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Kentucky Mortgage Broker License: Step-by-Step Guide

In Kentucky, mortgage brokers and loan originators are required to be licensed at the state level. The Kentucky Department of Financial Institutions supervises and issues all mortgage licenses.

The application process is handled by the Nationwide Mortgage Licensing System (NMLS). NMLS allows mortgage companies and individuals to apply or renew their licenses online.

Types of Mortgage Licenses in Kentucky

Kentucky has three major state license types: Company, Branch, and Individual. Each license type depends on the work you perform and is generally subdivided into Mortgage Brokers and Mortgage Loan Originators.

In this guide, we’ll cover the most common licenses only. You can review the full list on the NMLS website.

Most Common Company Licenses

  • Mortgage Broker License - allows entities to act as agents in order to obtain mortgage loans on residential properties.
  • Mortgage Company License - allows companies and sole proprietorships to service, purchase, or make mortgage loans for residential properties.

Most Common Individual Licenses

  • Mortgage Loan Originator License - allows individuals to discuss and negotiate the terms and conditions of mortgage loans with borrowers.

Kentucky State Requirements

All license applications are to be submitted online via NMLS. Note that agency-specific documentation must be mailed and received by KY DFI no later than five business days after you have submitted your application via NMLS. Please mail your documents to Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, KY 40601.

For further information regarding the company licenses, you may contact Pam Fitzgerald at (502) 782-9042 or [email protected].

For information regarding the individual licenses, please contact Emily Clifford at (502) 782-9037 or [email protected]. You may also contact Jackie Little, regarding mortgage loan originator licenses, at (502) 782-9041 or [email protected].

Please refer all NMLS-related questions to the NMLS call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all license types in Kentucky. To obtain a Mortgage Loan license, you must first complete a course and pass an examination.

Exams for Individual Licenses

  • Mortgage Loan Originator License - To obtain your license you must complete a 20-hour NMLS approved education course and pass a test. For additional information, as well as a list of approved providers, please refer to the NMLS Education page.

    After completing the education course, you can enroll for the test. Note that the test fee must be paid through NMLS. You can schedule your test date either via the NMLS website or by contacting the exam administrator Prometric at (877) 671-6657.

    The NMLS testing page provides more information on how to schedule, prepare, and take the Mortgage Loan Originator test.

KY Mortgage Broker Bonds

Bonds for Company Licenses

  • Mortgage Broker License – In order to obtain a Mortgage Broker license, all applicants must upload and mail an original surety bond in the amount of $50,000.
  • Mortgage Company License - All Mortgage Company license applicants are required to upload and mail a $250,000 surety bond.

Bonds for Individual Licenses

  • Mortgage Loan Originator License - Unless covered under the employer’s company bond, Mortgage Loan Originators must mail a surety bond to KY DFI. The bond amount depends on the applicant’s annual loan volume.
    • $15,000 surety bond for volume of less than $10,000,000.
    • $20,000 surety bond for volume that exceeds $10,000,000.

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Licensing Fees

Fees for Company Licenses

The license fees must be submitted through NMLS. They are not refundable or transferable.

  • Mortgage Broker License
    • $850 total license costs (incl. NMLS processing fee).
  • Mortgage Company License
    • $850 total license costs (incl. NMLS processing fee).

Fees for Individual Licenses

The fees must be submitted via NMLS. They are non-refundable and non-transferrable.

  • Mortgage Loan Originator License
    • $30 NMLS processing fee.
    • $50 License fee.
    • $15 credit report.
    • $36.25 background check.
    • $110 test fee.

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