How to Obtain a Mortgage Broker License:A Step-by-Step Guide
How to Become a Mortgage Broker: Step-By-Step Guide
Step #1: Determine Your State's Requirements
- Option #1: Research your state's requirements via the NMLS, and determine the licensing requirements you must meet. This method is often time consuming, as finding the necessary licensing information online and confirming your requirements via a government website such as the NMLS isn't particularly easy.
- Option #2: As an alternative to researching your state's requirements on your own, you can find out the exact requirements to obtain your license by selecting your state below.
Step #2: Meet All Necessary Requirements
- Passing your examination
- Paying your license fee
Step #3: Obtain Your Mortgage Broker Bond
This is the one requirement that most states have in place, and you'll likely need your bond in order to submit your license application. A mortgage broker bond protects your clients by ensuring you'll follow the regulations set by your state. You'll want to ensure you get your surety bond from a mortgage broker bond expert to avoid any delays or future headaches.
Step #4: Submit Your Mortgage Broker License Application
The NMLS will provide you the necessary applications and paperwork that you'll need to fill out. Simply complete the application, and send it to the NMLS along with your surety bond. Be sure to double check all of your information before submitting it, as errors will likely increase turn around time for your licensing approval.