Ohio Mortgage Broker Requirements
Mortgage brokers and loan originators in Ohio are licensed and regulated by the Financial Institutions Division of the Ohio Department of Commerce.
A person wishing to become a mortgage broker must submit an application, a fingerprint card, a registration fee, a zoning permit if applicable, a photograph of the proposed office location, evidence of at least three years experience in the mortgage lending field, a registration fee, a surety bond in the amount of $50,000 and a statement attesting that the person has not been convicted of or pleaded guilty to a criminal offense which is a felony or to any criminal offense involving fraud. The Division must investigate the financial condition, experience, character and general fitness of the applicant, including requesting a criminal background check.
Certificates of registration may be renewed annually by filing a renewal application and paying an annual registration fee. Each mortgage broker office must be individually registered. If an office is relocated, the registrant must obtain a new certificate of registration prior to conducting business at the new location.
Loan Officer Requirements in Ohio
Each individual loan officer who works for a registered mortgage broker must submit a loan officer application, a fingerprint card, a verification of employment form, and a nonrefundable license fee. The Division must request a criminal background check on the individual.
Loan officer licenses may be renewed annually by filing a renewal application, and providing proof that the loan officer has met continuing education requirements, and paying an annual license fee.
Ohio Mortgage Licensing Fees
The state of Ohio charges a non-refundable application fee in the amount of $350 for mortgage brokers.
For complete assistance on your Ohio Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.