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.  

StateLicense CategoryLicensePhysical Office?Qualified IndividualNet WorthAudited Financial Statement?Surety BondLicense Application Fee
AlabamaBrokerAlabama Mortgage Broker LicenseNoNoNoneUnaudited (not compiled)$25,000 $700
AlaskaBroker or LenderAlaska Mortgage Broker/Lender LicenseNoNoNoneUnaudited (not compiled)$75,000 $1,600
ArizonaBrokerArizona Mortgage Broker LicenseYesYes, Arizona in-state employeePositive Net WorthUnaudited (not compiled)$10,000 $900
ArkansasBrokerArkansas Mortgage Broker LicenseNoYes, 3 years experience in mortgage lending. NoneUnaudited (not compiled)$100,000 $850
CaliforniaBroker and/or LenderCalifornia Finance Lender LicenseNoYes, QI is just a designation. One individual must be licensed as a CA MLO.$250,000 Unaudited (not compiled)$25,000 $400
ColoradoBroker and/or LenderColorado Mortgage Company RegistrationNoNoNoneNoneNone$298
ConnecticutBrokerConnecticut Mortgage Broker LicenseNoYes, 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
DelawareBrokerDelaware Mortgage Broker LicenseNoNo$40,000 in capitalUnaudited (not compiled)$25,000 $850
FloridaBrokerFlorida Mortgage Broker LicenseNoYes, 1 year experience, must be a licensed Florida MLONoneUnauditedNone$579
GeorgiaBrokerGeorgia Mortgage Broker/Processor LicenseNoNoNone specifiedNone$150,000 $750
HawaiiBroker and/or LenderHawaii Loan Originator Company LicenseYesYes, in-state licensed Hawaii MLO that must be the branch manager of the Hawaii locationNoneNoneNone$1,300
IdahoBroker and/or LenderIdaho Mortgage Broker/Lender LicenseNoYes, 3 years experience - very detailed resumeNoneUnaudited (not compiled)None$700
IllinoisBroker and/or LenderIllinois Residential Mortgage Broker LicenseNoYes, 3 years experience or equivalent pre-licensing educationIllinois headquarters: $50,000, Non-Illinois companies: $150,000, min. 20% liquidityAudited (without IL office)$25,000 / $100k Fidelity for those without an Illinois office$2,800
IndianaBrokerIndiana (SOS) Loan Broker LicenseNoYes, 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.NoneNone$50,000 - $75,000$300
IowaBrokerIowa Mortgage Broker LicenseNoNoPositive Net WorthUnaudited (if unaudited, signed by officer of company)$100,000 $500
KansasBroker and/or LenderKansas Mortgage Company LicenseNoNo$50,000 CPA reviewed or audited$100,000 ($50,000 if you have a bona fide Kansas office)$750
KentuckyBrokerKentucky Mortgage Broker LicenseNoNoNoneCPA compiled$50,000 $850
LouisianaBroker and/or LenderLouisiana Residential Mortgage Lending LicenseNoNoNoneNone$25,000 or $50,000 (depending on your company's total loan volume in previous year)$600
MaineBrokerMaine Loan Broker LicenseNoOn site designated manager, but no prior experience requirements$25,000 Unaudited (certified by officer)$25,000 $500
MarylandBroker and/or LenderMaryland Mortgage Lender LicenseNoYes, 3 years experience, must be an officer of the company$25,000 CPA compiled$50,000 $1,100
MassachusettsBrokerMassachusetts Mortgage Broker LicenseNoYes, a control person must have three years of full time experience.$25,000 CPA reviewed$75,000 $1,000
MichiganBrokerMichigan First Mortgage Broker LicenseNoYes$25,000 Unaudited$25,000 only if accepting funds prior to closing$1,050
MinnesotaBroker and/or LenderMinnesota Residential Mortgage Originator LicenseNoNoNoneNone$100,000 $1,100
MississippiBrokerMississippi Mortgage Broker LicenseNoYes, 2 years experience with letters from past employers. Must be one licensed MS MLONoneNone$25,000 $1,601
MissouriBroker and/or LenderMissouri Company LicenseYesNo$25,000 Unaudited$50,000 $1,000
