Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Kansas or anyone looking to become a mortgage broker in Kansas.
The
Division of Consumer and Mortgage Lending of the Office of the State Bank Commissioner (OSBC) supervises all aspects of the Mortgage Broker business in Kansas. A separate Mortgage Broker license is not required for negotiating second mortgages.
Applicants who desire to
become a Mortgage Broker in Kansas pay a $600 non-refundable application fee. Upon renewal, Mortgage Brokers pay a $400 renewal fee. Loan Originators pay a $75 non-refundable application fee. In addition, Loan Originators must complete at least 8 hours of approved continuing professional education courses every year.
A ?Bona Fide Office? is one located in Kansas that is accessible to the public, has regular hours of operation, and is not in a personal residence. Those Mortgage Broker applicants who will have a Bona Fide Office in Kansas need to provide a $50,000 Surety Bond. Mortgage Broker applicants who will not have a Bona Fide Office in Kansas must provide a $100,000 Surety Bond, plus must submit proof in the form of audited financial statements of having a minimum net worth of $50,000.
The
Kansas Association of Mortgage Brokers (KAMB), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. As residential real estate finance professionals, the association members welcome helping you as you become a Mortgage Broker in Kansas.
We also offer information and resources for Kansas Commercial Mortgage