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Become A Mortgage Broker In Delaware

Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Delaware or anyone looking to become a mortgage broker in Delaware.

In Delaware the Office of the State Bank Commissioner handles all aspects of the Mortgage Broker License. To become a Mortgage Broker in Delaware you do not need to reside in the state, but may designate an individual resident in the state or another business that is authorized to transact business to be your registered agent. The registered agent must be located in Delaware.

When applying for a Mortgage Broker License in Delaware applicants pay a non-refundable investigation fee of $250, plus a license fee of $250 for each location. Applicants must also provide either a Surety Bond in the amount of $25,000, or an original irrevocable letter of credit in that amount.

Three business reference letters need to be provided when applying. These are sent directly to the State, not delivered by the applicant.

Mortgage Broker Licenses are renewed annually. If the loan files are maintained outside of the State of Delaware the annual assessment fee is $1,000. If the loan files are maintained inside the State of Delaware, the annual assessment fee is $500.

The Delaware Mortgage Broker Association is an affiliate of the National Mortgage Brokers Association (NAMB), www.namb.org.

We also offer information and resources for Delaware Commercial Mortgage.

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