How do I become a certified mortgage broker?

The industry's advanced broker credential is the Certified Mortgage Consultant (CMC) designation issued by NAMB. The CMC exam measures the knowledge of mortgage professionals with at least 5 years in the industry, and the application costs $375 to $550 depending on membership category. The designation renews every 3 years, which requires $150 to $250 and at least 30 hours of continuing education within that period.

In Arkansas, a mortgage broker is a company license issued by the Securities Department under the Fair Mortgage Lending Act. The company files Form MU1 through NMLS and must meet a surety bond of at least $100,000, tiered up to $200,000 based on prior-year Arkansas loan volume. Individuals who originate loans for the broker need a separate loan officer license: at least 18 years old, a high school diploma or equivalency, 20 hours of NMLS-approved prelicensing education, and a passing score on the SAFE MLO test, filed on Form MU4 with employer sponsorship.

California does not issue a certified mortgage broker credential. Brokers operate under either a real estate broker license from the Department of Real Estate with a mortgage loan originator (MLO) endorsement, or an MLO license from the Department of Financial Protection and Innovation when working for a licensed mortgage company. Each path requires 20 hours of pre-licensing education approved by the Nationwide Multistate Licensing System (NMLS), a 75% or higher score on the SAFE MLO Test, an Individual (MU4) filing, fingerprints, and a credit report authorization.

In Connecticut, the Department of Banking licenses mortgage brokers, and all licensing filings go through NMLS. A mortgage broker company must show minimum tangible net worth of $50,000, have a qualified individual with at least 3 years of mortgage business experience within the preceding 5 years who is licensed as a mortgage loan originator, and file a surety bond electronically on NMLS. Officers, partners, or members who meet the statutory definition of a mortgage loan originator must also hold an individual MLO license.

To originate residential mortgage loans on Delaware properties, you need an individual mortgage loan originator (MLO) license from the Delaware Office of the State Bank Commissioner. Complete 20 hours of NMLS-approved prelicensing education, pass the SAFE MLO National Test Component with Uniform State Content, and file the MU4 application with fingerprints, a credit report authorization, and proof of surety bond coverage. At application you pay a $250 investigation fee and a $30 NMLS processing fee, plus a $250 license fee once approved.

DC does not certify mortgage brokers. The Department of Insurance, Securities and Banking (DISB) licenses individuals as mortgage loan originators and companies as mortgage brokers, both through NMLS. For the individual license, you complete 20 hours of NMLS-approved education, pass the SAFE test, and file the application with fingerprints, a credit report, and a sponsoring DC-licensed employer.

Florida does not certify mortgage brokers; the state licenses them. A mortgage broker license is an entity credential for a company conducting loan origination activities through licensed loan originators. The company files through the Nationwide Mortgage Licensing System and Registry (NMLS), designates a principal loan originator with at least 1 year of experience, pays a $425 nonrefundable application fee, and submits fingerprints and credit report authorizations for each control person.

Hawaii regulates mortgage brokers through licensing rather than certification. To operate a mortgage broker business, you need a mortgage loan originator company (MLOC) license, and if you will also originate loans yourself, an individual mortgage loan originator license. A sole proprietor holds both licenses together, filing Forms MU1, MU2, and MU4 after completing the 20-hour pre-licensing education and passing the national and state test components.

To broker mortgage loans in Iowa as an individual, you need a mortgage loan originator (MLO) license from the Iowa Division of Banking. Complete at least 20 hours of NMLS-approved prelicensing education, pass the SAFE MLO test at 75% or higher, and apply through NMLS with a $50 nonrefundable state fee, fingerprints for an FBI background check, and authorization for a credit report. You must also be covered by a surety bond, which an employer's company bond can satisfy, and be sponsored by a licensed company before originating loans.

Kansas does not issue a separate broker certification; a broker operates as a licensed mortgage company under the Kansas Mortgage Business Act. You apply through NMLS, pay a $400 new application fee for the principal place of business, and file a surety bond, which ranges from $50,000 to $125,000 depending on office location and origination volume. No test or education course is required for the company license itself; individuals who originate loans must register separately as loan originators.

Kentucky does not issue a broker "certification"; it licenses mortgage loan brokers through the Department of Financial Institutions (DFI) via NMLS. A broker applicant files the NMLS Company Form with certified organizational documents, an audited financial statement, a surety bond of at least $50,000, and a $1,000 license fee, and must renew by November 30 each year. Individuals who originate loans must also register as mortgage loan originators.

