any specific financial requirements. Applicants for a broker's license must pass a written test. |
| Georgia |
Department of Banking and Finance |
1-770-986-2812 |
Approximately 2,750 mortgage brokers or lenders are licensed or registered. |
Mortgage brokers are required to maintain a net worth of $25,000 or surety bond for $50,000. No specific education or experience requirements. |
| Hawaii |
Department of Commerce and Consumer Affairs |
1-808-587-3222 |
Not available |
Maintain a surety bond for $50,000. Mortgage brokers have no specific education or experience requirements; designated principal mortgage solicitors must have two years experience. |
| Idaho |
Department Of Finance |
1-208-332-8004 |
Approximately 391 licensed mortgage brokers and 663 licensed mortgage lenders. |
A surety bond for $10,000 for home office and additional $10,000 for each office outside of Idaho. Applicants for mortgage banker/broker license must have three years experience inresidential mortgage lending. |
| Illinois |
Office of Banks and Real Estate |
1-312-793-3000 |
Approximately 1,000 brokers. |
Mortgage brokers must maintain a fidelity bond for $100,000 and surety bond for $20,000. Licensees must pass a test or have three years experience in real estate financing. |
| Indiana |
Secretary of State, Securities Division Department of Financial Institutions |
1-317-232-6684 (first mortgages) 1-317-232-3955 (second mortgages) |
Not available |
Registered loan brokers are required to post a $25,000 bond. No specific education or experience requirements. The state makes available an online complaint form. |
| Iowa |
Division of Banking |
1-515-281-4014 |
Approximately 415 mortgage brokers and lenders. |
Must maintain a surety bond for $15,000. No specific education or experience requirements. |
| Kansas |
Office of the State Bank Commissioner |
1-785-296-2266 |
Approximately 400 licensed mortgage brokers. |
Mortgage brokers are not required to meet any specific requirements. |
| Kentucky |
Department of Financial Institutions |
1-502-573-3390 |
Approximately 180 licensed mortgage loan brokers, 160 licensed mortgage loan companies. |
Must maintain a surety bond for $50,000. Applicants for a mortgage loan broker license must complete a 30-hour training course. |
| Louisiana |
Office of Financial Institutions |
1-225-925-4660 |
Approximately 259 licensed loan brokers. |
Must maintain a surety bond for $25,000. No specific education or experience requirements. |
| Maine |
Office of Consumer Credit Regulation |
1-207-624-8527 |
Approximately 350 brokers. |
Registered credit services organizations, which include loan brokers, must maintain a bond in the amount of $10,000. No specific education or experience requirements. |
| Maryland |
Division of Financial Regulations |
(410)333-6830 |
Approximately 1,843 mortgage brokers and lenders. |
Mortgage lenders are required to maintain a surety bond ranging from $15,000 to $75,000. Mortgage lenders must have three years experience. |
| Massachusetts |
Division of Banks, Consumer Compliance Unit |
1-617-956-1500, ext. 501 |
Approximately 434 mortgage brokers. |
Mortgage brokers must demonstrate financial responsibility but aren't required any specific requirements. Brokers must show a year's experience in the field; related course work can trim the experience requirement. |
| Michigan |
Financial Institutions Bureau |
1-517-73-3460 |
Approximately 1,380 licensed mortgage brokers, lenders and servicers. |
Mortgage brokers are required to maintain a net worth of $25,000 and a bond for $25,000. No specific education or experience requirements. |
| Minnesota |
Department of Commerce |
1-651-296-2488 |
Not available |
As of Aug. 1, 1999, the state created two new licenses -- "residential mortgage originators" and "residential mortgage servicers." |
| Mississippi |
Department of Banking and Consumer Finance |
1-601-359-1350 |
Mississippi doesn't license mortgage brokers. Through its Consumer Loan Broker Act, it does impose some modest regulation. |
Brokers are not required to meet any specific regulations. |
| Missouri |
Division of Finance |
1-573-751-3242 |
Approximately 436 mortgage brokers. |
Mortgage brokers are required to maintain a net worth of $25,000 and a surety bond for $20,000. No specific educational or experience requirements. |
| Montana |
Department of Commerce, Division of Banking and Financial Institutions |
1-(406)444-2091 |
Not available |
Lenders for first mortgages are not required to obtain a license; nor are they subject to any financial, educational or experience requirements. |
| Nebraska |
Department of Banking and Finance |
1-402-471-2171 |
Approximately 326 licensed mortgage lenders. |
No specific educational or experience requirements. |
| Nevada |
Department of Business and Industry, Financial Institutions Division |
1-702-687-4259 |
Not available |
No financial requirements; applicants for a mortgage company license must employ someone with accounting and at least two years mortgage-lending experience. |
| New Hampshire |
Banking Department |
1-603-271-3561 |
Approximately 300 mortgage brokers. |
First-mortgage brokers must maintain a surety bond for $20,000. No specific educational or experience requirements. |
| New Jersey |
Department of Banking and Insurance |
1-609-984-2777 |
Approximately 1,600 mortgage brokers. |
Brokers are required to have a net worth of $50,000 and a bond for $50,000. |
| New Mexico |
