Real Estate Zing
 USA Real Estate  USA Cities  Real Estate Agents List  Fannie Mae  Freddie Mac
 
 Home  »  USA  »  Kentucky  » Mortgage License

Kentucky Mortgage License

Kentucky mortgage license is mandatory for mortgage brokers, lenders, bankers and loan officers operating in the state. The real estate business has experienced a rapid development in the last recent years and it has resulted in the rise of number of people entering the mortgage business. If you are a resident of the state thinking to become a home loan broker or a banker then it is essential for you to fully understand all the Kentucky mortgage licensing process. To become a licensed broker or a banker, you will have to fulfill certain requirements set by the state licensing department.

Kentucky Mortgage Broker License

Mortgage broker license in Kentucky is regulated and governed by the Office of Financial Institutions which is again a part of The Department of Public Protection. According to OFI, brokers seeking state license are required to hold a physical office within the state of Kentucky. An owner with a minimum share of 20% ownership should have an experience of at least 2 years in the the mortgage industry.

The applicants are required to maintain a surety bond in amount of $50,000. In case of new brokers, the licensing authority require them to complete continuing education courses of 30 hours. For brokers with over one year of experience, a proof of a minimum twelve hour continuing education should be submitted with the application. They are also required to submit the financial statement audited by licensed accountant or a CPA.

Kentucky Mortgage Banker Licensing

Mortgage banker companies seeking for state license are not required to own a physical office inside the state. However, they will have to maintain a minimum net worth of $1,000,000 or a funding source of the same amount. A surety bond of $250,000 is also required by the bankers to maintain. There should also be branch licensing for the branch offices of the companies. Applicants are also required to have a minimum experience of 2 years in the loan lending business.

Mortgage Licensing Fees


All home loan broker applicants must pay a non-refundable $750 application fee if they apply between July - December. This fee will be reduced to $450 if the application is made between January - June. They should also pay $300 as investigation fee for the principal office and another $150 for the branch office. On the other hand, the loan originators are required to submit an annual registration fee in order to renew their license.
 
Abacus Mortgage Training and Education
Abacus Mortgage Training and Education provide advanced training and several online mortgage pre-licensing courses in Kentucky. They also offer reliable details on mortgage licensing requirements in the state of Kentucky.
Website:http://www.abacusmortgagetraining.com/kentuckylicensingrequirements.html
 
Integrity Mortgage Licensing
Integrity Mortgage Licensing is a leading mortgage licensing company operating in several US states. Visit the website of the company to get vital information on mortgage licensing process in Kentucky.
Website:http://www.integritymortgagelicensing.com/state-licensing-requirements/kentucky-mortgage-licensing/
 
MortgageTrainingCenter.com
At MortgageTrainingCenter.com, you can find several training products and mortgage broker training courses for broker license. They further offer you exclusive details on the broker licensing requirements in the state.
Website:http://www.themortgagetrainingcenter.com/Kentucky.asp


Mortgage
Home Mortgage
Rates
Brokers
Lenders
Company
Refinance
Real Estate
Agents
Real Estate Commission
School
License
Cities In Kentucky
Foreclosures
 
Rental Homes
Homes for Rent
Association and Board
Realtors Association
Housing Authority
Real Estate Appraisers Board
Top Builders
Home Builders
Property Taxes
Unclaimed Property
Property Tax
Building a Home
Architects