| If you are considering taking out a residential or a | | | | broker a certain number of loans or less each year. |
| commercial mortgage you may want to compare | | | | Arkansas, the District of Columbia, Delaware, Iowa, |
| different brokers and lenders-and their mortgage | | | | Maryland, Massachusetts, Maine, Minnesota, New York, |
| license qualifications. Learning about the mortgage | | | | Pennsylvania, and Rhode Island may allow these types |
| license requirements and what they mean in respect | | | | of exemptions for brokers depending on specific |
| to how each broker or lender operates might be a | | | | circumstances. Arkansas, Alabama, Connecticut, the |
| useful way to get more information. | | | | District of Columbia, Delaware, Georgia, Kentucky, |
| Anyone who is interested in purchasing a home may | | | | Maryland, Massachusetts, Maine, Michigan, New Jersey, |
| want to know about the qualifications and legitimacy of | | | | New York, North Carolina, Rhode Island, Tennessee, |
| the companies they may choose to do business with | | | | and Virginia may allow these exemptions for lenders. It |
| in obtaining a home loan. In the United States, most | | | | is important for brokers and lenders in any given state |
| states have some requirements that brokers and | | | | to contact the appropriate state department to ensure |
| lenders must meet in order to do business there. One | | | | that no laws are broken, however. |
| common requirement is the mortgage license. | | | | Some businesses, such as law firms, may provide |
| Mortgage brokers and lenders must have a mortgage | | | | license obtaining services to mortgage brokers and |
| license in the states in which they operate, with the | | | | mortgage lenders, and may provide packages or |
| exception of the few states that do not have | | | | discounts for purchasing mortgage licenses in multiple |
| mortgage license requirements. Licenses ensure that | | | | states. Mortgage brokers and lenders may want to |
| they are trained and will adhere to certain standards in | | | | expand especially into states without physical office |
| their mortgage operations. Different states, however, | | | | regulations and without examination requirements, |
| may have vastly different regulations. Regulations can | | | | because those states are naturally easier for them to |
| also differ between brokers and lenders. | | | | operate in. |
| Some states have physical office requirements, | | | | Information about mortgage licenses, as well as |
| meaning that the mortgage company must have an | | | | applications for licenses, can usually be obtained from |
| actual brick and mortar office in that state with a full | | | | a given state's banking department. Many of the most |
| time branch manager. Not having a physical office | | | | popular and well known brokers and lenders have |
| requirement means that companies can operate more | | | | licenses in all 50 states and for all types of loans. |
| easily over the Internet and do not need to actually | | | | America's Lending Partners, based in Minnesota, is one |
| have an office in that state. Some states also require | | | | well known company that provides home purchase, |
| brokers and lenders to pass an exam in order to | | | | equity, and improvement loans. They also provide |
| become licensed. Licensing requirements also may or | | | | refinancing services, debt consolidation loans, and free |
| may not be different concerning second mortgages. | | | | credit reports. The services provided by America's |
| Alaska, Colorado, and Wyoming do not have licensing | | | | Lending Partners, as with those of other companies, |
| requirements at all for brokers. Those three states, | | | | are limited only by the states in which their lenders are |
| along with Indiana and South Carolina, do not have | | | | licensed. A complete list of mortgage license |
| licensing requirements for lenders. | | | | information for each state which requires public |
| In some states, mortgage brokers or lenders may be | | | | disclosure can be found on America's Lending |
| exempt from licensing requirements if they make or | | | | Partners' Web site. |