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North Dakota Mortgage Broker License

North Dakota mortgage broker license is regulated by the ND Department of Financial Institutions. According to the law of the state, any individual or a business responsible for selling, lending, processing or originating a mortgage program for the home buyers is required to have the ND mortgage license authorized by the Department of Financial Institutions. The real estate business in the state in developing and entering the home loan business may prove to be a profitable career. So, if you are thinking to become a home loan broker or a loan originator then it is essential for you to have some idea of the mortgage Licensing process prevalent in the state of North Dakota.

North Dakota Mortgage Broker Licensing Requirements

Mortgage broker license in North Dakota is a legal necessity for home loan broker operating in the state. According to the ND Department of Financial Institutions, applicants seeking state broker license are not required to hold any physical office in any part of the state. The state also has no specific educational or experience requirements from the broker applicants. Moreover, they are not required to pass any examination in order to get their license.
There is no separate licensing requirements for loan officers and branch offices. However, the applicants are required to maintain a surety bond in amount of $25,000 to get approval for their mortgage broker license.

ND Mortgage Licensing Fees

The applicants for mortgage broker license are required to pay some fees in order to get their approval. First of all, they should pay an amount of $700 as state initial fee. Then, the applicants are required to pay an investigation fee of $400 and also a licensing fee in amount of $300. The above fees are charges to each and every applicant and it is mandatory for them to pay it.

Applicants for mortgage license in North Dakota could also seek some assistance from licensing companies and real estate schools that offer training programs and pre-licensing education courses for brokers and loan originators. Such companies and schools are completely easy to find as most of them are available on the Internet. They can easily be found without wasting time or facing much difficulties.
North Dakota Department of Financial Institution
North Dakota Department of Financial Institution handles the Licensing process of mortgage brokers in the state. Visit the website of the department to know more about their services and functions.
American Mortgage Licensing
American Mortgage Licensing can help you get your mortgage license without facing much hassles in North Dakota. It is a mortgage Licensing company widely known in most of the US states.
Integrity Mortgage Licensing
At Integrity Mortgage Licensing, you can get vital details on the mortgage broker licensing requirements prevalent in the state of North Dakota. They also provide mortgage licensing services to potential applicants.

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