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Become A Mortgage Broker In Alabama
Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Alabama or anyone looking to become a mortgage broker in Alabama.
The current regulations for becoming a Mortgage Broker in Alabama became effective on January 1, 2002. These regulations were designed to allow those seeking mortgages a way to know they were receiving competent assistance.
The Alabama State Banking Department, Bureau of Loans, in Montgomery, Alabama, handles all aspects of the Alabama Mortgage Broker License Act. When applying for a Mortgage Broker License in Alabama, the department requires an investigation fee of $100, plus the initial license fee of $500.
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. Also, loan officers and employees of Mortgage Brokers and banks do not have to be licensed. Applicants for the Mortgage Broker License do need to fulfill a continuing education requirement of 12 hours before applying for the license.
Alabama is one of approximately 18 states that still require a mortgage broker to have a physical office in the state, although the loan officer in that physical office does not have to pass an examination.
The Alabama Mortgage Brokers Association, www.almba.org is an affiliate of the National Mortgage Brokers Association (NAMB) www.namb.org. 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.
Join the Alabama Mortgage Broker Directory Gain exposure to thousands of prospective borrowers each month looking for Alabama mortgage refinance. Join the directory today for free!
