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Become A Mortgage Broker In Kentucky

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

The Office of Financial Institutions (OFI) of the Department of Public Protection in Kentucky is responsible for all supervision and regulation of the Mortgage Broker License in the Kentucky.

When applying for a Mortgage Broker License in Kentucky, applicants pay a $50 registration fee plus a $300 investigation fee. The annual renewal fee is $50. A Surety Bond in the amount of $50,000 also needs to accompany the application, plus recent financial statements prepared by a CPA.

New Mortgage Brokers, and those licensed in another state for less than one year, are required to complete 30 hours of approved continuing education courses. All other applicants are required to complete 12 hours of approved continuing education courses before registering. All those with a Mortgage Broker License are required to complete 12 hours more of approved continuing education courses every year. Copies of the Educational Certificates are submitted to the Office of Financial Institutions annually.

Fingerprints need to be furnished with the application (cost is $18). An FBI Criminal Background Check will be made ascertaining whether there have been any felony convictions within the previous 5-year period, and whether there have ever been convictions involving fraud. Registration is approved on a case by case basis. This investigation process takes approximately six to eight weeks. A full credit report authorization also accompanies the application.

All loan officers working for a Mortgage Broker in Kentucky must also take 12 hours of continuing education courses and also be individually licensed.

Effective in June, 2003, all Mortgage Brokers need to have a physical office in Kentucky in order to do business there. Post Office boxes are not permitted. There must be a street address and access for the public during regular business hours. “Out of State” Mortgage Brokers who were previously licensed to do business in Kentucky now must open a physical office. If the business office is in a residence, the principal Mortgage Broker must live in the residence. A copy of the deed or lease needs to be furnished, along with a letter from the local zoning board stating that the residence meets all in-home office requirements.

The Kentucky Mortgage Brokers Association (KMBA), is an affiliate of the National Association of Mortgage Brokers (NAMB), www.namb.org. Both organizations provide excellent real estate educational courses for those who want to become a Mortgage Broker in Kentucky and those already licensed.

We also offer information and resources for Kentucky Commercial Mortgage.

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