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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.
New Jersey Mortgage Licensing
New Jersey removed their Brick'n'mortar (Physical Office) Requirement on 1/4/10. There is a test required to be taken by an officer of the mortgage company. As of 1/4/10, this is now the same test as the test required for Loan Originators (Solicitors) and can be taken by an officer out-of-state now. Here is a copy of the states regulations that they normally make you purchase: Rules and Regulations for Licensed Lender Exam.Mortgage Servicer, Banker and Broker
Mortgage Banker License
Physical Office Required: No (Eliminated 1/4/2010)
In-State Officer/ Key Person: No (Eliminated 1/4/2010)
Minimum Net Worth: $250,000 Audited
Surety Bond: $150,000
State Initial Fee: $1,300
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education: Officer of company to complete LO Licensing Requirements
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.
Mortgage Banker and Broker
Correspondent Mortgage Banker License
Physical Office Required: No (Eliminated 1/4/2010)
In-State Officer/ Key Person: No (Eliminated 1/4/2010)
Minimum Net Worth: $150,000 Audited
Surety Bond: $150,000
State Initial Fee: $1,300
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education: Officer of company to complete LO Licensing Requirements
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.
Mortgage Broker
Mortgage Broker License
Physical Office Required: No (Eliminated 1/4/2010)
In-State Officer/ Key Person: No (Eliminated 1/4/2010)
Minimum Net Worth: $150,000 Audited
Surety Bond: $100,000
State Initial Fee: $1,300
Branch Licensing: Yes
Loan Originator Licensing: Yes
Experience/Education: Officer of company to complete LO Licensing Requirements
Comments: Office Suitability (1) an office to be located within the State of New Jersey OR (2) an office to be located outside of New Jersey.
Regulated by:
Division of Banking
Licensing Services
20 W. State St.
P.O. Box 473
Trenton, NJ 08625
Telephone: 609-292-7272
Fax: (609) 777-0107
http://www.state.nj.us/dobi/index.shtml
Rules and Regulations for Licensed Lender Exam