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 Home  »  USA  »  Ohio  » Mortgage Broker License

Ohio Mortgage Broker License

Ohio mortgage broker license is regulated under the supervision of The Financial Institutions Division, Ohio Department of Commerce. According to the state law, home loan brokers in Ohio are required to have the broker license in order to conduct their loan selling and processing business. It is a punishable offense if the broker run their business without having a state license. The Financial Institutions Division handles all the regulatory activities and examinations for the mortgage broker license in Ohio. According to the licensing department, mortgage brokers are defined as those professionals who assist the borrowers and home buyers to obtain suitable home loans to buy their homes. There has been a rapid growth in the real estate industry of the state and a large number of people are getting into the home loan lending and selling business.

Ohio Mortgage Licensing Requirements: For Mortgage Brokers

It is very important for the applicants to fully understand all the Ohio mortgage broker licensing requirements to make a healthy application that has maximum chances of getting approval. Applicants seeking state broker license are required to pay a non-refundable application fee of $350 while making their application. The licensing department also make it essential for the applicants to maintain a surety bond of $50,000. Brokers applying for state license are required to hold a minimum experience of three years in the home loan lending business.

Ohio Mortgage Broker License Application

While making the application, home loan brokers are required to include the fingerprint report and the statement for criminal background investigation. The licensing department also make certain investigations that include the financial conditions of the applicants, their character and their experience in the mortgage lending industry. It is also mandatory for the applicants to pass an examination before applying for the broker license. Moreover, the applicants are required to complete a continuing education of at least 6 hours before applying for license renewal.

The Financial Institutions Division require the applicants for mortgage broker license to maintain a physical office within the state of Ohio. A photograph of their office location where the business will be conducted should also be included with the application. Each individual loan officer is also required to be registered with the Ohio Department of Commerce. The Ohio Association of Mortgage Brokers provide an excellent resource for those individuals who wish to obtain mortgage broker license in Ohio.
 
Ohio License Center
Ohio License Center provide reliable details on the mortgage licensing process prevalent in the state of Ohio. They offer online presence and you can visit their website to know more on their services.
Website:http://elicense2-lookup.com.ohio.gov/
 
Proschools
Proschools is one of the leading real estate schools offering mortgage licensing courses in several states of the US. They also provide comprehensive details on the mortgage broker licensing process in Ohio.
Website:http://www.proschools.com/mortgage_lending/oh/licensing.asp
 
Mortgage News Daily
Mortgage News Daily is specialized in offering a wide range of information relating to the mortgage business in various US states. The company provide exclusive details on how to become a licensed mortgage broker in Ohio.
Website:http://www.mortgagenewsdaily.com/mortgage_license/Ohio.asp


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