What are the requirements to get a mortgage broker license?

Requirements vary by state, but a mortgage broker company license generally requires an application filed through the Nationwide Mortgage Licensing System (NMLS) on the Company Form (MU1), with a business plan, formation documents, and disclosure of direct and indirect owners and executive officers. Control persons typically submit fingerprints for an FBI background check and authorize an independent credit report, and most states require a surety bond or a minimum net worth set by state law. The company must also identify a qualifying individual.

Alabama mortgage broker licenses are issued under the Mortgage Brokers Licensing Act (Code of Ala. Title 5, Chapter 25). The application is filed with a nonrefundable $600 fee and a financial statement showing $25,000 of tangible net worth, though the department may accept a surety bond in lieu of net worth. At least one principal or executive officer must have 2 years of mortgage industry experience within the previous 4 years, and any principal who originates loans must also hold an individual MLO license. The department must grant or deny a completed application within 90 days.

An Alaska Mortgage Broker/Lender applicant needs a registered agent and office in Alaska, an Alaska business license, and a Certificate of Authority or Good Standing. The filing requires an unaudited GAAP financial statement, a $75,000 electronic surety bond submitted through NMLS, an AML/BSA policy, a business plan, management and organizational charts, and two control persons. State fees are a $500 application fee plus a $1,000 license fee, with a $120 NMLS processing fee added.

Mortgage brokers are licensed by the Arkansas Securities Department under the Fair Mortgage Lending Act, applying through Form MU1 on the Nationwide Multistate Licensing System (NMLS). The applicant must meet surety bond requirements of $100,000 for prior-year Arkansas loan volume of $10 million or less, rising to $150,000 and then $200,000 at higher volumes, filed through the NMLS electronic surety bond process. A separate branch license is required for each business location.

California splits mortgage brokerage between two regulators. If your employer is licensed by the Department of Financial Protection and Innovation (DFPI), you qualify for an individual mortgage loan originator (MLO) license: 20 hours of pre-licensing education, a score of 75% or higher on the SAFE MLO Test, an MU4 filing through NMLS, fingerprints, a credit report authorization, and sponsorship by a DFPI-licensed company. The Department of Real Estate (DRE) path requires a current real estate license plus an MLO endorsement, which carries the same education and test requirements.

Colorado issues individual MLO licenses rather than a separate broker license. To qualify, you must complete 20 hours of NMLS-approved education, pass the SAFE MLO exam, submit fingerprints to both NMLS and the Colorado Bureau of Investigation, and maintain errors and omissions insurance and a surety bond before applying in both NMLS and Colorado's E-license system. A company operating as a mortgage broker must complete a separate NMLS mortgage company registration and be in good standing with the Colorado Secretary of State.

A Connecticut Mortgage Broker license requires a minimum tangible net worth of $50,000 and a surety bond of at least $50,000 for annual loan volumes under $30 million. The company must have a qualified individual at the main office and a branch manager, each with at least 3 years of mortgage business experience within the preceding 5 years and licensed as a mortgage loan originator. All filings go through NMLS, and the license expires on December 31 unless renewed.

The DC mortgage broker license is a company license processed through NMLS. No pre-license course or test applies at the company level, but the applicant must submit the NMLS application, pay the required fees, and file a surety bond in an amount set by regulation based on loan volume. Businesses must also be registered to do business in DC before applying.

A Florida mortgage broker license is an entity credential. The company must file through NMLS, designate a principal loan originator who has held a Florida loan originator license (or been active in a mortgage-related business) for at least 1 year, pay a $425 nonrefundable application fee plus a $100 trust fund fee, and submit fingerprints and credit report authorizations for each control person. Florida imposes no net worth or surety bond requirement on mortgage brokers.

In Georgia, anyone who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others needs the Mortgage Broker/Processor License. You file through the Nationwide Multistate Licensing System (NMLS); the new application fee is $650 plus NMLS fees, and each Georgia branch requires a $330 approval. You must have a Georgia-licensed mortgage loan originator in place before approval, except for processor-only brokers, and you must maintain a minimum tangible net worth as a continuing requirement of the license.

A mortgage company in Hawaii needs a mortgage loan originator company license, applied for through Form MU1 in NMLS. The company must designate a Qualifying Individual who holds a Hawaii MLO license, maintain a principal place of business in Hawaii, and pay a $900 initial application fee plus a $300 Mortgage Loan Recovery Fund fee for the principal office. The old mortgage broker license expired December 31, 2010.