Regulations and Licensing Department, Financial Institutions Division |
1-505-827-7100 |
Approximately 800 mortgage loan companies and brokers. |
Must maintain a $25,000 surety bond. No specific educational or experience requirements. |
| New York |
Banking Department |
1-212-618-6681 |
Approximately 1,700 first-mortgage brokers. |
Mortgage brokers may be asked to post a $25,000 bond. No specific educational or experience requirements. |
| North Carolina |
Office of the Commissioner of Banks |
1-919-733-3016 |
Approximately 579 mortgage brokers. |
Must maintain a $25,000 surety bond. No specific educational or experience requirements. |
| North Dakota |
Department Of Banking and Financial Institutions |
1-701-328-9935 |
Approximately 165 mortgage lenders and brokers. |
Must maintain a surety bond for $25,000. No specific educational or experience requirements. |
| Ohio |
Department Of Commerce, Division of Financial Institutions |
1-614-644-9574 |
Approximately 918 mortgage brokers. |
Mortgage brokers must maintain a net worth of $25,000 and have an associate's degree in finance, banking or business administration; or three years experience in financial services. |
| Oklahoma |
Department of Consumer Credit |
1-800-448-4904 |
Approximately 213 loan brokers. |
Brokers must have two years continuous experience in the residential mortgage loan industry, real estate sales or lending industry. Also, they must have a trust account in a federally insured bank in Oklahoma. |
| Oregon |
Department of Consumer and Business Services, Division of Finance and Corporate Securities |
1-503-378-4140 |
Approximately 1,500 mortgage lenders. |
Licensed mortgage brokers required to maintain a surety bond for $10,000 |
| Pennsylvania |
Department of Banking |
1-717-787-1854 |
Approximately 1,361 first-mortgage brokers and 733 secondary-mortgage brokers. |
First-mortgage brokers must maintain a bond for $100,000. No specific educational or experience requirements. |
| Puerto Rico |
Office of the Commissioner of Financial Institutions |
1-787-723-3131,ext. 2341 |
Approximately 178 licensed mortgage institutions and intermediaries. |
Mortgage brokers must have five years experience in the industry, or a college degree and two years experience. |
| Rhode Island |
Department of Business Regulations, Division of Banking |
1-401-222-2405 |
Approximately 800 licensed loan brokers and lenders. |
Licensed brokers must have a net worth of $10,000 and post a $10,000 bond, plus $5,000 for each additional office. No specific educational or experience requirements. |
| South Carolina |
Department of Consumer Affairs |
1-803-734-9452, ext. 134. The department will accept faxed requests only to 1-803-736-9365 |
Approximately 320 mortgage loan brokers. |
Must maintain a surety bond for $10,000. To obtain a license, brokers must have worked for two years as a loan originator, or one year of experience if educational standards are met. Eight hours of continuing education each year required. |
| South Dakota |
Division of Banking |
1-605-773-3421 |
Not available |
No minimum financial requirements, no specific educational or experience requirements. |
| Tennessee |
Department of Financial Institutions |
1-615-741-8186 |
Approximately 1,069 mortgage companies. |
Mortgage lenders and loan brokers must maintain a net worth of $25,000 and a surety bond for $25,000. No specific educational or experience requirements. |
| Texas |
Savings and Loan Department |
1-512-475-1350 |
None |
Mortgage brokers are not required to be licensed until Jan. 1, 2000 |
| Utah |
Department of Financial Institutions |
1-801-538-8830 |
Approximately 2,000 residential mortgage brokers, lenders and servicers. |
No minimum financial requirements, no specific educational or experience requirements. |
| Vermont |
Department of Banking, Insurance, Securities & Health Care Admin. |
1-802-828-3307 |
Approximately 400 mortgage brokers and lenders. |
Brokers must maintain a bond for $10,000. No specific educational or experience requirements. |
| Virginia |
State Corporation Commission, Bureau of Financial Institutions |
1-804-371-9657
or 1-800-552-7945 |
Approximately 820 mortgage brokers and lenders. |
Brokers must maintain a surety bond for $5,000. Some experience in mortgage banking is required. |
| Washington |
Department of Financial Institutions, Division of Consumer Services |
1-360-902-8703 |
Not available |
Mortgage brokers must maintain a surety bond for $20,000 to $60,000. Applicants must pass an exam or demonstrate two years experience in the field. Licensees must fulfill yearly continuing education requirements. |
| West Virginia |
Division of Banking |
1-304-558-2294 |
Approximately 110 licensed secondary mortgage lenders and brokers. |
Must maintain a net worth of $10,000 and a bond for $25,000. No specific educational or experience requirements. |
| Wisconsin |
Department of Financial Institutions |
1-608-267-3332 |
Approximately 5,161 loan solicitors and 5,118 loan originators. |
Loan companies must maintain a net worth of $50,000, but no specific financial, educational or experience requirements are applied to individuals. |
| Wyoming |
Division of Banking |
1-307-777-7797 |
Not available; Wyoming does not regulate first mortgage lenders except under extraordinary conditions -- such as when they issue a mortgage with an interest rate of greater than 18%. |
No minimum financial requirements, no specific educational or experience requirements. |
|
|
