Categories:
- Home
- Mortgage Licensing Prices
- FHA Licensing
- Requirements by State
- Requirements by Type
- Mortgage Licensing Affiliate
- Latest Licensing News
- Licensing Resources
- Licensing Services
- About Us
- Contact Us
New Articles:
- July 2008 Mortgage Licensing Update
- June 2008 Mortgage Licensing Update
- May 2008 Mortgage Licensing Update
- April 2008 Mortgage Licensing Update
- March 2008 Mortgage Licensing Update
Contact Us
For assistance with mortgage licensing contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
ssheasby@integritymortgagelicensing.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 has some difficult mortgage licensing requirements for a physical office. See the: Licensed Lender Office Requirement. They require either a home office with a separate entrance or they require a commercial location with a sign, separate entrance, and full time employee. There is also a test required to be taken by an officer of the mortgage company. The problem for many people is that the New Jersey mortgage licensing test is only offered to be taken in New Jersey, and their is not very many good preparation courses for this test outside of New Jersey. Here is a copy of the states regulations that they normally make you purchase: Rules and Regulations for Licensed Lender Exam.Mortgage Servicer
Mortgage Banker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $250,000 Audited
Surety Bond: $100,000
State Initial Fee: $700
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: Officer of company to pass state exam (Exam only offered in New Jersey)
Mortgage Banker
Correspondent Mortgage Banker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $150,000 Audited
Surety Bond: $100,000
State Initial Fee: $700
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: Officer of company to pass state exam (Exam only offered in New Jersey)
Mortgage Broker
Mortgage Broker License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $50,000 Audited
Surety Bond: $100,000
State Initial Fee: $700
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: Officer of company to pass state exam (Exam only offered in New Jersey)
Second Mortgage Servicer/Banker/Broker
Secondary Mortgage Lender License
Physical Office Required: Yes
In-State Officer/ Key Person: Yes
Minimum Net Worth: $150,000 of liqued assets
Surety Bond: $50,000
State Initial Fee: $700
Branch Licensing: Yes
Loan Officer Licensing: Yes
Experience/Education: Officer of company to pass state exam
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
Licensed Lender Office Requirement