A mortgage broker license in Idaho is a company license under Part 2 of the Idaho Residential Mortgage Practices Act. Applicants must demonstrate financial responsibility, character, and fitness under Idaho Code § 26-31-206(2)(a) and file unaudited financial statements through the Nationwide Multistate Licensing System and Registry (NMLS); start-up companies file only an initial Statement of Condition or Balance Sheet. The Department of Finance also reviews ratios such as the current ratio, tangible net worth, and equity depletion.

In Illinois, a mortgage broker operates under a Residential Mortgage License issued to a company by the Illinois Department of Financial and Professional Regulation (IDFPR). The initial state fee is $2,700, and the company must file an electronic surety bond of at least $25,000, scaled to loan volume. The individuals who take applications or negotiate loan terms must each hold an MLO license sponsored by that company.

Indiana requires you to reside in a U.S. state or territory, complete 20 hours of NMLS-approved pre-licensing education, pass the SAFE test with a score of at least 75%, and clear FBI criminal background and credit checks. You must also hold W-2 employment with a sponsoring mortgage company; 1099 contractors are not eligible. The license comes from either the DFI or the Secretary of State, depending on your employer's license.

A person who arranges or negotiates at least 4 mortgage loans secured by owner-occupied residential real estate in Iowa in a calendar year must obtain a mortgage broker license from the Iowa Division of Banking. Requirements include submitting the application through NMLS, providing fingerprints and an FBI background check authorization for each officer, director, and individual in control, and filing a surety bond of $100,000 for annual loan volume up to $100 million or $150,000 above that. Iowa Code also prohibits using the titles "mortgage banker" or "mortgage broker" without a license.

A Kansas mortgage company license is filed through NMLS with a $400 new application fee plus a $250 initial license fee. The company must maintain a surety bond ranging from $50,000 to $125,000 depending on whether it keeps a bona fide Kansas office and its prior-year origination volume, and must at all times maintain a positive net worth. Licensees also file an annual report through the NMLS Mortgage Call Report plus the state supplemental form. No education course or test applies to the company license — those requirements attach to individual loan originators.

A Kentucky mortgage loan broker must file an NMLS Company Form, submit individual NMLS forms for control persons, and provide an audited financial statement or a startup statement of condition. The broker must also post a surety bond of at least $50,000, submit certified organizational documents and a Kentucky Secretary of State Certificate of Authority dated within 60 days, and pay the $1,000 license fee. Brokers renew by November 30 each year with a flat $1,000 annual assessment.

A mortgage broker license is a company-level license issued by the Louisiana Office of Financial Institutions and filed through NMLS. The application fee is $500, and the applicant must provide a surety bond based on prior-year loan volume: $25,000 for volume up to $99,999,999, or $50,000 for $100,000,000 or more. Multiple office locations can be covered by a single license by listing each address and the individual licensees at each location.

Maine requires a loan broker license from the Bureau of Consumer Credit Protection for anyone who, for compensation, arranges or obtains an extension of consumer credit. File through NMLS with a $300 application fee, post a $25,000 surety bond for each licensed location, and register as a foreign corporation with the Maine Secretary of State; no physical Maine office or net worth is required. The Bureau typically approves a complete application within three weeks.

Maryland regulates mortgage brokering through the company-level Mortgage Lender License, which covers lender, broker, and servicer activity and is issued by the Commissioner through the Nationwide Mortgage Licensing System and Registry (NMLS). The license is held at the business's principal executive office, and individuals who take applications or negotiate loan terms must hold their own mortgage loan originator licenses.

You renew through the Nationwide Multi-State Licensing System (NMLS) during the renewal window, November 1 through December 31. You must complete 8 hours of NMLS-approved continuing education, including 1 hour of Massachusetts law, authorize a credit report, and satisfy the FBI criminal background check requirement if your existing check is outdated. A missed deadline means the license expires January 1, with reinstatement available through the last day of February.

A Minnesota mortgage broker (Residential Mortgage Originator) company applies through the Nationwide Multistate Licensing System (NMLS) under Chapter 58. Requirements include business registration with the Minnesota Secretary of State, a $125,000 surety bond (rising with annual Minnesota loan volume above $10,000,000), and demonstrated experience. The initial license fee is $1,000 and the renewal fee is $500, and fees are nonrefundable.

A Mississippi mortgage broker company license requires a $2,000 initial fee and a $50,000 surety bond. The company must have a qualifying individual who is an owner or employee with at least 2 years of experience directly related to mortgage activities. You must also submit entity documentation, an organizational chart, a business plan, and company policies and procedures through NMLS.

A Missouri residential mortgage loan broker license requires a $300 application and investigation fee, a $600 annual license fee upon approval, and a surety bond of at least $50,000 (up to $1,000,000 based on loan volume). You must maintain a full-service, staffed Missouri office open to the public, have mortgage broker or lender experience, and pass criminal and credit investigations for all directors, owners, and others who influence company management. Company principals who interact with consumers on applications must also hold individual MLO licenses.

