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

 

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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:

  1. 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.

  2. Background Check:

    • Undergo a criminal background check, including fingerprinting. Applicants must have a clean criminal record to be eligible for licensure.

  3. Surety Bond:

    • Obtain a surety bond in the amount required by the ASBD. Currently, the bond amount is $25,000.

  4. 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.