MontanaBrokerMontana Mortgage Broker LicenseNoYes, QI must work from the main office and have 3 years of mortgage experience and obtain a MT MLO licenseNoneNone$25,000 $600
NebraskaBroker and/or LenderNebraska Mortgage Banker LicenseNoNoNoneNone$100,000 $500
NevadaBroker and/or LenderNevada Mortgage Broker LicenseYesYes, 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 WorthCPA compiled$50,000 $2,848
New HampshireBrokerNew Hampshire Mortgage Broker LicenseNoYes, must be from the main office with 3 years of mortgage experience within the past 5 years.Positive Net WorthUnaudited (certified by officer)$50,000 $600
New JerseyBrokerNew Jersey Residential Mortgage Broker LicenseNoYes, 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 MexicoBroker and/or LenderNew Mexico Mortgage Loan Company LicenseNoYes, 2 years experience out of the last 4 years. W2s, 1099 Tax Returns, etc. required.NoneUnaudited$50,000 $1,600
New YorkBrokerNew York Mortgage Broker RegistrationNoYes, 2 years experience requiredNoneUnaudited$10,000 $1,500
North CarolinaBrokerNorth Carolina Mortgage Broker LicenseNoYes, 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 DakotaBroker and/or LenderNorth Dakota Money Broker LicenseNoYes, QI must submit a resume$25,000 Unaudited$25,000 $900
OhioBroker and/or LenderOhio Residential Mortgage Lending Act (RMLA) Certificate of RegistrationNoYes, 3 years experience within the past 6 years, 4 hour Ohio course requiredNoneUnaudited$50,000 $600
OklahomaBrokerOklahoma Mortgage Broker LicenseNoYes, one individual must obtain an OK MLO license and be identified as the QINoneUnauditedNone$1,760
OregonBroker and/or LenderOregon Mortgage Lender LicenseNoYes, 3 years experience within the past 5 yearsNoneUnaudited$50,000 $1,060
PennsylvaniaBrokerPennsylvania Mortgage Broker LicenseNoYes, must have the education and testing requirements of a PA MLO and be an officer in the companyNoneUnaudited (certified by officer)$50,000- $150,000$1,100
Rhode IslandBrokerRhode Island Loan Broker LicenseNoYes, 5 years experience required$10,000 Unaudited$20,000 $925
South CarolinaBroker and/or Correspondent LenderSouth Carolina DCA Mortgage Broker License*
*We recommend speaking with a licensing professional or contacting South Carolina prior to determining the correct license type.
NoYes, in-state licensed SC branch manager, must be a SC licensed MLONoneUnaudited$25,000 $850
South DakotaBrokerSouth Dakota Mortgage Brokerage LicenseNoNoNoneUnaudited (certified by officer)$25,000 $600
TennesseeBroker and/or LenderTennesse Mortgage LicenseNoYes, 1 year experience in the mortgage industry$25,000 CPA compiled$90,000 (Broker), $200,000 (Lender, Servicer) $1,125
TexasBroker and/or LenderTexas Mortgage Company LicenseYesNoNoneNoneNone$600
UtahBroker and/or LenderUtah Mortgage Entity LicenseNoYes, 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.NoneUnauditedNone$325
VermontBrokerVermont Mortgage Broker LicenseNoYesNoneUnaudited (if certified)$25,000 $1,100
VirginiaBrokerVirginia Mortgage Broker LicenseNoNoNoneUnaudited$25,000 $600
WashingtonBroker and/or LenderWashington Consumer Loan Company LicenseNoNoNoneNone$100,000 $1,162
District of Columbia (Washington D.C.)BrokerDistrict of Columbia Mortgage Broker LicenseNoNo$25,000 Unaudited$12,500 $1,200
West VirginiaBrokerWest Virginia Mortgage Broker LicenseNoYes, one person must be licensed$10,000 Unaudited$50,000-$150,000$450
WisconsinBrokerWisconsin Mortgage Broker LicenseNoYes, one person must be licensed$100,000 CPA reviewed or audited (audited for renewal)$120,000 $850
WyomingBrokerWyoming Mortgage Broker LicenseNoYes, one person must be licensedNoneUnaudited (certified by officer)$25,000 $500

Questions about our services?

Close Menu