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Become A Mortgage Broker In New Jersey

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

The New Jersey Department of Banking and Insurance (DOBI), supervises and regulates all aspects of the Mortgage Broker License. Separate licenses are required for handling first mortgages and second mortgages. Out-of-state Mortgage Brokers must still be licensed in New Jersey in order to conduct business within the state.

Applicants who desire to become a Mortgage Broker in New Jersey pay a $300 non-refundable application fee plus $1,400 for the license. They also provide a Surety Bond in the amount of $100,000. Audited Financial Statements must reflect a tangible net worth of $50,000. Although no continuing education courses are required, applicants must take a written examination after the acceptance of their fully completed application form.

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), www.namb.org. 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.

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

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