Rhode Island Mortgage Broker Requirements

Mortgage brokers in Rhode Island are licensed and regulated by the Rhode Island Department of Business Regulation, Division of Banking.

Applicants seeking a Rhode Island mortgage broker license are not required to maintain a physical office within the state of Rhode Island. Applicants must submit detailed history of their experience in the mortgage lending industry for the past five years. A surety bond in the amount of $10,000 is required. Applicants must submit a three (3) year business plan including pro-forma financial statements showing a minimum net worth of $10,000.

There are no education requirement and mortgage brokers are not required to pass an exam.

Rhode Island Mortgage Licensing Fees

The state of Rhode Island charges an application fee in the amount of $275. A licensing fee is also charged after the applicant is approved.

For complete assistance on your Rhode Island Mortgage License, call American Mortgage Licensing to start your project today, 866.588.6600.