How To Become A Mortgage Broker
Mortgage Broker Licensing Steps
Determine your license requirements and costs.
Select a state department to research the specific requirements to obtain a license.
Get your mortgage broker bond.
If your state requires a bond, you can get an instant online approval.
Becoming A Mortgage Broker
Woman: I am trying to become a mortgage broker, but I need help getting my mortgage brokers license.
JW: You have come to the right place! Directly below this video, we have a dropdown tool that is integrated with the Nationwide Mortgage Licensing System where you can select the state you would like to obtain a license. It will provide you a roadmap to everything you need in one convenient place. Bookmark our page in case you need this information in the future.
Woman: That sounds easy enough. Can you give me an idea of the costs involved?
JW: Of course! Your costs will be comprised of state application fees and a surety bond, if the state requires one. Using our tool below, you can determine the exact fees for each state and the bond amount you must post. From there, you can find out your bond costs instantly online using our website. Just click apply now to get started.
Woman: I'm a Florida mortgage broker, but I want to do business nationwide. Can I get a blanket bond that will allow me to operate in all 50 states?
JW: No. Each state has a separate license filing and separate bond obligation. You will want to make a list of all states you need a bond for, as surety bonds are a form of credit to you and not everyone qualifies for bonds. Fortunately, there is strength in numbers when it comes to surety credit and as the largest U.S. surety company, JW Surety Bonds has programs that enable most to get approved in all 50 states if they wish.
Woman: That sounds great. How long will it take to get a quote on my bonds?
JW: We underwrite and approve bonds instantly online. Becoming a mortgage broker has never been easier.
Woman: Ok, I'm going to apply and determine my total bond costs. Thanks for all of the help!
JW: Glad to help! Check out our video "How To Get The Lowest Rate On Your License Bond" to learn how to save on your mortgage broker bond.