A Montana mortgage broker applies through NMLS and pays a $500 application fee, reduced to $100 if the entity is owned by a Montana-licensed MLO. The broker must designate a licensed MLO with 3 years of experience as its designated manager, carry a surety bond of $25,000 to $100,000 based on annual loan volume, and sponsor its MLOs as W-2 employees. Brokers have no minimum net worth requirement, and the license renews annually by December 31 at a $125 entity fee.

Nebraska licenses mortgage companies as mortgage bankers or registers them as mortgage registrants rather than issuing a mortgage broker license. A mortgage banker application filed through NMLS carries a $400 fee plus $75 per branch office. The company must also post a surety bond of at least $100,000, which scales with closed or serviced loan volume, and that bond covers the loan originators it employs. Individuals who take applications or negotiate loan terms for the company need their own mortgage loan originator license.

A Nevada mortgage broker operates under a mortgage company license from the Nevada Division of Mortgage Lending, filed through NMLS. The applicant pays a $1,200 application fee, posts an electronic surety bond through NMLS sized to annual loan production, submits financial statements showing minimum net worth, and maintains an Information Security Program. Each licensed office needs a Qualified Employee, a licensed mortgage loan originator with verifiable real-estate lending experience, and the office must be a physical in-state location.

A New Hampshire mortgage broker company must maintain a $25,000 positive net worth at all times and file an electronic surety bond through NMLS. It must employ a Qualifying Individual full-time in a supervisory capacity at the principal office, with at least 3 of the preceding 5 years of mortgage business experience. Principals are treated as control persons and must complete background checks through NMLS.

A New Jersey Residential Mortgage Broker license is a business entity license issued by the Department of Banking and Insurance. The company files Form MU1 through NMLS with a $1,200 application fee, obtains a $150,000 surety bond, and has each control person file an MU2. The entity must also have a Qualified Individual who meets all mortgage loan originator licensing criteria and files an MU4, and each branch location requires Form MU3 at $1,000.

New Mexico licenses mortgage brokers as mortgage loan companies through NMLS. Requirements include a $500 main-office application fee, a surety bond starting at $50,000 that scales to $100,000 or $150,000 with annual origination volume, and a Qualified Individual who holds a New Mexico MLO license and has 2 years of relevant experience within the preceding 4 years. The company must also file an unaudited financial statement and entity formation documents.

A New York mortgage broker files a company registration with the Department of Financial Services through NMLS and pays a $1,500 application fee. The applicant must have, or employ, a qualifying individual with two years of verifiable credit analysis or underwriting experience, and that qualifier must hold a New York MLO license. New York-licensed attorneys and real estate brokers are exempt from the experience requirement. After approval, the broker files a surety bond of $10,000 to $100,000, set by loan application volume.

A North Carolina mortgage broker license is a company-level license from the North Carolina Office of the Commissioner of Banks, applied for through the Nationwide Multistate Licensing System and Registry (NMLS). It requires a $1,250 application fee and a surety bond starting at $75,000, adjusted for origination volume each year. The qualifying individual and each branch manager must have at least 3 years of residential mortgage lending experience, and if the company has no branch offices, the qualifying individual must also hold an MLO license.

A North Dakota money broker (company) applicant must show a company net worth of $25,000 and file an electronic surety bond through NMLS, with the bond requirement set at $50,000. The applicant must designate a Qualifying Individual, recommended to have three or more years of industry or supervisory experience, who undergoes a credit report and background check. Owners of 25% or more must submit personal financial statements dated within 30 days, and the application also requires formation documents, a business plan, and anti-money-laundering policies.

The Oklahoma Mortgage Broker license is a company-level license issued by the Oklahoma Department of Consumer Credit through NMLS. The applicant must designate a licensed mortgage loan originator to oversee operations, and officers, owners, directors, and partners must hold MLO licenses if they act as loan originators, along with passing background checks and credit reports. DOCC can issue the license within 60 days after receiving a complete application and all fees.

In Oregon, a mortgage broker license is a company license issued by the Division of Financial Regulation, separate from the individual mortgage loan originator license. Broker companies apply through the Nationwide Multistate Licensing System and Registry (NMLS) and must file a surety bond: $50,000 for a new licensee, scaling up to $200,000 based on the dollar volume of Oregon loans originated. Individuals who take applications or negotiate loan terms still need their own MLO licenses.

