Kentucky Mortgage Broker Requirements
Mortgage Brokers in Kentucky are licensed and regulated by the Office of Financial Institutions (OFI). The OFI is a part of the Department of Public Protection.
Mortgage brokers attempting to obtain a Kentucky mortgage license are required to maintain a physical location in the state of Kentucky. One owner with at least 20% share of ownership in the company must have a minimum of two years of experience working in the mortgage industry. Mortgage brokers are required to provide a surety bond in the amount of $50,000. New mortgage brokers must complete thirty (30) hours of continuing education courses. Brokers with more than one year of experience are required to show proof of at least twelve (12) hours of continuing education.
Mortgage brokers in Kentucky are required to submit company financials audited by a CPA or licensed accountant. New businesses need to provide an audited twelve (12) month projection statement with proof of sufficient capital in the company.
Kentucky Mortgage Licensing Fees
All mortgage broker applicants must submit a non-refundable $750 application fee if applying between the months of July through December. The fee is reduced to $450 if applying between the months of January through June.
For complete assistance on your Kentucky Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.
If you're a Do-It-Yourself kind of person and just want someone to guide you through the process while you do all the paperwork, you will want to check out our sister company website for the Kentucky Broker and Lender License Guide. Here, you can download complete guides on how to work your way through each state's mortgage application. This information is priceless as it will save you countless hours of research and ensure that your company submits an application that will be accepted by the state agencies.