Categories:
- Home
- Mortgage Licensing Prices
- FHA Licensing
- Requirements by State
- Requirements by Type
- Definitions
- Mortgage Branch Employer
- Latest Licensing News
- Licensing Resources
- Licensing Services
- About Us
- Contact Us
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.
Alabama Mortgage Licensing
Alabama eliminated their requirement for a physical office for mortgage brokers 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 Office Required: No
Minimum Net Worth: $25,000
Surety Bond: $25,00 to $75,000
In-State Officer/ Key Person: No
Owner Education/Experience: 2 years
Initial State Fee: $600
Renewal State Fee: $500
Loan Officer License: No
Branch License: Yes
Comments: Evidence of Warehouse Line is required to verify lender status
Mortgage Broker
Mortgage Broker License
Physical Office Required: No as of 8/21/09
Minimum Net Worth: $25,000
Surety Bond: $25,00 to $75,000
In-State Officer/ Key Person: No
Owner Education/Experience: 12 hours
State Initial Fee: $600
State Renewal Fee: $500
Loan Officer License: No
Branch License: Yes
Regulated by:
State Banking Department
P.O. Box 4600
Montgomery, Alabama 36130-4600
Telephone:(334) 242-3452
hillary.brooks@banking.alabama.gov
Main Fax:(334) 242-3500
http://www.bank.state.al.us/