MORTGAGE BROKERAGE LICENSE
What exactly is the mortgage brokerage license for? It basically lets the company do what it has got to do. And what does it have to do? If mortgage bankers lend money to fund mortgage loans, and mortgage brokers negotiate these mortgage loans, the company does either one or both of those jobs. This is of course possible with the mortgage brokerage license.
There are different mortgage brokerage license requirements depending on the state. But generally, the mortgage brokerage license covers brokering actions as well. They charge $600 for the initial license application which expires annually on June 30, of which the renewal deadline is every 15th of June. Renewal fee costs the same as the initial application fee. The mortgage brokerage license issued covers the main office only and does not include any branch. This does not mean that the branch needs to secure a separate license, however, it is required that the company sends the state a written notice in the occasion that a branch is opened or closed.
The details of the mortgage brokerage license in the State of Connecticut is somewhat different. You may read about it more comprehensively online where you can access their Department of Banking. For example, the state charges only $400 for the mortgage brokerage licenses, but it requires you to secure separate licenses for each office or branch. As with every state, the mortgage brokerage license expire here as well. The state provides a two-year term for the license and sets the expiration on the 30th of September of every even-numbered year. Mid-term license applications however, still expires on September 30.
The State of Florida considers the mortgage brokerage license as the simplest form of license for the mortgage companies. However, there are several prerequisites that are needed before the application for mortgage brokerage license can be approved. One important thing to ensure is that there should be mortgage broker named as a principal broker in the license application which is holding a Florida license. Application charges are at $400. In cases where branches are opened, separate licenses are needed to be secured and the cost of each is $100, although they give out volume discounts for 5 or more branch applications.
There are online sites that offer to process mortgage brokerage license applications. However, we should check if these are the sate government’s sites. There are websites who claim that they can furnish us with the real state-issued licenses, but they turn out to be bogus. It is still best to refer questions to the proper government departments so that we can obtain the correct information. Remember that each state has its own rules and regulations. And what is practiced in a particular state may be unheard of in the other.