License Description:
Major Requirements for License:
Mortgage Banker --
1) One or more years' experience in making mortgage banking loans or
equivalent lending experience in a related business;
2. Engaged or intend to engage in business of making mortgage loans
or mortgage banking loans.
3) Either be authorized to do business with any of the following: Federal
Housing Administration,
Veterans Administration, Federal National Mortgage Association, and
Federal Home Loan Mortgage Corp.; or at all times have and maintain
a net worth of not less than two hundred fifty thousand dollars.
4) Provide Superintendent of Financial Institutions with a current audited
financial statement prepared by an independent certified public accountant
in accordance with generally accepted accounting principles including:
a) Certified Public Accountant's opinion as to the fairness of the presentation
in conformity with generally accepted accounting principles; b) Balance
sheet prepared within the previous six months and certified by the licensee.
(The superintendent may require a more recent balance sheet.); and c)
Statement of operations and retained earnings and a statement of changes
in financial position provided the applicant has commenced operations.
5) At all times have and maintain a net worth of not less than $100.000;
6) Every person licensed as a mortgage banker shall deposit with the
superintendent, before doing business as a mortgage banker, a bond executed
by the licensee as principal and a surety company authorized to do business
in this state as surety;
7) Application Fee - see "License Fee"
License Fee: Initial - $1,500; Renewal (Annually on or before Sept.
30) - $750 (Closes 100 or fewer loans in preceding calendar year), $1,250
(Closes more than 100 loans in preceding calendar year)
Continuing Education: None Commercial
Mortgage Banker --
1) Three or more years' experience in making mortgage banking loans
or equivalent lending experience in a related business.;
2) Engaged or intend to make or negotiate or offer to make or negotiate
commercial mortgage loans.
3) Provide the Superintendent of Financial Institutions with a current
audited financial statement by an independent certified public accountant
according to generally accepted accounting principles including:
a) the certified public accountant's opinion as to the fairness of
the presentation according to generally accepted accounting principles;
b) a balance sheet prepared within the immediately preceding six months
and certified by the licensee. The superintendent may require a more
recent balance sheet; c) if the applicant has begun operations, a
statement of operations and retained earnings and a statement of changes
in financial position; d) notes to the financial statement if applicable;
4) Have and maintain at all times a net worth of at least $100,000;
5) Application Fee - see "License
Fee"
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