Rhode Island Mortgage Broker License Guide

In Rhode Island, entities engaged in the mortgage loan business must be licensed at the state level. The Rhode Island Department of Business Regulation (DBR) regulates and issues all mortgage licenses.

If you'd like assistance with the licensing process, our mortgage broker licensing partner can make the process seamless for you; learn more here.

Rhode Island has three major state license types: Company, Branch, and Individual. Each license type depends on the work you are going to perform.

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

• Lender License - allows companies and sole proprietorships to make and/or fund loans, secured by real property located within Rhode Island, with their own funds.
• Loan Broker License - allows companies and sole proprietorships to process, solicit, place, negotiate, or sell loans within Rhode Island.

Most Common Branch Licenses

• Lender Branch Certificate - A branch certificate is required for locations other than the main office stated on the Lender license. These locations do not need to be located within Rhode Island.
• Loan Broker Branch Certificate - This certificate is required for locations other than the main office stated on the Loan Broker license. These locations do not need to be located within the state.

All license applications are to be submitted online via NMLS. Please note that some agency-specific requirements, such as the financial statements and the surety bond (including riders), need to be mailed directly to DBR at State of Rhode Island Department of Business Regulation, Division of Banking, 1511 Pontiac Avenue, Building 68-1, Cranston, Rhode Island, 02920.

For further information regarding the license requirements contact DBR at (401) 462-9503 or [email protected].

For NMLS-related questions, please get in touch with NMLS call center at (855) 665-7123.

Passing an exam is obligatory for some, but not all license types. In the state of Rhode Island, you don’t need to complete a pre-license course or pass a test in order to obtain a Lender or Loan Broker License or Branch Certificate.

Bonds for Company Licenses

• Lender License - All lender license applicants must submit a surety bond in the amount of $50,000.
• Loan Broker License - Applicants are required to provide a $20,000 surety bond.

Bonds for Branch Licenses

• Lender Branch Certificate - Lender licensees who have 4 to 7 active branch locations are required to obtain a branch certificate and increase the primary surety bond by $10,000. Licensees who have 8 or more active branch locations, must increase the bond amount by $25,000.
• Loan Broker Branch Certificate - This certificate is required of Loan Broker licensees who have 4 to 7 active branch locations. The licensees must increase the primary bond amount by $ 10,000. If the active branch locations are more than 8, the surety bond must be increased by $25,000.

Fees for Company Licenses

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

• Lender License
  • $1,650 license fee.
  • $100 NMLS processing fee.
  • $15 credit report fee (if required).
  • $36.25 background check.
• Loan Broker License
  • $825 license fee.
  • $100 NMLS processing fee.
  • $15 credit report fee (if required).
  • $36.25 background check.

Fees for Branch Licenses

• Lender Branch Certificate
  • $1,670 license fee.
  • $20 NMLS processing fee.
  • $550 investigation fee.
  • $15 credit report fee (if required).
  • $36.25 background check.
• Loan Broker Branch Certificate
  • $550 license fee.
  • $20 NMLS processing fee.
  • $275 investigation fee.
  • $15 credit report fee (if required).
  • $36.25 background check.