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
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
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
(as of 2/23/2010)
New Jersey Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|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.