Kentucky Mortgage Broker Bonds

License Overview

Mortgage Brokers in Kentucky are regulated by the Office of Financial Institutions of the Department of Public. Kentucky was one of the very first states to adopt the Nationwide Mortgage Licensing System (NMLS). The state encouraged all brokers to be online with the system as quickly as possible and as an incentive they absorbed all the fees involved with using the National System. As of July, 1st 2008 the state no longer absorbs the costs of the national registry. All costs are now paid by the prospective broker and are separate from all Kentucky license fees.

Educational requirements are stringent in Kentucky. Each applicant is required to complete 12 hours of pre-licensing education prior to applying for a license. Out of state applicant and applicant with less than one year of experience are required to complete 30 hours of pre-licensing education before applying. After a broker is licensed they are required to maintain a minimum of 12 hours of continuing education annually. Effective January 1st, 2010 all new Mortgage Broker applicants will be required to pass an examination prior to application for their license. They also must obtain a Surety Bond in the amount of $50,000 prior to application along with a personal financial statement that is completed by a CPA.

Bad Credit Kentucky Mortgage Broker Bonds

Any applicant with less than perfect credit is 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.

Kentucky License Requirements

Age: 18

State Residency: No Required

Experience: Background in loans or lending

Education: 12 hours of pre-approved class work

Continuing Education: 12 hours annually

Net Worth: Not applicable

Surety Bond: $50,000

Free Surety Bond Quote

Background Check: Criminal and credit checks

Kentucky State Licensing Fees

Initial Application: $750

Branch Location: $400

Branch Offices:

In State Requirements: Must be a physical location in Kentucky

Licensure Requirements: Fees must be paid with educational requirements met.

Exemptions:

Entities: Attorney, Federal Financial Institution, any person acting under the court system, USA government, and state department, Non-profit organizations, consumer loan or finance company (see regulations), Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association.

Safe Harbor: Any person using their own funds to complete a loan.

*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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