Rhode Island loan brokers need a Qualifying Individual who holds an active Rhode Island MLO license, is a W-2 employee, and lives within commuting distance of the licensed location; a $20,000 electronic surety bond filed in NMLS; financial statements dated within 90 days of filing; a certificate of good standing dated within 60 days; credit reports for officers and any owner with a 10% or greater interest; and a resident agent physically located in Rhode Island.

South Carolina mortgage brokers are licensed by the Department of Consumer Affairs. A broker must have at least 3 years of experience in financial services, post a surety bond of at least $25,000 (higher bond tiers apply at larger loan volumes), and pay a $550 initial fee plus a one-time $200 processing fee. Applications go through NMLS, and each branch location requires a $150 branch license. Licenses run one year and expire December 31.

To act as a mortgage broker in South Dakota, you must obtain a mortgage broker license from the Division of Banking; operating without one is a Class 2 misdemeanor. The application must include fingerprints for an FBI criminal history check and authorization for an independent credit report, and you must maintain a surety bond of at least $25,000. The initial license fee may not exceed $500, with the actual amount set by the director by rule. The license expires on the December 31 following issuance.

A mortgage broker license in Tennessee is a company license from the Tennessee Department of Financial Institutions, applied for through NMLS. The company must show at least 3 years of relevant mortgage industry experience within the 5 years before applying, demonstrated through a designated managing principal. The licensee also files a surety bond of $45,000, $90,000, or $135,000 depending on the prior year's Tennessee residential loan volume, with a fixed $90,000 bond in the first renewal year.

In Texas, an individual brokering residential loans is licensed as a Residential Mortgage Loan Originator. Requirements include 23 hours of NMLS-approved pre-licensing education (including 3 hours of Texas law), a passing score on the SAFE MLO National Test Component, U.S. citizenship or lawful admission, an acceptable credit history, and fingerprints. The originator must then be sponsored by a company that holds its own mortgage company license.

An individual who brokers closed-end residential first mortgages in Utah needs the Utah Division of Real Estate (DRE) mortgage loan originator license. Requirements include 20 hours of NMLS-approved prelicensing education, a Utah-approved state prelicensing course from a Utah-approved mortgage pre-licensing school, and a passing score on the NMLS national exam with the Uniform State Test component. Applicants must also submit fingerprints for a criminal background check, authorize a credit report, and obtain an employer's sponsorship.

Any company or person that negotiates or places mortgage loans on Vermont real property for others must hold a mortgage broker license from the Department of Financial Regulation, filed through NMLS using Form MU3, with a separate license for each location. As of October 2026, the initial application costs $1,100, including a $500 license fee, a $500 investigation fee, and a $100 NMLS processing fee. You must also show a surety bond of at least $25,000 and a registered agent recorded with the Vermont Secretary of State.

A Virginia mortgage broker license is a company license under Chapter 16 of Title 6.2, issued by the Bureau of Financial Institutions and filed through the Nationwide Multistate Licensing System (NMLS) with company and control-person forms. The applicant must post a surety bond of at least $25,000 and meet the state's financial responsibility and character standards. Each individual who originates loans for the company also needs a separate mortgage loan originator license.

A Washington mortgage broker applicant must appoint a designated broker who has passed the Washington Designated Broker Test and can document two years of mortgage-related experience. The company must hold a $20,000 electronic surety bond issued through NMLS, pay the $1,001 application fee, and authorize credit and background checks for each control person. A Washington Secretary of State registration and a Washington business license are also required unless the applicant is a sole proprietorship.

A West Virginia mortgage broker license is a company license from the Division of Financial Institutions, filed through NMLS. Requirements include a $350 license fee plus fingerprint and NMLS processing costs, at least $10,000 in tangible net worth, and a surety bond tiered by loan volume: $50,000 for up to $3 million in annual originations, $75,000 above that up to $10 million, and $100,000 above $10 million ($150,000 to participate in table-funded loans). Brokers also pay $5 for each residential mortgage loan brokered each year.

A Wisconsin mortgage broker license is filed through NMLS and requires a $750 application fee. The company must maintain $100,000 in minimum net worth at all times, counting only tangible company assets, since owners' personal assets do not count. It must also submit reviewed financial statements annually after each fiscal year end. A company that performs third-party processing or underwriting must employ at least one Wisconsin-licensed loan originator.

To originate loans as an individual you need the Wyoming Mortgage Loan Originator license: complete 20 hours of NMLS-approved pre-licensure education, pass the SAFE test National Component with Uniform State Content, submit fingerprints for an FBI background check, authorize a credit report, pay the $150 application fee, and be sponsored by a licensed mortgage company. A company applying for its own Mortgage Lender/Broker license must also file financial statements, a business plan, and a surety bond.