Each state will require the following:

Businesses must be qualified through the Secretary of State in order to operate
Formation documents must be provided
Management and Organizational Chart must be provided
Most states require a QI (Qualified Individual), who must meet certain requirements and may need to be licensed in the state
All financial statements must be prepared in accordance with GAAP

**The below does not list out ALL requirements for each state. If you’d like to inquire further about state requirements, please visit our Get Started page

Choose a state

Alabama

Annual report due May 1st

Mortgage Broker License:

$25k Surety Bond

Consumer Credit License:

Financial Statement: $25k tangible net worth
$25k Surety Bond

Alaska

Annual report due March 15th

Mortgage Broker/Lender License:

Financial Statement: $75k tangible net worth
$75k Surety Bond
AML/BSA Policy
AK Affidavit and business plan

Arizona

Annual report due October 1st

Mortgage Broker License:

Must Have physical location in AZ
Responsible individual must be a resident of AZ, have no less than 3 years’ experience, have completed the 24 hour course, passed the mortgage broker test and is a W2 employee
Unaudited financial statement
$10k surety bond

Prorated License Fee (only refundable if application is denied):

January, February, March: $250.00
April, May, June: $187.50
July, August, September: $125.00
October: $62.50
November, December: $312.50

Mortgage Banker License:

Must have physical location in AZ
Responsible individual must be a resident of AZ, have no less than 3 years’ experience and must be a W2 employee
Audited financial statement with net-worth of $25k
$25k surety bond

Arkansas

Annual report due May 1st

Mortgage Broker License:

$100k Surety Bond
AML/BSA Policy
Company Staffing/Internal Policies

Mortgage Banker License

$100k Surety Bond
AML/BSA Policy
Company Staffing/Internal Policies

California

Real Estate: California Department of Real Estate

Annual report due 90 days after fiscal year end

The DRE does not license LLC’s
QI must be the broker of record for the company

Financing Law License:

Annual report due March 15th

QI must be located at corporate office
Unaudited Financial Statement with a net-worth of $50k for brokers and $250k for lenders
$25k Surety Bond
CA Specific Business Plan

Residential Mortgage Lending Act License:

Annual report due March 1st

QI must be located at corporate office
Unaudited Financial Statement with a net-worth of $50k for brokers and $250k for lenders
$50k Surety Bond
Statement of Compliance with California Homeowners Bill of Rights
Trust accounting
Consumer complaint policy
Per diem interest
Fingerprinting for all officers and QI
Customer authorization
Limited Offering Exemption Notice
CA specific email
Federal approval letter
AML/BSA Policy
Fidelity bond
Timely onboarding of loans statement

Colorado

Annual report varies based on periodic report month

Mortgage Company Registration:

Secretary of State Documentation

Connecticut

Annual report due March 31st for LLC’s

Mortgage Broker License:

QI required
Net-worth must be tangible and $50k
$50k Surety Bond

Mortgage Lender License:

QI required
Net-worth must be tangible and $250k
$100k Surety Bond

District of Columbia

Annual report due March 31st

Mortgage Broker License:

Financial statement with net-worth of $25k
$12.5k Surety bond
Prior activity letter

Mortgage Lender License:

Financial statement with $200k net-worth
$12.5k Surety bond
Prior activity letter

Mortgage Dual Authority License:

Financial statement with $200k net-worth
$12.5k Surety bond
Prior activity letter

Delaware

Annual report due March 1st

Broker License: Delaware Real Estate Commission

$50k capital
$25k Surety Bond
Document Samples: Broker agreement, FinCen Disclosure, Supervisory Assessment

Lender License: Delaware Office of the State Bank Commissioner

$100k capital
$50k Surety Bond
Document Samples: Broker agreement, FinCen Disclosure, Supervisory Assessment, Business survey

Florida

Annual report due May 1st

Mortgage Broker License:

QI must be licensed and have one year experience

Mortgage Lender License:

QI must be licensed
Audited financials with net-worth of $63k

Mortgage Lender Servicer License:

QI must be licensed
Audited financials with net-worth of $250k

Georgia

Annual report due April 1st

Mortgage Broker/Processor License:

$150k Surety Bond
BSA/AML Policy
CyberSecurity Policy
Verification of Lawful Presence
State Background Check Authorization

Mortgage Lender License:

$250k Surety Bond
BSA/AML Policy
CyberSecurity Policy
Verification of Lawful Presence
State Background Check Authorization

