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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
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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.
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