New Jersey mortgage licensing

Mortgage Broker Licensing

License:  New Jersey Residential Mortgage Broker License

Physical Office Required:  No
Qualifying Individual Required: Yes, must be an officer of the company and licensed as a NJ MLO
Minimum Net Worth:  $50,000
Financial Statements:  CPA Audited (applicant or parent company)
Surety Bond Amount:  $150,000
Company License Fee:  $1,300


Mortgage Lender Licensing

License:  New Jersey Residential Mortgage Lender License

Physical Office Required:  No
Qualifying Individual Required:  Yes, must be an officer of the company and licensed as a NJ MLO
Minimum Net Worth:  $250,000
Financial Statements:  CPA Audited (applicant or parent company)
Surety Bond Amount:  $150,000
Company License Fee:  $1,300


Regulated by:

New Jersey Department of Banking & Insurance
Licensing Services Bureau, Banking
20 West State Street, 8th Floor
Trenton, NJ 08608
Phone: 609-292-7272
Fax: 609-777-0107
www.state.nj.us/dobi/index.shtml

 

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