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Become A Mortgage Broker In New Hampshire

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

The Banking Department of the State of New Hampshire supervises all aspects of the Mortgage Brokers application and activities in New Hampshire. Separate Mortgage Brokers Licenses in New Hampshire are issued for first mortgages and second mortgages, and separate applications are required for each one.

The application fee for each of the first and second mortgage applications is $250, plus $250 for each branch office.

Mortgage Brokers for first mortgages must provide a $20,000 continuous Surety Bond. Should the New Hampshire Mortgage Brokers net worth be less than or fall below $100,000 at any time, then the Surety Bond needs to be for $100,000.

Mortgage Broker applicants who live outside of New Hampshire must appoint an agent in New Hampshire to represent them. This agent has to have a NH business address and be open during regular business hours.

Those wanting to become a Mortgage Broker in New Hampshire need to provide a full disclosure of financial history, income, assets, liabilities, financial statements and employment with each of the Mortgage Broker application forms. The state also makes a full Personal Background check on applicants for both a first mortgage and a second mortgage.

Information on Mortgage Brokers for first mortgages can be viewed at http://www.nh.gov/banking/firstlr.html, and for second mortgages at http://www.nh.gov/banking/secondlr.html.

Although Mortgage Brokers doing business in New Hampshire do have an affiliate association with the National Association of Mortgage Brokers, www.namb.org, the New Hampshire group does not maintain a separate web site. Those wanting to become a Mortgage Broker in New Hampshire will benefit by contacting the local association.

We also offer information and resources for New Hampshire Commercial Mortgage.

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