Frequently Asked Questions

WHAT YOU SHOULD KNOW BEFORE GETTING STARTED?

When you begin the mortgage license application process, you will need to gather certain documents that are required to be filed along with your mortgage license application. The most common documents are:

1 Company Articles of Incorporation
2 Certificates of Good Standing
3 Company Financial Statements
4 Surety Bonds
5 Proof of Qualification in the New State

Each state maintains its own list of required documents in order to obtain a mortgage license in that state, so more items may be required. If you do not have the required documents we can also help you obtain them.

How Long Does it Take to Get a Mortgage License?

The time for each state to process a mortgage license varies by state. Some states take longer than others to process a mortgage license application. For example, New York, Nevada and Arizona are some of the states with the longest processing times, but are generally considered worth the wait. Contact us to discuss the processing times of the specific states applicable to you.

What are the Banker or Broker Minimum Requirements?

Each state varies slightly in its requirements, but some states require significantly less while some states request significantly more information including personal history information than other states. Generally, the requirements for a Broker and Banker are based upon Company net worth. What is best for you depends on your specific conditions.

Are there exceptions to licensing?

Certain states allow exemptions for only making limited loans or for certain limited contact. Exemptions based on HUD approval are vastly limited. While there are certain exemptions, these are more the exception rather than the rule. However, Companies should know their options and take any possibility of exemptions into consideration when applicable. Call us today to discuss your specific requirements.