Alabama Mortgage Broker Bonds

License Overview

Regulation for the Alabama Mortgage Broker Bond is handled by the Alabama State Banking Department. Starting January 1, 2002 the State Department began regulating Mortgage Brokers in Alabama. Their regulation was a direct result of the Mortgage Broker Licensing Act. Since the inception of the Act there have not been many changes in legislation thus making Alabama one of the more lenient states to get your license in.

If you would like to become a licensed Mortgage Broker in the state of Alabama the Alabama act states that a prospective licensees' staff and principles that are actively engaging in the company must complete 12 hours of education on regulations and guidelines, maintain a surety bond for the amount of $25,000, have a physical location within the state. The state requires the applicant to submit a minimum of six reference letters, this must include at least three letters of reference that show the prospective licensees' reputation and name, along with three letters of reference that show the prospective licensees' experience and expertise within the Mortgage Industry.

Bad Credit Alabama Mortgage Broker Bonds

Prospective licensees' with less than perfect credit are encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Alabama License Requirements

Age: None

State Residency: None

Experience: None

Education: Minimum of Twelve hours of pre-license education

Continuing Education: None

Net Worth: Any applicant must have a liquid net worth of $25,000. Applicants will be required to provide a recent personal financial statement when the application is gathered.

Surety Bond: $25,000

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Background Check: Credit and criminal background.

Managing Principle: No rules

Alabama State Licensing Fees

Initial Application: $100 Investigation Fee, $500 License Fee

Branch Location: $100 Investigation Fee, $500 License Fee

Renewal Application: $500 Licensing Fee, $500 Branch Fee

Branch Offices:

In State Requirements: License required for all intra - state offices.

Licensure Requirements: License required for all individual branch offices.

Branch Manager: None

Exemptions:

Entities: Exemptions are provided for any regulated financials institutions, lawyers, securities dealers, consumer finance companies, and securities brokers.

Safe Harbor: A person who was a mortgage broker and wrote only one mortgage in the past calendar year.

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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