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New Articles:

• Hawaii delays NMLS Mortgage Company and LO Licensing
• Colorado Mortgage Companies must now be Licensed
• The SAFE Mortgage Licensing Act
• California DRE now requires Mortgage Loan Originator Endorsement through NMLS
• Washington Adds Servicing Licensing Through NMLSR

Contact Us

For assistance with mortgage licensing, contact us at:
Direct Phone: (714) 656-3960
Fax: (714) 829-1444
steven@imlicensing.com



Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.

Commercial Loan Licensing

The following states may require licensing to originate commercial loans. Contact us if you need assistance with licensing.

Arizona
"Mortgage loan" means a loan secured by a mortgage or deed of trust or any lien interest on real estate located in this state created with the consent of the owner of the real estate.

Arkansas - Only required if also originating residential
Exempt person includes any of the following: A person who brokers, makes, or services mortgage loans if the only mortgage loans that the person brokers, makes, or services in Arkansas are nonresidential mortgage loans.

California
"Finance lender" includes any person who is engaged in the business of making consumer loans or making commercial loans.

Hawaii
"Mortgage Broker" means a person not exempt under sectin 454-2 who for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly makes, negotiates, acquires, or offers to make, negotiate, or acquire a mortgage loan on behalf of a borrower seeking a mortgage loan. "Mortgage loan" means a loan secured by a mortgage on real property. No exemption for commercial loans under the act.

Kansas - Required for loans over 12%
‘‘Supervised lender’’ means a person authorized to make or take assignments of supervised loans, either under a license issued by the administrator (K.S.A. 16a-2-301 and amendments thereto) or as a supervised financial organization (subsection (44) of K.S.A. 16a-1-301 and amendments thereto).
‘‘Supervised loan’’ means a consumer loan, including a loan made pursuant to open end credit, with respect to which the annual percentage rate exceeds 12%.

Louisiana
Licensing by the State Treasury Department. Contact: Diane Spurling (225) 342-7004

Minnesota
Licensed by the Real Estate Division with a Limited Real Estate Broker License. Contact them at (651) 296-6319. Effective August 1, 2008, commercial loans if secured by a 1-4 family residential property will be covered under the Residential Mortgage Originator and Servicing Act.

North Carolina
Regulated by the Secretary of State. State statute 66-106. Contact Mary Kelly at the NC Secretary of State.

North Dakota
Money Broker License Required. Allows origination of any type of loan.

Nebraska
"Mortgage banker" means any person not exempt under section 45-703 who, for compensation or gain or in the expectation of compensation or gain, directly or indirectly makes, originates, services, negotiates, acquires, sells, arranges for, or offers to make, originate, service, negotiate, acquire, sell, or arrange for ten or more mortgage loans in a calendar year;
"Mortgage loan" means any loan or extension of credit secured by a lien on real property, including a refinancing of a contract of sale or an assumption or refinancing of a prior loan or extension of credit;

New Jersey
Licensed under the real estate division.

Nevada
NAC 645B.015 Activity constituting verifiable business; submission of evidence of activity. (NRS 645B.060, 645B.080)
1. A person conducts verifiable business as a mortgage broker if he is compensated on a commission or percentage basis for:
(a) Handling the arrangements between a borrower and a lender for a loan which is secured by a lien on real property and is consummated as a result of such arrangements;
(b) Originating a loan secured by a lien on real property in the capacity of a lender or provider; or
(c) Purchasing or selling existing notes secured by liens on real property.

South Dakota
SDCL 54-14 defines a mortgage lender as “any person who, for valuable consideration, originates, sells, or services mortgages, or holds himself, herself, or itself out as a person who, for valuable consideration, originates, sells or services mortgages, other than those exempt pursuant to SDCL 54-14-21.”

Washington, D.C.
Not clear which license type. Verifying with the state.

Wisconsin - No Commercial Loan Licensing Required as of April 22, 2008
A Mortgage Banker is a corporation, partnership, limited liability company (LLC) or individual who either originates loans for another person or for itself as payee on the note, sells loans or interests in loans to another person, services loans or land contracts, or provides escrow services.
A Mortgage Broker is a corporation, partnership, limited liability company (LLC) or individual who, on behalf of a loan applicant or an investor (a mortgagee or a land contract vendor), and for commission, money, or other thing of value, finds a loan or negotiates a land contract, loan, or commitment for a loan, or engages in table funding.