Alabama Mortgage Licensing

Alabama eliminated their requirement for a physical office for mortgage broker licensees on 8/21/09. If you apply for the banker/lender license, which they call the consumer credit license or “mini-code” license, you will have to show proof of a warehouse line of credit. If you are a mortgage broker, you’re better off applying for the mortgage broker license versus trying to get a warehouse line of credit that you will never use, especially since a physical office is no longer required.


 

Mortgage Banker

Consumer Credit License (Mini-Code)

Physical In-State Office Required: No
Minimum Net Worth: None, CPA Compiled
Surety Bond: $25,000 to $75,000
Qualifying Individual: No
Comments: Evidence of Warehouse Line is required to verify lender status. Office location cannot be zoned residential.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$150 – Foreign Entity App
$125 – Registered Agent Fee
$700 – Company License Fee
$250 – AL $25k Surety Bond


 

Mortgage Broker

Mortgage Broker License

Physical In-State Office Required: No as of 8/21/09
Minimum Net Worth: None, CPA Compiled
Surety Bond: $25,000 to $75,000
Qualifying Individual: No
Comments: Office location cannot be zoned residential.

License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$150 – Foreign Entity App
$125 – Registered Agent Fee
$700 – Company License Fee
$250 – AL $25k Surety Bond


 

Regulated by:

State Banking Department
P.O. Box 4600
Montgomery, Alabama 36103-4600
Telephone: 334-242-3452
Mortgage Licensing Coordinator | Jeremy Windham | jeremy.windham@banking.alabama.gov | 334-242-3452
Company Licensing | Hillary Farthing | hillary.brooks@banking.alabama.gov | 334-242-3452
Individual Licensing | Diana Anderson | diana.anderson@banking.alabama.gov | 334-242-3452
Main Fax: 334-242-3500

www.banking.alabama.gov