Hawaii

Annual report due dependent on registration date

Mortgage Loan Originator Company License:

Physical branch location in state is required
QI must be licensed in Hawaii

Idaho

Annual report due dependent on registration date

Mortgage Broker/Lender License:

Document samples: 1003 package
Bank account information

Illinois

Annual report due on 1st day of registration anniversary month for corps and 15th day of registration anniversary for LLC’s

Residential Mortgage License:

Audited financials with $150k net-worth if not located in IL $50k if located in IL
$25k Surety Bond
Bank account information
$100k Fidelity Bond
Exemption Agreement

Indiana

Annual report due every two years at end of anniversary month

Loan Broker License:

QI must have 3 years’ experience and be licensed with IN SOS
$60k Surety Bond

Mortgage Lending License:

QI must have two years’ experience
Financials must demonstrate net-worth of $100k and $50k liquidity
$100k Surety Bond
AML/BSA Policy
Company staffing/internal policies
Document samples: 1003 package
Warehouse line agreement
Non-Financial External Audits
Internal Control External Audits

Iowa

Annual report due April 1st of odd years for corps and April 1st of even years for LLC’s

Mortgage Broker License:

Financial statement must reflect solvent net-worth
$100k Surety Bond

Mortgage Banker License:

Financial statement must be audited annually and reflect solvent net-worth
$100k Surety Bond

Kansas

Annual report due April 15th of companies’ respective odd or even year

Mortgage Company License:

Financial statement must reflect a solvent net-worth
$100k Surety Bond
One licensed KS LO

Kentucky

Annual report due June 30th

Mortgage Broker License:

QI must have two years’ experience and be a control officer
Financial statement must be compiled and reflect a positive net-worth
$50k Surety bond
Control officers must have 30 hours of pre-education completed
Personal financial statement for each control officer
Letter of prior activity conducted in Kentucky

Mortgage Company License:

Audited financial statement with a $1mil net-worth. Additional funding source will be needed if $1mil is not met
$250k Surety Bond
Personal financial statement for each control officer
Letter of prior activity conducted in Kentucky

Louisiana

Annual report due on anniversary of business registration

Residential Mortgage Lending License:

$25k Surety Bond
MLO Agreement
Warehouse line of credit (lenders only)
Certificate of Corporate Resolution
Employer Coverage Affidavit

Maine

Annual report due June 1st

Loan Broker License:

$25k Surety Bond
Document samples: 1003 Package
Trust Account authorization form

Supervised Lender License:

Audited financials with $25k net-worth. Financials must be certified if unaudited
$50k Surety Bond
Document samples: 1003 Package
Trust Account authorization form

Maryland

Annual report due April 15th

Mortgage Lender License:

QI must have 3 years’ experience and be a control officer
Financial statement must be compiled, reviewed or audited. Net-worth ranges from $25k to $250k depending on aggregate mortgage lending volume in previous 12 months
Surety bond ranges from $50k-$250k depending on aggregate mortgage lending volume in previous 12 months
Business Continuity Plan
Internal policies to include: Enterprise-wide risk management and Risk and compliance management systems/internal controls
Document samples: Copies of representative contracts, consumer agreements, disclosures, and any other relevant documents that are required by Maryland law
Volume of business statement
Trust account authorization
Resume for QI

Massachusetts

Annual report due 2.5 months after fiscal year end for corps and anniversary date of formation for LLC’s

Mortgage Broker License:

Financial statement must be reviewed or audited with a $25k net-worth
$75k Surety Bond
AML/BSA Policy
W9 Form
EIN Letter
Resume for control officer(s) that demonstrate 3 years’ experience

Mortgage Lender License:

Financial statements must be audited with a $200k net-worth
$100k surety bond
Bank account information
AML/BSA Policy
Provide list of Non-Qualified Mortgage Products (if applicable)
W9 Form
EIN Letter
Resume for control officer(s) that demonstrate 3 years’ experience

Michigan

Annual report due February 15th

Broker and Lender Licenses:

Financial statement must have a net-worth of $25k
$25k Surety Bond
List of business relationships
Direct ownership verification
List of MLO’s that have or will have a MI MLO license
Other professional licenses held currently or previously by any control officer
MI has a license for 1st and 2nd’s. If your company does 1st and 2nd mortgages, both types of licenses will be needed in MI

Minnesota

Annual report due December 31st

Residential Mortgage Originator License:

