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Rhode Island Mortgage License

Rhode Island mortgage license is regulated by the Division of Banking of The Rhode Island Department of Business Regulation. According to the law of the state, any individual who solicits, negotiates, processes or sells home loan to borrowers and home buyers is required to have the state license. It is illegal to conduct the business of home loan lending or selling without having the mortgage license. It is very important for the applicants to understand all the RI mortgage licensing requirements before making their application.

Rhode Island Mortgage Broker License Requirements

Mortgage broker seeking the state license are required to fulfill certain preconditions set by the Division of Banking. First of all, the applicants for broker license are required to maintain a physical office inside the state of Rhode Island. It is essential for the brokers to pay a non-refundable investigation fee of $275 and produce a Power of Attorney after paying $25 as filing fee. Moreover, the licensing department requires them to maintain a surety bond in amount of $10,000 to get their license approval. The applicants are also required to submit detailed proof of their experience in the mortgage industry for the last five years.

In addition, they should submit a business plan of three year including the pro-forma financial statements. Rhode Island has no education requirements and the mortgage brokers are not required to pass any exam.

Mortgage Licensing Fees in Rhode Island

The applicants for mortgage broker license are required to pay an amount of $275 as application fee. Upon approval of the application, a licensing fee will again be charged on the applicants. A criminal background check of the brokers will be made by the department before approving their license application.

The applicants are required to submit a complete and signed application together with all the required documents and the licensing fees to the Division of Banking, Rhode Island. There is licensing requirements for the branch office and loan officers in the state. On the other hand, there are several mortgage licensing companies who provide convenient services to home loan broker and loan originator seeking state license. These companies also offer a number of pre-licensing education courses and training programs for the applicants. They are available on the Internet and can easily be contacted.
Mortgageleadsguide provide reliable details on the mortgage licensing process of several US states. Visitors and can also check the mortgage licensing requirements in Rhode Island.
American Mortgage Licensing
American Mortgage Licensing can help you get fast and hassle free mortgage license in the state of Rhode Island. Check the mortgage licensing process in the state at the website of the company.
Mortgage News Daily
Mortgage News Daily is specialized in providing a wide range of mortgage information to home buyers. They offer valuable information on the mortgage broker licensing process in Rhode Island.

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