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Home | Net Branch & Going Solo | Brokers: List Of State By . . . Site Search 

Brokers: List Of State By State Requirements

BATTLECALL GUEST EXPERT: Eric Smith, AM Licensing 

Below is a chart with some quick information about state by state requirements for mortgage brokers.  Keep in mind that requirements change frequently and that this list is accurate as of: December 2006.  Please call your local State Banking Commission for full details.

State Brick & Mortar Office Needed Exam Net Worth
AL Broker Yes No, but does require education $25,000
AZ Broker Yes, we have solutions available No N/A
AR Broker No No $25,000
CA Finance Lender No No $25,000
Colorado (no license required)
CT Broker No No $40,000
DC Broker No No $10,000
DE Broker No No No
FL Broker Business No Yes No
FL Correspondent Lender No Yes $25,000
GA Broker Depends on your home state No, but does require education Depends
Hawaii Yes No N/A
ID Broker No No N/A
IL Residential Loan No Yes $35,000
Indiana No No, but does require education N/A
Iowa No No N/A
Kansas No No $50,000
Kentucky Yes No N/A
Louisiana No Yes $50,000
Maine No No $25,000
Maryland No No N/A
Massachusetts No No N/A
Michigan Yes No $25,000
Minnesota No No N/A
Mississippi Yes No N/A
Missouri Yes No $25,000
Montana Yes Yes $25,000
Nebraska N/A No N/A
Nevada Yes No up to $250,000
New Hampshire No No N/A
New Jersey Yes Yes $50,000
New Mexico No No N/A
New York No No N/A
North Carolina Yes Yes N/A
North Dakota No No N/A
Ohio Yes Yes N/A
Oklahoma Yes No N/A
Oregon No No N/A
Pennsylvania Yes No N/A
Rhode Island No No $10,000
South Carolina Yes No N/A
South Dakota No No N/A
Tennessee No No $25,000
Texas Yes Yes $25,000 or $25,000 Bond
Utah No Yes N/A
Vermont No No $25,000
Virginia No Yes N/A
Washington No Yes N/A
West Virginia No No $10,000
Wisconsin No No $250,000
Wyoming No No N/A




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