$125k Surety Bond
Company staffing/internal policies
Document samples: 1003 package, affirmation under oath, workers comp insurance for any employees living in MN
Trust account authorization

Mississippi

Annual report due April 15th

Mortgage Broker License:

$25k Surety Bond
Policies and Procedures

Mortgage Lender License:

$15k Surety Bond
Company policies and procedures

Missouri

Annual report due dependent on when company registered

Mortgage Company License:

In state physical location is required. Must be commercial location, have a local toll-free number and have a licensed MLO working there
New Company license letter
Bank account information

Montana

Annual report due April 15th

Mortgage Broker License:

QI must have three years’ experience and be licensed in MT
$25k Surety Bond
If QI has not been licensed for 3 years, W2’s or 1099’s must be provided

Mortgage Lender License:

QI must have three years’ experience and be licensed in MT
Financial statements must be reviewed and show a $250k net-worth
$25k Surety Bond
Escrow account authorization
If QI has not been licensed for 3 years, W2’s or 1099’s must be provided

Nebraska

Annual report due March 1st in even years for corps and April 1st in odd years for LLC’s

Mortgage Banker License:

$100k Surety Bond
Registered agent consent form

Nevada

Annual report due at end of anniversary registration month

Mortgage Company License:

Physical commercial location in Nevada required with licensed branch manager
QI must have 24 months verifiable experience within the last five years
QI must be licensed in NV and provide a detailed resume and 24 months of W2’s or 1099’s
Compiled financials needed with a positive net-worth
$50k Surety bond
Bank account information required
Business plan form
Office lease
Local business license

New Hampshire

Annual report due April 1st

Mortgage Broker License:

QI must have 3 year’s experience within the last five
Audited financials with net-worth of $25k. If financials are unaudited, they must be certified
$50k Surety bond
AML/BSA Policy
Affirmation Form
Uniform consent to process form
Statement of prior activity
Company must be licensed in home state

Mortgage Banker License:

QI must have 3 year’s experience within the last five
Audited financials with net-worth of $25k. If financials are unaudited, they must be certified
$100k Surety bond
AML/BSA Policy
Affirmation Form
Uniform consent to process form
Statement of prior activity
Company must be licensed in home state

New Jersey

Annual report due May 1st

Residential Mortgage Broker License:

QI must hold a QI NJ license
Financial statements must be audited and reflect a $50k net-worth
$150k Surety bond
Office of suitability form
Fingerprint cards required for control officers located outside of New Jersey
Company staffing/internal policies
Document samples: broker agreement

Residential Mortgage Lender License:

QI must hold a QI NJ license
Financial statements must be audited and reflect a $250k net-worth
$150k Surety bond
Office of suitability form
AML/BSA Policy
Fingerprint cards required for control officers located outside of New Jersey
Company staffing/internal policies
NJ Books and Records Letter
Document samples: Broker agreement, NJ application disclosure
Warehouse line of credit

New Mexico

Biennially by the 15th day of the fourth month following the close of your fiscal year for corps. LLC’s do not need to file

Mortgage Loan Company License:

QI must have 2 years’ experience in the industry
QI must provide detailed resume, W2’s or 1099’s AND tax returns
$50k Surety bond
Flow of funds structure

New York

Annual report due Biennial Statement every two years

Mortgage Broker Registration:

Each company must have someone with credit analysis or underwriting experience with a broker, banker or exempt organization
QI must have 2 years’ experience, be an owner/officer of the company and be a licensed NY MLO
$10k Surety bond
Detailed business plan which must include: Marketing strategies, products offered, target markets, operating structure, aggregate volume of loans originated in states licensed, financial projections, technology platforms used
Company staffing/internal policies: Compliance program, Fair lending plan, AML/BSA Policy, CyberSecurity policy
Personal financial statement for each control officer
List of most utilized lenders
Personal questionnaire and resume for each control officer
Litigation affidavit
Fingerprint cards for each officer outside of New York
Certification and Affirmation
Corporate resolution
Corporate lease
Workers comp
Website questionnaire
Dual agency affidavit (if applicable)

Mortgage Banker License:

