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| Home » USA » Rhode Island » Mortgage License |
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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. |
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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.
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