The New Jersey Department of Banking and Insurance (DOBI), supervises and regulates all aspects of the Mortgage Broker License.  Their offices are located in Trenton.  Out-of-state Mortgage Brokers must still be licensed in New Jersey in order to conduct business within the state.

All New Jersey mortgage licenses are handled through the National Mortgage Licensing System. Prelicensing requirements include approved courses that are 20 or more hours and contain 3 hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus 12 or more hours of electives, including 4 hours of New Jersey specific courses. This may be in addition to other New Jersey-required content. Continuing Education Requirements include at least eight hours of NMLS approved instruction.

The licensing fee for NMLS for Loan Originators is $219, and the fee for Mortgage Broker is $1,300.  Click on the link in the preceding sentence for more details about each license.

Applicants who are looking to become a Mortgage Broker in New Jersey must provide a Surety Bond in the amount of $150,000. Audited Financial Statements must reflect a tangible net worth of $50,000.

All Mortgage Brokers are required to maintain a physical location within the state. A residence is not considered to be a suitable location for conducting business. However, an applicant may submit a waiver request with acceptable proof that the business area is separate from the personal area and that the business area has a separate business entrance. Floor plans and photographs need to be included with the request.

The League of Mortgage Lenders (New Jersey's Association of Mortgage Brokers), is an affiliate of the National Association of Mortgage Brokers (NAMB). These organizations are quite active in promoting and supporting legislation and education to assist those who would like to acquire a Mortgage Broker License in New Jersey.

New Jersey Mortgage Forms	New Jersey Reciprocity States
Most mortgage forms can be obtained online. Ones listed below pertain to new salespersons and brokers. Fingerprinting Process Overview of the NMLS	N/A (as of 2/23/2010)
New Jersey Approved Mortgage Schools Prelicensing and Postlicensing Education
Community Colleges N/A	Private Schools Abacus Mortgage Training McKissock.com TheMortgageTrainingCenter.com Training Pro
Last Update:  2/22/2010 This list may not include all approved schools. Please visit the Department of Banking and Insurance website for the latest list of approved schools.