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net branch » Opportunity » Oklahoma

Mortgage Net Branch Oklahoma

Oklahoma makes it very easy to obtain a mortgage broker or a supervised lender license making it pretty easy to open a mortgage net branch in OK.

As a matter of fact, many states make it relatively easy to meet the qualifications for becoming a licensed mortgage broker or a licensed supervised lender and Oklahoma is one of them. That state makes the process both simple and inexpensive.

In order to apply for a mortgage broker license in Oklahoma, you must (as of this article):

  • Pay a $350 State application fee.
  • Have three years experience in the mortgage industry.

Oklahoma also allows you to apply for a license to operate as a supervised lender, if your company supplies first or second mortgages or if your company's loan rates exceed 13%. If they do, then you're well on the way.
Here are the other requirements for applying for a supervised lender's license(as of this writing):

  • Pay a $350 State application fee.
  • Have a net worth of $25,000.
  • Post a $5,000 surety bond.

Having either or both of these licenses means you can open a mortgage net branch in Oklahoma. However, if you want your OK net branch to be able to handle Federal Housing Authority (FHA) mortgage loans, you will need to check FHA regulations to see if you are allowed to hold either a mortgage broker and a supervised lender license to originate the FHA loan product.

You cannot be a loan officer and work in real estate at the same time if you wish to handle FHA loans and this may apply to holding a broker's and a supervised lender's license or operating a mortgage net branch in Oklahoma.

If you do discover that you can't hold both licenses or have an Oklahoma net branch and still handle FHA loans, you will have to decide which direction to go. Ff you don't mind that your mortgage net branch in OK won't be able to handle FHA loans, you're all set.


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