Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Ohio or anyone looking to become a mortgage broker in Ohio.
The
Financial Institutions Division of the Ohio Department of Commerce, handles all supervision, examinations and regulatory activities for Mortgage Brokers under the Ohio Mortgage Broker Act (OMBA). Mortgage Brokers are roughly defined as those who hold themselves out as being able to assist a buyer in obtaining a mortgage loan and receive compensation for doing so. In Ohio, an Operations Manager is the individual responsible for the everyday operations, compliance requirements, and management of a Mortgage Broker business.
Applicants who wish to
become a Mortgage Broker in Ohio pay a non-refundable application fee and provide a
Surety Bond in the amount of $50,000. They are required to have at least three years experience in the real estate mortgage financing field before applying. Also required with the application are fingerprints and a statement pertaining to any criminal activity. The Department performs a criminal background check and also investigates the financial condition, character, and experience of all applicants.
Applicants for Operations Manager positions must pass an exam before applying. They also must provide fingerprints and the Department will perform a criminal background check on them. Effective January 1, 2003, applicants need to successfully complete at least six hours of continuing education before their license is renewed each year.
Mortgage Brokers must maintain an office within the state for the transaction of their business, and a photograph of each location where business will be transacted needs to accompany the application. If the location of the office is in a residence the application needs to be accompanied by a certified copy of a zoning permit authorizing the use of the residence for commercial purposes, or other document showing that the use is not prohibited by any county or political subdivision.
The Ohio Association of Mortgage Brokers (
OAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both of these organizations provide excellent real estate mortgage loan resources for those who want to obtain a
Mortgage Broker License in Ohio and those already licensed.
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