The Alabama State Banking Department, Bureau of Loans, in Montgomery, Alabama, handles all aspects of the Alabama Mortgage Broker License Act.  All Alabama mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours  of Federal Law, 3 hours  of Ethics, 2 hours  of Non-traditional Mortgage Lending plus 12 or more hours of electives. This may be in addition to Alabama-required content.  A minimum of eight hours per year of continuing education is required nationally per year, per the SAFE act, but Alabama specifically requires 12 hours.

The licensing fee for NMLS for Loan Originators is $144.  The licensing fee for a broker is $620.  Click on the links in the preceding sentences for more details about each license.

In Alabama a Mortgage Broker License is required for anyone (including corporations and LLCs) who solicits, negotiates, or processes a mortgage loan for a borrower, or who offers to do so. There are a number of exceptions to this requirement, such as real estate agents involved in doing business, banks and savings and loan associations, life insurance companies, attorneys, and similar occupations. Exact current exemptions can be obtained from the Alabama State Banking Department.

Those holding a Mortgage Broker License in Alabama may perform their services with both first and second mortgages, without needing special licensing for the second mortgages. Continuing education requirements are 12 hours per year, by an approved continuing education provider.  Alabama is one of approximately 18 states that still require a mortgage broker to have a physical office in the state.

The Alabama Mortgage Brokers Association is an affiliate of the National Association of Mortgage Brokers (NAMB). This organization provides the Code of Ethics that all Mortgage Broker members in Alabama adhere to. The NAMB is an important resource to have as you become a Mortgage Broker.

Alabama Mortgage Forms	Alabama Reciprocity States
Most Mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. Alabama Mortgage Broker License Application Package	N/A (as of 2/23/2010)
Alabama Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Bureau of Loans website for the latest list of approved schools.