Rhode Island Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Rhode Island are regulated by the Department of Business regulation, Division of Banking. The legislation they govern the brokers with was established on August 9, 1998. There have been a few changes since then including the increase of the Surety Bond requirements. Rhode Island is a lenient state to become a Mortgage Broker in.

The Surety Bond requirement was recently raised from $10,000 for the initial location to $25,000 for Mortgage Brokers. If you wish to add a branch office to your company it will be an additional $5,000 on your bond. Mortgage Lenders are required to post a $50,000 Surety Bond with the same Branch location additions of $5,000. Rhode Island does want to see at least five years of experience in the mortgage industry that is verifiable. They also require a 36 month business plan accompanied with a proforma financial statement.

Bad Credit Rhode Island 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.

Rhode Island License Requirements

Age: 18

State Residency: None, but must have a legal representation in the state to act on your behalf.

Experience: 5 years

Education: N/A

Continuing Education: N/A

Net Worth: $10,000

Surety Bond: $25,000 or $50,000 & $5,000 additional for each branch location

Free Surety Bond Quote

Background Check: Credit and criminal checks

Rhode Island State Licensing Fees

Initial Application: $275

Branch Location: $275

Branch Offices:

In State Requirements:

Licensure Requirements:

Branch Manager:

Exemptions:

Entities: Not for Profit Company, Bank, Trust Company, Savings and Loan Company, Credit Union, Real Estate Investment Trusts, Attorney, Person acting under the court.

Safe Harbor: Person making less than 6 loans in a 12 month time frame

*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.

Get a FREE quote on your Mortgage License Surety Bond online now!

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