Frequently Asked Questions

What do we need before getting started?

Once you begin the mortgage company license application process, you are going to need gather certain documents that will be required with your application. The most common supporting documents are:

  1.             Articles of Formation
  2.             Certificates of Good Standing
  3.             Corporate Financial Statements
  4.             Surety Bonds
  5.             Qualification Authority from the New State

Each state maintains its own list of required documents in order to obtain a mortgage company license in that state, so more items may be required. If you do not have any of these documents we can help you obtain them.

How long does it take to get a mortgage company license?

The time for each state to process a mortgage company license varies by the state licensing authority. Certain states take longer than others to process a mortgage company license application. Call us to discuss the processing times of the specific states you are interested in.

What does it mean when a state is unregulated?

The circumstances for each state vary if it does not have its own regulatory agency. Typically it means that a mortgage company company must register to do business in this state, but the company does not need to obtain a separate mortgage company license. Even if a state does not have a separate regulatory agency, this does not mean the state does not have mortgage laws that must be followed. Federal law as well as individual state laws still dictate what actions a mortgage company must follow. Both Federal and State laws must be complied with or else the mortgage company risks civil and possibly criminal penalty and lawsuits.

Do individual employees have to have their own additional license?

Each state varies in its requirements for whether an individual employee must have a separate license. Most states require individuals to obtain their own license. Call us with the states you are interested in.

What if my company has credit issues or a criminal incident on record?

Each state mortgage licensing authority weighs each of these items differently. Bad credit or a past bankruptcy does not necessarily mean an immediate denial for all state mortgage authorities. Certain criminal incidents are not a barrier to obtaining a mortgage license either. We have successfully assisted clients with these types of issues and helped them to properly obtain their licenses with full and truthful disclosure.

How recently the incident occurred and the nature of the incident factor into many of the state mortgage license authorities’ decision on whether to issue a mortgage license. If you do have these concerns, no guarantee can be made regarding the outcome, but it should not necessarily be a barrier.

More questions? Call us!


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