QI must have five years’ experience and be licensed in New York
Audited financial statements for previous two years must reflect $250k net-worth
$50k Surety bond
Detailed business plan which must include: Marketing strategies, products offered, target markets, operating structure, aggregate volume of loans originated in states licensed, financial projections, technology platforms used and funding facilities
Company staffing/internal policies: Compliance program, Fair lending plan, AML/BSA Policy, CyberSecurity policy
Warehouse line of credit
Letter of assurance
Personal financial statement for each control officer
List of most utilized lenders
Personal questionnaire and resume for each control officer
Litigation affidavit
Fingerprint cards for each officer outside of New York
Certification and Affirmation
Corporate resolution
Corporate lease
Workers comp
Website questionnaire
Dual agency affidavit (if applicable)

North Carolina

Annual report due April 15th

Mortgage Broker License:

QI must have 3 year’s experience and meet testing and education requirements if not licensed
Financial statement must reflect $25k net-worth and $10k liquidity
$75k Surety bond
AML/BSA Policy
Detailed resume for QI
Corporate lease agreement
Any marketing agreements, lead generator or third-party underwriting/processing companies

Mortgage Lender License:

QI must have 3 year’s experience and meet testing and education requirements if not licensed
Audited financials reflecting net-worth of $100k
$150k Surety bond
AML/BSA Policy
Warehouse line of credit
Corporate lease agreement
Any marketing agreements, lead generator or third-party underwriting/processing companies

North Dakota

Annual report due May 15th for foreign corps and November 15th for LLC’s

Residential Mortgage Lender:

QI must have three years’ experience
Financial statements must reflect a $25k net-worth
$50k Surety bond
AML/BSA Policy
IT/Cybersecurity policy
Document samples: ND privacy notice
Warehouse line of credit (if applicable)
Personal financial statement for control officers

Ohio

Annual report not required

Residential Mortgage Lending Act Certificate of Registration:

QI must be licensed, provide a detailed resume and have three year’s experience within the last five
$50k Surety bond* based on mortgage volume from previous year
Surety bond declaration and Company resolution form
Interest in appraisal companies
Business continuity plan
Company staffing/internal policies
Document samples: 1003 sample package, Business hours, computer system/anti-virus software, broker agreement, Acknowledgment of Receipt of Home Mortgage Loan Informational Document, Disclosure of Right Not to Close, Ohio Homebuyers’ Protection Act – Informational Document
Document samples (Lenders only): 1003 sample package, Pre-purchasing disclosure, Acknowledgment of Receipt of Home Mortgage Loan Informational Document, Disclosure of Right Not to Close, Ohio Homebuyers’ Protection Act – Informational Document
Corporate lease

Oklahoma

Annual report due July 1st for corps and on the anniversary of registration date for LLC’s

Mortgage Broker License:

QI must be licensed in Oklahoma

Mortgage Lender License:

QI must be licensed in Oklahoma
Audited financials with net-worth of $25k
$100k Surety bond

Oregon

Annual report due on anniversary of registration date

Mortgage Lending License:

QI must have three years’ experience within the last five
$50k Surety Bond
Trust accounting form

Pennsylvania

Annual report due by June 30th for corps and September 30th for LLC’s

Mortgage Broker License:

QI must be management level and be a PA MLO
$50k Surety Bond
PA PATCH (state specific background check)
Internal policies and procedures
Company Memorandum of Tax Certification
Individual Memorandum of Tax Certification
Ability to repay analysis

Mortgage Lender License:

QI must be management level and be a PA MLO
Audited or certified financial statement showing net-worth of $250k
$100k Surety Bond
PA PATCH (state specific background check)
Fidelity Bond
Line of credit of $1mil
Internal policies and procedures
Company Memorandum of Tax Certification
Individual Memorandum of Tax Certification
Ability to repay analysis

Rhode Island

Annual report due May 1st

Loan Broker License:

QI must hold MLO license and be a W2’d employee
Unaudited financial statements with net-worth of $10k
Surety bond of $20k

Lender License:

QI must hold MLO license and be a W2’d employee
Unaudited financial statement with $100k net-worth
Surety bond of $50k
Must have registered agent who has the authority to endorse insurance claim checks on behalf of the lender

South Carolina

Annual report due 15th day of the 4th month following the end of your fiscal year for C Corporations and due 15th day of the 3rd month following the end of your fiscal year for S Corporations. LLC’s do not need to file unless taxed as one of the above

Mortgage Broker License:

QI must be control person, have 3 years experience and be within a reasonable commute from main officer
Surety bond of $25k
Document samples: 1003 package, South Carolina Attorney/Insurance Preference Form, South Carolina Mortgage Broker Fee Agreement

Mortgage Lender / Servicer License:

