How to Obtain a Mortgage Broker License: A Step-by-Step Guide
Most states will require you to obtain a mortgage broker license, and the NMLS (National Mortgage Licensing System) has unique requirements depending on the specifics surrounding how you plan on running your business. However, you can get a general idea of the steps you'll need to take to get your license in the majority of states by reading our guide below.
If you need to determine your state's exact licensing requirements, take a look at our comprehensive guide further down which offers state specific guides for obtaining your license.
How to Become a Mortgage Broker: Step-By-Step Guide
Step #1: Determine Your State's Requirements
As mentioned above, the NMLS has unique requirements depending on your business type and state. You have two options when it comes to determining the exact mortgage broker license requirements you need to meet:
- 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
Once you have determined the requirements for your state and license type, you need to take the proper steps to meet them. Some of the most common requirements you'll have to meet include:
- Passing your examination
- Paying your license fee
As stated above, the requirements you must meet will vary depending on your state, and how you plan on operating your business. Select your state below to find the exact requirements you must meet to obtain your mortgage broker license.
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.
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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.
Step #5: Receive Your Mortgage Broker License
Once you submit all the required information, the NMLS will review your application, and if approved, will send your license directly to you. This process may take a few weeks depending on your state’s requirements and their complexities.