Delaware Mortgage Broker License Guide
In Delaware, anyone engaged in the mortgage loan business, whether company or individual, needs to obtain a license. The mortgage licenses in DE are regulated by the Office of the State Bank Commissioner.
Nationwide Mortgage Licensing System (NMLS) handles the license application process and helps mortgage brokers, lenders, or loan originators apply, update, and renew their licenses online.
Types of Mortgage Licenses in Delaware
Delaware has three major license types depending on the work you wish to perform. These licenses are divided into three categories: Company, Branch, and Individual and are further subdivided into mortgage brokers and mortgage lenders.
In this guide, we’ll cover the most common license types only. You can review the full list on the NMLS website.
Most Common Company Licenses
- Mortgage Broker License - allows negotiating, soliciting, and arranging mortgage loans on properties within the state of Delaware.
- Mortgage Lender License - permits engaging in the consumer lending business for residential DE properties.
Most Common Individual Licenses
- Mortgage Loan Originator - allows individuals to find, place or negotiate mortgage loan for residential properties within the state.
Delaware State Requirements
All mortgage license applications must be submitted through NMLS. Note that some agency-specific documents, such as the Supervisory Assessment and FinCen disclosure forms, need to be sent directly to the DE Bank Commissioner at Office of the State Bank Commissioner Licensing, 555 E. Loockerman St., Suite 210, Dover, De 19901 .
For license-specific questions please contact Carole Hoffecker at [email protected] or Quinn Miller at [email protected] , or call the State Bank Commissioner at (302) 739-4235.
For assistance or questions regarding your NMLS account or application, please contact NMLS at (855) 665-7123.
Education and Exams
Passing an exam is obligatory for some, but not all license types in Delaware. To obtain a Mortgage Loan Originator license, you are required to complete an education course and pass an examination.
Exams for Individual Licenses
- Mortgage Loan Originator License - Before you can enroll for the Mortgage Loan Originator test you must complete a 20-hour pre-license course. The course must be approved by NMLS. Further information can be found on the NMLS Education page.
Once you have completed the pre-license course, you can enroll for the test and pay the fee via NMLS. You can schedule an exam date through NMLS or by calling the exam administrator Prometric at 877-671-6657.
The NMLS testing page provides further information on how to schedule and prepare for your Mortgage Loan Originator test.
DE Mortgage Broker Bonds
Bonds for Company Licenses
- Mortgage Broker - All Mortgage Broker license applicants must submit a $25,000 mortgage broker bond. The DE surety bond form can be accessed through the State Bank Commissioner Mortgage Brokers page.
- Mortgage Lender - Applicants for a Mortgage Lender license are required to furnish a $50,000 surety bond. The bond form can be found on the State Bank Commissioner Licensed Lenders page.
Bonds for Individual Licenses
- Mortgage Loan Originator - Unless covered under the employer’s company bond, applicants are required to email an original surety bond to the DE Bank Commissioner. The bond form can be found on the State Bank Commissioner Mortgage Loan Originators page. You may email your bond form to [email protected] or [email protected].
The bond amount depends on the applicant’s annual volume of DE mortgage loans.
- $25,000 surety bond for loan volume that does not exceed $11,000,000.
- $50,000 surety bond for loan volume between $11,000,001 - $23,000,000.
- $75,000 surety bond for loan volume between $23,000,001 - $35,000,000.
- $100,000 surety bond for loan volume between $35,000,001 - $47,000,000.
- $125,000 surety bond for loan volume between $47,000,001 - $59,000,000.
- $150,000 surety bond for loan volume between $59,000,001 - $71,000,000.
- $175,000 surety bond for loan volume between $71,000,001 - $83,000,000.
- $200,000 surety bond for loan volume that exceeds $83,000,001.
Fees for Company Licenses
All fees submitted via NMLS and are non-refundable and non-transferrable. The NMLS processing fee is included in the total license cost.
- Mortgage Broker License
- $850 total license costs
- $15 credit report (if required)
- Mortgage Lender License
- $600 total license costs
- $15 credit report (if required)
Fees for Individual Licenses
All fees submitted through NMLS and are non-refundable and non-transferrable.
- Mortgage Loan Originator
- $250 application fee
- $250 license fee
- $30 NMLS processing fee
- $15 credit report fee (if required)
- $36.25 background check
This fee is non-refundable and needs to be submitted through NMLS.
- $110 test fee