Y CombinatorMortgage broker license by state
A mortgage broker places a loan with a lender rather than funding it. Most states licence that separately from lending, on the reasoning that the consumer-facing conduct is the same even though the money is not.
Check the exception before filing twice. Georgia states directly that a licensed mortgage lender may do everything a broker may and so needs no broker licence, and other states reach the same result by defining the lender licence broadly. Filing for both where one suffices costs a fee, an application, and another credential to renew every year.
Broker bonds run lower than lender bonds, and the gap is wide enough to matter: in Georgia it is $150,000 against $250,000, with half the net worth. North Carolina is exactly half at every tier, and its broker is the only licence in this directory whose financial statement is certified rather than audited.
| State | What it is called there | Bond | Net worth | Renewal |
|---|---|---|---|---|
| Florida | Mortgage Broker License | None | None | 31 December |
| Georgia | Mortgage Broker/Processor License | $150,000 | $50,000 | 1 December, expires 31 December |
| New York | Mortgage Broker Registration | $10,000 to $100,000 | None | Does not expire |
| North Carolina | Mortgage Broker License | $75,000 | $25,000 | 31 December |
The licence name links to what that state requires. "None" is a finding read from the statute, not missing data.
States that do not issue this separately
- California: covered by the Residential Mortgage Lending Act License
- Texas: covered by the Mortgage Company License
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