*Detailed business plan must be sent to state before submission for approval*
QI must be licensed with SC BFI
Surety bond of $50k
Lender/Broker notification form
Designated QI form

South Dakota

Annual report due on the first day of the registration anniversary month

Mortgage Brokerage License:

Surety bond of $25k
AML/BSA Policy
Document samples: 1003 package, Information Security Policy, Compliance Manual
Resume for control officers

Mortgage Lender License:

Surety bond of $25k
AML/BSA Policy
Document samples: 1003 package, Information Security Policy, Compliance Manual, Underwriting Policy for non-conforming loans, Underwriting Policy for Reverse Mortgage
Resume for control officers
Mortgage servicing agreement (if applicable)

Tennessee

Annual report due by the 1st day of the 4th month following your fiscal year-end

Mortgage License:

QI must have 3 years’ experience
Financial Statement with tangible net-worth of $25K
Surety bond of $90K ($200K for lenders)
AML/BSA Policy
Company staffing/internal policies
Resume for QI

Texas

Annual report due May 15th

Mortgage Company License:

QI must be licensed
Federal EIN Letter

Mortgage Banker Registration:

Company must have federal approval
Federal EIN Letter

Utah

Annual report due by the last day of the month that is the anniversary month of your business

Mortgage Entity License:

QI must hold a principal lending manager license which will include: 45 hours of PLM education, PLM specific test that must be passed and a minimum of 3 years’ experience
Notarized letter

Residential First Mortgage Registration:

No additional requirements other than what’s listed above

Vermont

Annual report due 2.5 months after your fiscal year end for corps and 3 months after your fiscal year end for LLC’s

Mortgage Broker License:

QI must be named
Surety bond of $25K
Vermont activity affidavit
Remote worker attestation
Company staffing/internal policies to include-Financial privacy policy
Document samples: 1003 sample and Gramm-Leach-Bliley Privacy Notice
Trust account authorization
Parent corporation financial statements-if applicable

Lender License:

Financial statement must demonstrate liquid asset of $25K
Surety bond of $50K
Vermont activity affidavit
Remote worker attestation
Company staffing/internal policies to include-Financial privacy policy
Document samples: 1003 sample and Gramm-Leach-Bliley Privacy Notice
Warehouse line documentation
Trust account authorization
Parent corporation financial statements-if applicable

Virginia

Annual report due the last day of the anniversary registration month

Broker License:

$25K Surety bond
Personal financial statement for each control officer *you will NOT be approved without this requirement*
Business references
Bank reference

Lender License:

$50K Surety bond
Personal financial statement for each control officer *you will NOT be approved without this requirement*
Business references
Bank reference
Funds available letter

Washington

Annual report and AAR/CAR due March 1st

Broker License:

QI must hold designated broker license, have 2 years’ experience and passed the designated broker test
Surety Bond of $20K
Website must have company legal name, NML number and link to consumer access (if applicable)
Must sponsor at least one WA MLO
Trust account authorization
Activity declaration
W2’s or 1099’s for past 2 years for QI

Consumer Loan Lending License:

Surety Bond of $30K
Company must have toll-free number
Complaint resolution policy
Website must have company legal name, NML number and link to consumer access (if applicable)
Must sponsor at least one WA MLO
Affirmation declaration
Activity declaration
Warehouse line of credit (lenders only)

West Virginia

Annual report due July 1st

Mortgage Broker License:

Financial statement with net-worth of $10K
Surety bond of at a minimum $30K
Credit service organization filing
WV Department of Revenue Business Registration
At least one sponsored LO

Mortgage Lender License:

Audited Financial statement with net-worth of $250K
Surety bond of at a minimum $100K
WV Department of Revenue Business Registration
At least one sponsored LO

Wisconsin

Annual report due dependent on quarter in which business was formed

Mortgage Broker License:

Reviewed financial statement with net-worth of $100K. The state discounts intangible assets such as: receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value
Surety bond of $120K

Mortgage Banker License:

Reviewed financial statement with net-worth of $250K. The state discounts intangible assets such as: receivables from officers, stockholders, and other related parties; employee advances; receivables over 120 days past due; and any other assets of questionable value
Surety bond of $300K

Wyoming

Annual report due the 1st day of the anniversary month of registration

Mortgage Broker License:

$25K Surety Bond
1003 sample package
Trust account authorization

Mortgage Lender/Broker License:

Surety bond of $25K
Trust account authorization