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Mortgage Net Branch Rhode Island
Applying for a Mortgage Broker License in Rhode Island
If you want to manage or work in a mortgage net branch in Rhode Island, you will want to get your mortgage broker's license. Having this license can give you many advantages, including the opportunity to conduct mortgage business in other states. Many require that you hold a valid, current mortgage broker's license in your home state before they will allow you to conduct business.
There is no need to miss out on business just because you don't have a mortgage broker license, and it's not that hard to get one. Here's what you need:
- $500 for the State licensing fee
- A net worth of $10,000. (Rhode Island does not require an audited financial statement like other states do; however, you may want to say where your figures for your net worth came from.)
- A $10,000 initial bond. In addition, although Rhode Island does allow you to operate a mortgage net branch in the State, you should be aware that a surety bond of $5,000 per branch is also required.
You also must have five years of experience in the mortgage field in order to be eligible to apply for a mortgage broker's license in RI.
When you consider what some other states to require in order to be eligible for a mortgage broker's license, you can see that Rhode Island does make it fairly easy. Some states require much higher surety bonds, while others require that you receive a certain number of continuing education hours a year.
Rhode Island doesn't require the continuing education hours, and their surety bond amounts are on about an average par with those of other states. The reality is, is you want a mortgage net branch in Rhode Island, you'll need to make sure that you meet all requirements.