Maine does not certify mortgage brokers; it licenses them. To become a loan broker, file an application through NMLS with a $300 fee per license, post a $25,000 surety bond for each licensed location, and demonstrate financial responsibility. No physical Maine office or net worth is required, and the Bureau of Consumer Credit Protection typically approves a complete application within three weeks.

Mississippi does not certify mortgage brokers; it licenses them. A mortgage broker license is a company license from the Mississippi Department of Banking and Consumer Finance, obtained through NMLS with a $2,000 initial fee, a $50,000 surety bond, and a qualifying individual who has at least 2 years of directly related mortgage experience. Individuals who originate loans must separately obtain a mortgage loan originator license covering 20 hours of prelicensing education and the SAFE test.

Montana licenses mortgage brokers rather than certifying them. To run a broker company, you must obtain the Montana Mortgage Broker License and an MLO license through NMLS, have 3 years of MLO experience to serve as the designated manager, and pay a $500 application fee, reduced to $100 if the entity is owned by a Montana-licensed MLO. Brokers must also hold a surety bond of $25,000 to $100,000 depending on annual loan volume.

New Hampshire licenses mortgage brokers at the company level through the Nationwide Multistate Licensing System (NMLS). The applicant must maintain a $25,000 positive net worth, an electronic surety bond, and a Qualifying Individual with 3 of the preceding 5 years of supervisory mortgage experience. Anyone who takes applications or negotiates loan terms must also hold an individual Mortgage Loan Originator License.

New Mexico does not issue a separate certified mortgage broker credential; brokering mortgages requires the state Mortgage Loan Originator License from the Financial Institutions Division. You apply through NMLS, complete 20 hours of pre-licensure education including 3 hours of New Mexico law, pass the SAFE test, clear a fingerprint background check and credit review, and be covered by a surety bond or sponsored by a licensed mortgage loan company.

New York registers mortgage brokers rather than certifying them. You file through NMLS, pay a $1,500 investigation fee, and designate a qualifying individual with at least 2 years of credit analysis or underwriting experience; New York-licensed attorneys and real estate brokers are exempt. After approval, you submit a surety bond of at least $10,000 and attend a conferral meeting, where the registration certificate is issued.

Oklahoma does not issue a certified mortgage broker credential. The broker title in the state is the company-level Mortgage Broker license from the Oklahoma Department of Consumer Credit, which covers brokering, lending, loan modifications, reverse mortgages, and third-party processing. The company must have a licensed mortgage loan originator overseeing operations.

To work as a mortgage broker in Oregon, individuals hold a mortgage loan originator license issued by the Division of Financial Regulation through NMLS. You must complete 20 hours of pre-licensure education including 4 hours of Oregon law, pass the national test, and file Form MU4 with a background check and credit report. Brokerage companies are licensed separately and must sponsor your license before you may originate.

In Rhode Island the individual credential is the Mortgage Loan Originator License, issued by the Department of Business Regulation, not a certification. You complete 20 total hours of NMLS-approved prelicensure education, with the 3 hours of Rhode Island law counted inside the 20, pass the SAFE Test, file the MU4 with a background check and credit report, and get sponsored by a Rhode Island licensed company as a W-2 employee. To run your own brokerage, you also need the company-level Loan Broker License, which requires a $20,000 surety bond.

Utah does not issue a certified mortgage broker credential. Brokering and retail origination of closed-end residential first mortgages is regulated by the Utah Division of Real Estate, and the individual credential is its mortgage loan originator license, issued through the Nationwide Multistate Licensing System (NMLS). Requirements include 20 hours of national prelicensing education, Utah-specific education from a Utah-approved school, the NMLS national exam with the Uniform State Test, fingerprints, a credit report, and an employer sponsorship.

West Virginia does not certify mortgage brokers; brokers operate under a mortgage broker license from the West Virginia Division of Financial Institutions. The company license requires a $350 application fee plus fingerprint and NMLS processing costs, at least $10,000 of tangible net worth, and a surety bond of at least $50,000. Each individual who originates loans must also hold a Mortgage Loan Originator License with 24 hours of prelicensing education and a passed test.