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Below is a chart with some quick information about state requirements for mortgage brokers. Click on any linked state name for additional details on state requirements for mortgage brokers. Click here for a list of State Requirements for Lenders.

Mortgage Broker State Requirements - NMLS

State

License Type

State Fee

Net Worth

Surety Bond

Audited Financial Statement?

Physical Office?

Test Required?

Loan Officer License Required?

Experience

Branch Licensing?

Renewal Period
Broker
600
25,000
0
No
Yes
No
No
none- 12 hrs of CE
Yes
Dec 31st every year
Broker
1050
N/A
10-15,000
No
Yes
Yes
No
3 years & resident or RI
Yes
Sept 30th every year
Broker
250
25,000
50,000
No
No
No
Yes
3 years
Yes
every year
Finance Broker/Lender
300
25,000
25,000
No
No
No
No
No
Yes
1 year
Mortgage Broker
250
N/A
25,000 and 100,000 E&O Policy
No
No
No
Yes
No
No
3 years
1st Broker
200
25,000
40,000 per location
No
No
No
Yes
3 years in the last 5 years
Yes
Sept 30th of even years
2nd Broker
200
0
0
No
No
No
Yes
3 years in the last 5 years
Yes
Sept 30th of even years
Broker
500
40,000
25,000
No
No
No
No
No
Yes
Dec 31st every year
Loan Correspondent (Mini Eagle)
1000
63,000
0
Yes
No
No
No
3 yrs
Yes
Annual Report
FHA - HUD
Non-Supervised Lender (Full Eagle)
1000
250,000
0
Yes
No
No
No
5 yrs
Yes
Annual Report
Broker and Broker Business
625
0
0
No
No
Yes
Yes
1 year
Yes
every 2 years
Broker
750
0
50,000
No
No
No
No
2 Years or 40 Hrs of Education
Yes
June 30th every year 
Broker
100
N/A
15,000
No
Yes
No
Yes
2 yrs
Yes
Dec 31st every even numbered year
Broker
350
10,000
25,000 plus 10,000k each branch
No
No
No
Yes
3 years for each branch mgr
Yes
Oct 31st every year
Residential Loan
2700
50,000 or 100,000 with no in state office
20,000 and 100,000 Fidelity Bond with no office in IL
Yes
No
Yes
Yes
3 years
No, unless in IL
Dec 31st every year
Loan Broker
200
N/A
50,000
No
No
No
Yes
3 years
No, must list
Dec 1st every 2 years
Broker
500
N/A
50,000
No
No
No
Yes
No
Yes
June 30th every year 
1st Broker
250
N/A
50,000 with an in-state office. 100,000 without
No
No
No
Yes
None
Yes
Aug 30th of odd numbered years
2nd Broker
400
N/A
100,000
No
No
No
Yes
None
Yes
Dec 1st every 2 years
Broker
300
none
50,000
No
No
No
Yes
3 years
Yes
 
Broker
446
$50,000 or Surety Bond for $50K
$50,000 or Audited Fin of $50K
Yes or $50k Bond
No
Yes if less than 2 years exp.  PSIexams.com
Yes
No
Yes
Dec 1st every year
Credit Services
400
0
25,000 plus 25,000k for each branch
No
No
No
Yes
No
Yes
Jan 31 on even numbered years (2008, 2010, etc)
Broker
1100
0
Based on Loan Volumes. $15k to $75k
No
No, unless home state requires it
No
Yes
3 years
Yes
2 years
Broker
1115
25,000
75,000
Yes
No
No
No
3 years
Yes
 
1st SBroker
800
25,000
N/A if you don't collect fees prior to closing
No
No
No
No
1 to 3 yrs reviewed
No
June 1st every year
2nd Broker
350
0
N/A if you don't collect fees prior to closing
No
No
No
No
 
No
June 1st every year
Originator
2125 for 2 years
25,000
$50,000 or FHA license or $250,000 audited net worth
No
No
No
No
 
No
2 years
Broker
300
0
25,000
No
No
No
Yes
2 yrs in past 4
Yes
every year
Broker
800
25,000
25,000
No
Yes
No
No
1yr
No
every 2 years
1st Broker
500
0
25,000
No
Yes
Yes
Yes
3 yrs
Yes
May 30th each year
2nd Broker
250
 
 
No
Yes
Yes
Yes
 
 
 
Broker
300
0
100,000
No
No
No
No
No
Yes
Nov 30th every year
Broker
2600
N/A
0
No
Yes
No
Yes
2yr 
Yes
Dec 31st each year
Broker
500
0
20,000
No
No
No
Yes
3yr out of 5yr
Yes
Nov 31st every year
1ST Broker
1000
50,000
100,000
Yes
Yes
Yes
Yes
none
Yes
every 2 years
2nd Broker
600
50,000
50,000
Yes
Yes
Yes
Yes
none
Yes
every 2 years
Loan Company
400
0
25,000
No
No
No
No
none
free to register & will issue a lic.
1 year
Broker
1500
0
10,000
No
No
No
Yes
2 years
Yes
March 1st every year
Broker/Lender
1850
25,000 (Broker), 100,000 (Lender)
50,000 (Broker), 150,000 (Lender)
No
Yes Broker, No Lender
Yes
Yes
3 years
Yes
Dec 31st every year
Money Broker
500
0
25,000
No
No
No
No
 
No
 
1st
350
N/A
50,000
No
Yes
Yes
Yes
3 in 5
Yes
Dec 31st each year
Broker
300
N/A
0
No
Yes
Yes
Yes
3 years
Yes
 
Supervised Lender
350
25,000
5,000
No
No
No
No
 
Yes
 
Broker
825
N/A
$25,000 plus $5000 per branch
No
No
Yes
Yes
3 years in past 5
Yes
every 2 years
1st Broker
500
 
0
No
Yes
No
No
none but reviewed
Yes
July 1st each year
2nd Broker
500
0
0
No
Yes
No
No
 
Yes
 
Broker
550
10,000
10,000 plus 5,000 per branch
No
No
No
No
5
Yes
Mar 31 / sub to change
Broker
750
N/A
10,000
No
Yes
No
Yes
2yr with exeptions
Yes
Sept 30th each year
Broker
365
N/A
25,000
No
No
No
No
2yr
No
Nov 1st every year
Broker
600
25,000 plus 25k per branch
90,000
Reviewed
No
No
Yes
1 to 3 yrs reviewed
Yes
1yr Nov 1 $500
Broker
434
25,000
Only if net worth isn't $25k
No
Yes
Yes
Yes
3 years 
Yes
1 year
1st broker
276
N/A
0
No
No
Yes
Yes
3years
Yes
2yr from issue. 6  wks.prior to exp date
2nd Notification
100
0
0
No
No
Yes
Yes
3 years
Yes
 
Broker
500
0
10,000 plus 25k per branch
No
No
No
No
reviewed
Yes
Dec 1st every year
Broker
500
0
25,000
No
No
No
No
reviewed
Yes
Annual Report, no renewal
Broker
372
N/A
20k-60k depending on L/O's
No
No
Yes
Yes
2 years
Yes
1 year from issue
Broker
1100
10,000
Based on Loan Volumes; $12,500 to $50,000
No
No
No
No
No
Yes
1 year
Broker
350
10,000
50,000 in-state or 100,000 out of state
No
No
No
Yes
2yr
Yes
Oct 1st every year
Broker
1000
250,000
120,000 (unless located in WI)
No
No
No
Yes
one but reviewed
No
2 years from issue
Broker
500
N/A
25,000
No
No
No
No
 
Yes
 
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