Y CombinatorMortgage lender license by state
There is no federal mortgage lender licence and no shared vocabulary. A company lending in ten states holds ten licences from ten agencies, and will find the same credential called a lender licence in one, a company licence in another, and a certificate of registration in a third.
That is not pedantry. Texas licenses mortgage companies and issues nothing called a mortgage lender license, so an application filed under that name is filed against a credential the state does not have. Ohio issues a certificate of registration and folded servicing into it in 2021, so there is no separate Ohio servicer credential either.
Bond and net worth generalise worst of all, which is why quoting one state’s number for another goes wrong so often. Two states here impose no company surety bond in the licensing path, one publishes only a band and leaves the figure to its regulator, and one ratchets the amount with your volume on a deadline five months after the measuring date.
| State | What it is called there | Bond | Net worth | Renewal |
|---|---|---|---|---|
| California | Residential Mortgage Lending Act License | $50,000 | $250,000 | Does not expire |
| California | California Financing Law License | $25,000 | $250,000 | Does not expire |
| Florida | Mortgage Lender License | None | $63,000 | 31 December |
| Georgia | Mortgage Lender License | $250,000 | $100,000 | 1 December, expires 31 December |
| New York | Mortgage Banker License | $50,000 to $500,000 | None | Does not expire |
| North Carolina | Mortgage Lender License | $150,000 | $100,000 | 31 December |
| Texas | Mortgage Company License | None | None | 31 December |
The licence name links to what that state requires. "None" is a finding read from the statute, not missing data.
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